LUXEMBOURG--(BUSINESS WIRE)--
Pacific Drilling S.A. (NYSE: PACD) shareholders approved distributions
to shareholders in 2015 of up to $152 million in the aggregate at the
company’s 2014 Annual General Meeting today. The approved proposal
provides for cash distributions to commence with an initial payment
expected in the first quarter of 2015. The subsequent timing, amount and
form of the distributions will be subject to the discretion of the
company’s Board of Directors. Shareholders also approved all other
proposals at the meeting.
The payments of cash distributions will take into account numerous
factors, including but not limited to, committed and projected capital
expenditures, targeted growth and performance expectations, and
restrictions imposed under existing debt agreements and any future debt
financing agreements. Additionally, the declaration of any distribution
remains subject to the requirements of Luxembourg law.
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific
Drilling is a fast-growing company that is committed to becoming the
industry’s preferred ultra-deepwater drilling contractor. Pacific
Drilling’s fleet of eight ultra-deepwater drillships will represent one
of the youngest and most technologically advanced fleets in the world.
The company currently operates five drillships under customer contract,
and has three drillships under construction at Samsung, one of which is
under customer contract. For more information about Pacific Drilling,
including our current Fleet Status, please visit our website at www.pacificdrilling.com.
Forward-Looking Statements
Certain statements and information contained in this press release (and
oral statements made regarding the subjects of this press release)
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements specifically include statements involving cash distributions
to shareholders. These forward-looking statements are based on our
current expectations and beliefs, and while management believes that
these forward-looking statements are reasonable as and when made, there
can be no assurance that future developments will be those that we
anticipate. Our forward-looking statements regarding the timing and
amount of cash distributions to shareholders (whether of share capital
or share premium) are subject the requirements of Luxembourg law, and
are dependent on our company realizing projected cash flows, which could
be materially impacted by numerous factors, including many factors that
are outside of our control. Important factors that could cause actual
results to differ materially from those provided in our forward-looking
statements contained in this press release include, but are not limited
to: our ability to secure and maintain drilling contracts, including
possible cancellation or suspension of drilling contracts as a result of
mechanical difficulties, performance or other reasons; unplanned
downtime and other risks associated with offshore rig operations,
including unscheduled repairs or maintenance; risks inherent in shipyard
rig construction, repair, maintenance or enhancement; changes in
worldwide rig supply and demand, competition and technology; future
levels of offshore drilling activity; future client contract
opportunities; environmental and other liabilities, risks or losses;
governmental regulatory, legislative and permitting requirements
affecting drilling operations; governmental action, civil unrest and
political and economic uncertainties; and terrorism, piracy and military
action.
For additional information regarding known material risk factors that
could cause our actual results to differ from our projected results,
please see our filings with the Securities and Exchange Commission
(SEC), including our Annual Report on Form 20-F and Current Reports on
Form 6-K. These documents are available through our website at www.pacificdrilling.com
or through the SEC’s Electronic Data and Analysis Retrieval System at www.sec.gov.
Readers are cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date hereof. We undertake no
obligation to publicly update or revise any forward-looking statements
after the date they are made, whether as a result of new information,
future events or otherwise.
Source: Pacific Drilling