Announcements and Updates

May 17, 2018 – Scheduled Omnibus Hearing

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April 25, 2018 – Scheduled 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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