Conference Call Set 9 a.m. Central time Monday, August 8, 2016
-
Revenues for second-quarter of $203.7 million with a record high
revenue efficiency(a) of 99.0%
-
Net Income of $8.2 million, resulting in $0.39 per diluted share
-
Adjusted EBITDA(b) of $109.7 million, after removal of
$14.2 million gain on debt extinguishment, representing an Adjusted
EBITDA margin(c) of 53.9%
-
Operating and G&A costs of $90.2 million, a reduction of 4.2% from
first-quarter 2016 and 27.1% from a year ago
LUXEMBOURG--(BUSINESS WIRE)--
Pacific Drilling S.A. (NYSE:PACD) today announced net income for
second-quarter 2016 of $8.2 million or $0.39 per diluted share, compared
to a net loss of $2.5 million or $0.12 per diluted share for
first-quarter 2016 and net income of $47.1 million or $2.23 per diluted
share for second-quarter 2015. All share and per share information has
been adjusted retroactively to reflect the reverse stock split that
became effective on May 25, 2016.
CEO Chris Beckett said, "Market conditions continue to be very
challenging, with limited new tender opportunities and continued
pressure on existing contracts. In this environment it is increasingly
important to deliver exceptional service to our customers and our
second-quarter results evidence our success in doing so. Our operating
fleet, including the Pacific Scirocco, continues to
deliver excellent operational performance, including a third consecutive
quarter with record revenue efficiency. Our focus on optimizing what we
control continues to yield strong cost management, resulting in an
Adjusted EBITDA margin of 53.9%. Pacific Scirocco’s contract with
Total continues to be in force and after a period of standby at reduced
rate, on or about September 15, we expect the rig to restart operations
in Nigeria for the remainder of its contract term.”
Beckett continued, “Our innovative smart-stacking approach has redefined
the right way to warm stack a drillship for the industry. We have
achieved idle rig costs of approximately $30,000/day for the
smart-stacked vessels. The smart-stack process ensures 5-year survey
work is complete, the rig can start operations within 90 days, and we
are included in client tenders as ready to work.”
Second-Quarter 2016 Operational and Financial
Commentary
Contract drilling revenue for second-quarter 2016 was $203.7 million,
which included $12.7 million of deferred revenue amortization, compared
to first-quarter 2016 contract drilling revenue of $205.4 million, which
also included $12.7 million of deferred revenue amortization. Contract
drilling revenue decreased in the second-quarter primarily as a result
of the Pacific Scirocco being on an 80% standby rate starting in
May 2016. During the three months ended June 30, 2016, our operating
fleet achieved average revenue efficiency of 99.0%, a further
improvement from first-quarter 2016’s previous record high of 97.7%.
Operating expenses for second-quarter 2016 were $76.0 million, compared
to $79.0 million for first-quarter 2016. The reduction in operating
expenses was primarily the result of decreased costs across each of the
rigs in our fleet and shore-based and other support costs. Operating
expenses for second-quarter 2016 included $6.1 million in reimbursable
costs, $7.1 million in shore-based and other support costs, and $3.3
million in amortization of deferred costs.
Direct rig-related daily operating expenses for our four operating rigs,
excluding reimbursable costs, averaged $140,100 per rig in
second-quarter 2016, down from an average of $145,800 per operating rig
in first-quarter 2016. The reduction in direct rig-related daily
operating expenses was primarily the result of continued fleet-wide cost
saving measures. Direct rig-related daily operating expenses for our
three idle rigs averaged $31,300 per rig in second-quarter 2016, down
from an average of $36,500 per rig in first-quarter 2016.
CFO Paul Reese commented, “Compared to the height of the market in 2014,
we have now reduced our daily operating expenses by approximately 24%,
or $44,000 per day per operating rig.”
General and administrative expenses for second-quarter 2016 were $14.2
million, compared to $15.1 million for first-quarter 2016. Excluding
certain legal and financial advisory fees of $2.9 million in
second-quarter 2016 and $2.7 million in first-quarter 2016, our
corporate overhead expenses(d) for second-quarter 2016 were
$11.3 million, compared to $12.4 million for first-quarter 2016. This
decrease of $1.1 million or 9% reflects our continued focus on cost
savings measures and optimization of our overhead support structure.
Other expense for second-quarter 2016 of $3.8 million includes an
unusual $2.9 million foreign exchange loss primarily due to the greater
than 40% devaluation of the Nigerian Naira by the Nigerian Central Bank
in June.
Net income for second-quarter 2016 was $8.2 million, compared to net
loss of $2.5 million for first-quarter 2016. The increase in the
second-quarter 2016 net income was primarily the result of a $14.2
million gain on the extinguishment of $23.7 million in principal amount
of our senior notes due 2017.
