Announcements and Updates
November 19, 2018 – Pacific Drilling Successfully Emerges from Chapter 11 Proceedings
October 31, 2018 – Bankruptcy Court Approved Company’s Plan of Reorganization at Scheduled Confirmation Hearing
October 31, 2018 – Scheduled Date for Confirmation Hearing of the Plan of Reorganization
October 1, 2018 – Order Signed Authorizing Company to Conduct Equity Rights Offering
September 26, 2018 – Closing of $1.0 Billion Aggregate Principal Amount Senior Secured Notes
September 12, 2018 – Pricing of $1.0 Billion Aggregate Principal Amount Senior Secured Notes
August 20, 2018 – Pacific Drilling Announces Settlement of Mediation
August 10, 2018 – Order Authorizing Commitment Letter and Related Agreements
August 10, 2018 – Order Approving Disclosure Statement
July 31, 2018 – Plan of Reorganization Under Chapter 11
July 26, 2018 – Extension of Mediation and Exclusivity Period
July 13, 2018 – Extension of Mediation and Exclusivity Period
June 22, 2018 – Extension of Mediation and Exclusivity Filing Period
June 19, 2018 – Scheduled Omnibus Hearing
June 15, 2018 – Extension of Mediation and Exclusivity Filing Period
June 4, 2018 – Extension of Mediation and Exclusivity Filing Period
May 16, 2018 – Extension of Mediation and Exclusivity Filing Period
April 25, 2018 – 341 Meeting of Creditors
April 2, 2018 – Pacific Drilling Provides Restructuring Update as part of Fourth-Quarter and Full-Year 2017 Results
March 22, 2018 – Extension of Exclusivity Period and Commencement of Mediation
February 6, 2018 – Pacific Drilling Publishes an Exchange of Proposals with Certain Debtholders
January 2018 – Pacific Drilling and Certain Debtholders Commenced Negotiations
November 16, 2017 – Pacific Drilling Receives Approval of First Day Motions
November 12, 2017 – Pacific Drilling Commences Chapter 11 Process

November 19, 2018 – Pacific Drilling Successfully Emerges from Chapter 11 Proceedings

Pacific Drilling announced that effective November 19, 2018 the Company and certain of its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing restructuring transactions pursuant to their chapter 11 plan of reorganization.

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October 31, 2018 – Bankruptcy Court Approved Company’s Plan of Reorganization at Scheduled Confirmation Hearing

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October 31, 2018 – Scheduled Date for Confirmation Hearing of the Plan of Reorganization

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October 1, 2018 – Order Signed Authorizing Company to Conduct Equity Rights Offering

The Bankruptcy Court approved an order authorizing the Company to conduct a $500 million equity rights offering in connection with its previously filed plan of reorganization.

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September 26, 2018 – Closing of $1.0 Billion Aggregate Principal Amount Senior Secured Notes

The Company announced the closing of its private offering of $1.0 billion aggregate principal amount of senior secured notes, consisting of $750 million aggregate principal amount of 8.375% First Lien Notes due 2023 (the “first lien notes”) and $250 million aggregate principal amount of 11.000% / 12.000% Second Lien PIK Notes due 2024 (the “second lien PIK notes” and, together with the first lien notes, the “notes”).

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September 12, 2018 – Pricing of $1.0 Billion Aggregate Principal Amount Senior Secured Notes

The Company announced the pricing of its previously declared private offering of $1.0 billion aggregate principal amount of senior secured notes, consisting of $750 million aggregate principal amount of 8.375% First Lien Notes due 2023 (the “first lien notes”) and $250 million aggregate principal amount of 11.000% / 12.000% Second Lien PIK Notes due 2024 (the “second lien PIK notes” and, together with the first lien notes, the “notes”).

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August 20, 2018 – Pacific Drilling Announces Settlement of Mediation

The Company issued a press release announcing that its plan of reorganization filed on July 31, 2018 (the “Plan”), based on a proposal presented to the Company’s Board of Directors by an ad hoc group of its secured creditors (collectively, the “Ad Hoc Group”), now has the full support of the Company’s majority shareholder, Quantum Pacific (Gibraltar) Limited (“QP”). The Plan was already supported by all of the Company’s major creditor interests. With QP’s participation, the Company expects a smooth plan confirmation process and a quick emergence from its Chapter 11 proceedings.

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August 10, 2018 – Order Authorizing Commitment Letter and Related Agreements

The Company filed motions with the Bankruptcy Court requesting an order authorizing the Debtors to enter into a commitment letter and related agreements relating to the offering of the First Lien Notes and Second Lien PIK Notes, pursuant to which Credit Suisse Securities (USA) LLC would commit to purchase all of the First Lien Notes, and authorizing the Debtors to incur and pay certain related fees and/or premiums, indemnities, costs and expenses.

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August 10, 2018 – Order Approving Disclosure Statement

The Company filed motions with the Bankruptcy Court requesting an order approving the Disclosure Statement, certain key dates relating to the confirmation of the Plan, certain procedures for solicitation of votes to accept or reject the Plan, and other related matters. The hearing is scheduled for September 18, 2018.

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July 31, 2018 – Plan of Reorganization Under Chapter 11

The Company filed a Plan of Reorganization under Chapter 11 with the Bankruptcy Court.

