News Details

Pacific Drilling Raises $600 Million in New Equity

04/14/2011

HOUSTON - Pacific Drilling S.A. successfully completed an equity private placement of 60 million new shares to international institutional investors, raising gross proceeds of $600 million.  The equity was raised to help finance the construction of two drillships from Samsung Heavy Industries with expected delivery in the second and third quarter of 2013.  The placement was priced at USD 10.00 per share.  Following this transaction, total outstanding shares are now 210 million.  Since April 5, 2011, Pacific Drilling shares have traded over-the-counter in Oslo.  Ticker: PDSA.  ISIN: LU 061 1695635.
 
Pacific Drilling CEO Chris Beckett commented, “the success of our equity offering is a testament to our efforts in building an experienced management team around four of the most modern and capable drillships in the market, with two more to arrive in 2013.  The equity offering follows the successful close of a $1.8 billion credit facility for the construction of our first four drillships.  This credit facility was awarded Marine Money’s ‘Export Credit of the Year’ award for 2010.”

With its best-in-class drillships and highly experienced team, Pacific Drilling is a fast growing company that is dedicated to becoming the preferred ultra-deepwater drilling contractor.  Pacific Drilling’s fleet of four state of the art ultra-deepwater drillships is expected to be in operation by the end of 2011, with two additional drillships on order at Samsung for delivery during 2013.

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