Adjusted EBITDA for second-quarter 2016 was $109.7 million, compared to
Adjusted EBITDA of $112.9 million for first-quarter 2016. A
reconciliation of net income to EBITDA and Adjusted EBITDA is included
in the schedules accompanying this release.
Investor Toolkit
Updated schedules of expected amortization of deferred revenue,
depreciation expense, and interest expense for our existing financing
are available in the “Quarterly and Annual Results” subsection of the
“Investor Relations” section of our website, www.pacificdrilling.com.
Footnotes
(a) Revenue efficiency is defined as actual contractual
dayrate revenue (excluding mobilization fees, upgrade reimbursements and
other revenue sources) divided by the maximum amount of contractual
dayrate revenue that could have been earned during such period.
(b) EBITDA and Adjusted EBITDA are non-GAAP financial
measures. For a definition of EBITDA and Adjusted EBITDA and a
reconciliation to net income, please refer to the schedule included in
this release.
(c) Adjusted EBITDA margin is defined as Adjusted EBITDA
divided by contract drilling revenue. Management uses this operational
metric to track company results and believes that this measure provides
additional information that consolidates the impact of our operating
efficiency as well as the operating and support costs incurred in
achieving the revenue performance.
(d) Corporate overhead expenses is a non-GAAP financial
measure. For a definition of corporate overhead expenses and a
reconciliation to general and administrative expenses, please refer to
the schedule included in this release.
Conference Call
Pacific Drilling will conduct a conference call at 9 a.m. Central time
on Monday, August 8, 2016 to discuss second-quarter 2016 results. To
participate in the August 8 call, please dial +1 719-325-2249 or
1-800-946-0708 and refer to confirmation code 1129348 five to 10 minutes
prior to the scheduled start time. The call also will be webcast on www.pacificdrilling.com
and can be accessed by a link posted in the “Events & Presentations”
subsection of the “Investor Relations” section. A replay of the call
also will be available on the company’s website.
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific
Drilling is committed to becoming the industry’s preferred
high-specification, floating-rig drilling contractor. Pacific Drilling’s
fleet of seven drillships represents one of the youngest and most
technologically advanced fleets in the world. 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,
including the conference call announced herein, constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, and are generally identifiable
by the use of words such as “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “our ability to,” “plan,” “potential,” “project,”
“should,” “will,” “would,” or other similar words, which are generally
not historical in nature. Our forward-looking statements express our
current expectations or forecasts of possible future results or events,
including revenues, operating results and revenue efficiency, future
client contract opportunities and availability of vessels. Although we
believe that these forward-looking statements are reasonable as and when
made, these statements are not guarantees, and actual future results may
differ materially due to a variety of factors. These statements involve
significant risks and uncertainties (many of which are beyond our
control) and assumptions that could cause actual results to differ
materially from our historical experience and our present expectations
or projections. Important factors that could cause actual results to
differ materially from projections include: future levels of offshore
drilling activity; our ability to secure new and maintain existing
drilling contracts, including possible cancellation or suspension of
drilling contracts as a result of market conditions, mechanical
difficulties, performance or other reasons; changes in worldwide rig
supply and demand, competition and technology; actual contract
commencement dates; our ability to repay debt and adequacy of and access
to sources of liquidity; and downtime and other risks associated with
offshore rig operations, including unscheduled repairs or maintenance,
relocations, severe weather or hurricanes. For additional information
regarding 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.