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July 26, 2018 – Extension of Mediation and Exclusivity Period

The Bankruptcy Court approved the Company’s request for an extension of the exclusive filing period to July 31, 2018, without prejudice to seek further extensions of the exclusive filing period, in order to permit the Company to file a plan of reorganization based on the proposal presented to the Company’s board of directors by an ad hoc group of its secured creditors.

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July 13, 2018 – Extension of Mediation and Exclusivity Period

The Bankruptcy Court approved an order to extend the mediation and the exclusive filing period to July 26, 2018 without prejudice to seek further extensions of the exclusive period.

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June 22, 2018 – Extension of Mediation and Exclusivity Filing Period

The Bankruptcy Court approved an agreed order under which the Company, our secured creditor groups and our majority shareholder agreed to extend the mediation and the exclusive filing period to July 13, 2018 without prejudice to seek further extensions of the exclusive period.

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June 19, 2018 – Scheduled Omnibus Hearing

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June 15, 2018 – Extension of Mediation and Exclusivity Filing Period

The Bankruptcy Court approved an agreed order under which the Company, our secured creditor groups and our majority shareholder agreed to extend the mediation and the exclusive filing period to June 22, 2018 without prejudice to seek further extensions of the exclusive period.

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June 4, 2018 – Extension of Mediation and Exclusivity Filing Period

The Bankruptcy Court approved an agreed order under which the Company, our secured creditor groups and our majority shareholder agreed to extend the mediation and the exclusive filing period to June 15, 2018 without prejudice to seek further extensions of the exclusive period.

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May 16, 2018 – Extension of Mediation and Exclusivity Filing Period

The Bankruptcy Court approved the Company’s request for an agreed order under which we, our secured creditor groups and our majority shareholder agreed to extend the mediation and the exclusive filing period to June 4, 2018 without prejudice to seek further extensions of the exclusive period.

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April 25, 2018 – 341 Meeting of Creditors

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April 2, 2018 – Pacific Drilling Provides Restructuring Update as part of Fourth-Quarter and Full-Year 2017 Results

CEO Paul Reese stated: “These strong operating results continue to prove the robustness of our platform, organization, and dedicated team. Our performance continues to be recognized by clients. Even though we are operating under the protection of Chapter 11, we have been invited to participate in all major tenders, and during the fourth quarter we commenced a contract with a significant new client, while an existing client exercised an option to extend. Also, more recently we obtained a letter of intent for drilling services for the Pacific Bora in Nigeria subject to local government approval. While market conditions continue to be challenging, it is encouraging to observe an increase in tendering activity. We continue to have active dialogue with our stakeholders and their respective advisors about the future capital structure of the company. As we have stated previously, these discussions are complex and involve many parties, and we remain focused on achieving a capital structure that is sustainable for our company in the long-term.”

During fourth-quarter 2017, Pacific Santa Ana commenced its contract in Mauritania for Petronas and Erin Energy Corporation exercised an option to extend the Pacific Bora contract for work in Nigeria

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March 22, 2018 – Extension of Exclusivity Period and Commencement of Mediation

Under the Bankruptcy Code, the Company had the exclusive right to file a plan of reorganization under Chapter 11 through March 12, 2018. On March 22, 2018, the Bankruptcy Court approved the Company’s request for an order under which the Company, its secured creditor groups and its majority shareholder will take part in mediation before the Honorable James R. Peck, retired Bankruptcy Court Judge for the Southern District of New York. The scope of the mediation will be to facilitate discussions among the Company and its stakeholders for the purposes of agreeing to the terms of a binding term sheet or restructuring support agreement describing a Chapter 11 plan of reorganization. In addition, the Bankruptcy Court extended the exclusive period during which the Company can file a plan of reorganization to the earlier of (i) two weeks following the termination of the mediation and (ii) 60 days, or May 21, 2018, without prejudice to seek further extensions of the exclusive period.

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February 6, 2018 – Pacific Drilling Publishes an Exchange of Proposals with Certain Debtholders

The Company announced that discussion period between certain of its stakeholders and the Company has elapsed and the Company filed a Form 6-K which includes a presentation containing a proposal that was made by QP to an Ad Hoc Group of creditors, and a presentation containing a counter proposal that was made by this Ad Hoc Group of creditors to QP.

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January 2018 – Pacific Drilling and Certain Debtholders Commenced Negotiations

The Company executed non-disclosure agreements with certain holders of the 2017 Notes, 2020 Notes and 2018 Term Loan B to facilitate discussions between these holders and Quantum Pacific (Gibraltar) Limited (“QP”), the Company’s controlling shareholder, concerning the restructuring of the Company’s capital structure

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November 16, 2017 – Pacific Drilling Receives Approval of First Day Motions

The Company issued a press release announcing that the United States Bankruptcy Court for the Southern District of New York has granted the relief requested by the Company in certain first day motions related to ordinary course business activities, subject to certain modifications at the request of the Court, the United States Trustee and stakeholders. The approved motions give us the authority to, among other things, continue to pay employee wages and benefits without interruption, to utilize our current cash management system, and to pay certain foreign and critical vendors for goods and services provided prior to the petition date. All vendors will be paid in full and in cash on normal payment terms for all goods and services provided on or after the petition date.

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November 12, 2017 – Pacific Drilling Commences Chapter 11 Process

Pacific Drilling and certain of our domestic and international subsidiaries have filed petitions for relief under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York, commencing November 12, 2017. This process aims to optimize Pacific Drilling’s capital structure pending recovery in the floating rig drilling industry.

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