|
|
|
|
|
|
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
|
|
Condensed Consolidated Statements of Operations
|
|
(in thousands, except per share amounts) (unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
June 30,
|
|
|
|
June 30,
2016
|
|
March 31,
2016
|
|
June 30,
2015
|
|
2016
|
|
2015
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
Contract drilling
|
|
$
|
203,710
|
|
|
$
|
205,378
|
|
|
$
|
273,895
|
|
|
$
|
409,088
|
|
|
$
|
557,287
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
(75,988
|
)
|
|
(78,973
|
)
|
|
(110,388
|
)
|
|
(154,961
|
)
|
|
(228,057
|
)
|
|
General and administrative expenses
|
|
(14,195
|
)
|
|
(15,126
|
)
|
|
(13,328
|
)
|
|
(29,321
|
)
|
|
(29,694
|
)
|
|
Depreciation expense
|
|
(68,213
|
)
|
|
(68,076
|
)
|
|
(57,234
|
)
|
|
(136,289
|
)
|
|
(114,306
|
)
|
|
|
|
(158,396
|
)
|
|
(162,175
|
)
|
|
(180,950
|
)
|
|
(320,571
|
)
|
|
(372,057
|
)
|
|
Operating income
|
|
45,314
|
|
|
43,203
|
|
|
92,945
|
|
|
88,517
|
|
|
185,230
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
(46,116
|
)
|
|
(45,493
|
)
|
|
(33,227
|
)
|
|
(91,609
|
)
|
|
(69,936
|
)
|
|
Gain on debt extinguishment
|
|
14,231
|
|
|
—
|
|
|
—
|
|
|
14,231
|
|
|
—
|
|
|
Other income (expense)
|
|
(3,816
|
)
|
|
1,632
|
|
|
(343
|
)
|
|
(2,184
|
)
|
|
(2,394
|
)
|
|
Income (loss) before income taxes
|
|
9,613
|
|
|
(658
|
)
|
|
59,375
|
|
|
8,955
|
|
|
112,900
|
|
|
Income tax expense
|
|
(1,379
|
)
|
|
(1,853
|
)
|
|
(12,281
|
)
|
|
(3,232
|
)
|
|
(14,076
|
)
|
|
Net income (loss)
|
|
$
|
8,234
|
|
|
$
|
(2,511
|
)
|
|
$
|
47,094
|
|
|
$
|
5,723
|
|
|
$
|
98,824
|
|
|
Earnings (loss) per common share, basic
|
|
$
|
0.39
|
|
|
$
|
(0.12
|
)
|
|
$
|
2.23
|
|
|
$
|
0.27
|
|
|
$
|
4.66
|
|
|
Weighted average number of common shares, basic
|
|
21,178
|
|
|
21,121
|
|
|
21,081
|
|
|
21,150
|
|
|
21,221
|
|
|
Earnings (loss) per common share, diluted
|
|
$
|
0.39
|
|
|
$
|
(0.12
|
)
|
|
$
|
2.23
|
|
|
$
|
0.27
|
|
|
$
|
4.66
|
|
|
Weighted average number of common shares, diluted
|
|
21,178
|
|
|
21,121
|
|
|
21,107
|
|
|
21,150
|
|
|
21,229
|
|
|
|
|
|
|
|
|
|
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
|
|
Condensed Consolidated Balance Sheets
|
|
(in thousands, except par value) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2016
|
|
March 31,
2016
|
|
December 31,
2015
|
|
Assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
371,084
|
|
|
$
|
407,273
|
|
|
$
|
116,033
|
|
|
Accounts receivable
|
|
138,182
|
|
|
137,459
|
|
|
168,050
|
|
|
Materials and supplies
|
|
95,245
|
|
|
96,233
|
|
|
98,243
|
|
|
Deferred costs, current
|
|
11,256
|
|
|
10,714
|
|
|
10,582
|
|
|
Prepaid expenses and other current assets
|
|
19,571
|
|
|
18,783
|
|
|
14,312
|
|
|
Total current assets
|
|
635,338
|
|
|
670,462
|
|
|
407,220
|
|
|
Property and equipment, net
|
|
5,035,427
|
|
|
5,097,755
|
|
|
5,143,556
|
|
|
Long-term receivable
|
|
202,575
|
|
|
202,575
|
|
|
202,575
|
|
|
Other assets
|
|
36,637
|
|
|
38,210
|
|
|
39,369
|
|
|
Total assets
|
|
$
|
5,909,977
|
|
|
$
|
6,009,002
|
|
|
$
|
5,792,720
|
|
|
Liabilities and shareholders’ equity:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
15,802
|
|
|
$
|
23,292
|
|
|
$
|
44,167
|
|
|
Accrued expenses
|
|
30,919
|
|
|
36,347
|
|
|
44,221
|
|
|
Long-term debt, current
|
|
74,364
|
|
|
76,724
|
|
|
76,793
|
|
|
Accrued interest
|
|
14,703
|
|
|
36,997
|
|
|
16,442
|
|
|
Derivative liabilities, current
|
|
7,606
|
|
|
7,084
|
|
|
7,483
|
|
|
Deferred revenue, current
|
|
42,497
|
|
|
47,904
|
|
|
49,227
|
|
|
Total current liabilities
|
|
185,891
|
|
|
228,348
|
|
|
238,333
|
|
|
Long-term debt, net of current maturities
|
|
2,946,189
|
|
|
3,005,557
|
|
|
2,768,877
|
|
|
Deferred revenue
|
|
42,053
|
|
|
49,304
|
|
|
60,639
|
|
|
Other long-term liabilities
|
|
36,962
|
|
|
36,339
|
|
|
32,816
|
|
|
Total long-term liabilities
|
|
3,025,204
|
|
|
3,091,200
|
|
|
2,862,332
|
|
|
Shareholders’ equity:
|
|
|
|
|
|
|
|
Common shares, $0.01 par value per share, 5,000,000 shares
authorized,
22,551, 23,277 and 23,277 shares issued and
21,182, 21,121
and 21,121 shares outstanding as of June 30,
2016,
March 31, 2016 and December 31, 2015, respectively
|
|
212
|
|
|
218
|
|
|
218
|
|
|
Additional paid-in capital
|
|
2,356,981
|
|
|
2,385,551
|
|
|
2,383,387
|
|
|
Treasury shares, at cost
|
|
—
|
|
|
(30,000
|
)
|
|
(30,000
|
)
|
|
Accumulated other comprehensive loss
|
|
(25,974
|
)
|
|
(25,744
|
)
|
|
(23,490
|
)
|
|
Retained earnings
|
|
367,663
|
|
|
359,429
|
|
|
361,940
|
|
|
Total shareholders’ equity
|
|
2,698,882
|
|
|
2,689,454
|
|
|
2,692,055
|
|
|
Total liabilities and shareholders’ equity
|
|
$
|
5,909,977
|
|
|
$
|
6,009,002
|
|
|
$
|
5,792,720
|
|
|
|
|
|
|
|
|
PACIFIC DRILLING S. A. AND SUBSIDIARIES
|
|
Condensed Consolidated Statements of Cash Flows
|
|
(in thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
2016
|
|
March 31,
2016
|
|
June 30,
2015
|
|
June 30,
2016
|
|
June 30,
2015
|
|
Cash flow from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
8,234
|
|
|
$
|
(2,511
|
)
|
|
$
|
47,094
|
|
|
$
|
5,723
|
|
|
$
|
98,824
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
68,213
|
|
|
68,076
|
|
|
57,234
|
|
|
136,289
|
|
|
114,306
|
|
|
Amortization of deferred revenue
|
|
(12,658
|
)
|
|
(12,658
|
)
|
|
(21,483
|
)
|
|
(25,316
|
)
|
|
(44,172
|
)
|
|
Amortization of deferred costs
|
|
3,253
|
|
|
2,835
|
|
|
5,800
|
|
|
6,088
|
|
|
14,283
|
|
|
Amortization of deferred financing costs
|
|
3,641
|
|
|
3,625
|
|
|
2,474
|
|
|
7,266
|
|
|
5,199
|
|
|
Amortization of debt discount
|
|
322
|
|
|
323
|
|
|
225
|
|
|
645
|
|
|
452
|
|
|
Deferred income taxes
|
|
741
|
|
|
1,715
|
|
|
4,014
|
|
|
2,456
|
|
|
(1,493
|
)
|
|
Share-based compensation expense
|
|
1,511
|
|
|
2,164
|
|
|
2,717
|
|
|
3,675
|
|
|
5,824
|
|
|
Gain on debt extinguishment
|
|
(14,231
|
)
|
|
—
|
|
|
—
|
|
|
(14,231
|
)
|
|
—
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
(723
|
)
|
|
30,591
|
|
|
(23,843
|
)
|
|
29,868
|
|
|
41,531
|
|
|
Materials and supplies
|
|
988
|
|
|
2,010
|
|
|
(2,681
|
)
|
|
2,998
|
|
|
(6,766
|
)
|
|
Prepaid expenses and other assets
|
|
(3,848
|
)
|
|
(7,055
|
)
|
|
(5,199
|
)
|
|
(10,903
|
)
|
|
(2,787
|
)
|
|
Accounts payable and accrued expenses
|
|
(27,456
|
)
|
|
(2,412
|
)
|
|
(7,523
|
)
|
|
(29,868
|
)
|
|
(18,927
|
)
|
|
Deferred revenue
|
|
—
|
|
|
—
|
|
|
1,797
|
|
|
—
|
|
|
2,288
|
|
|
Net cash provided by operating activities
|
|
27,987
|
|
|
86,703
|
|
|
60,626
|
|
|
114,690
|
|
|
208,562
|
|
|
Cash flow from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
(13,089
|
)
|
|
(28,588
|
)
|
|
(44,613
|
)
|
|
(41,677
|
)
|
|
(102,116
|
)
|
|
Net cash used in investing activities
|
|
(13,089
|
)
|
|
(28,588
|
)
|
|
(44,613
|
)
|
|
(41,677
|
)
|
|
(102,116
|
)
|
|
Cash flow from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
Net payments from shares issued under share-based compensation plan
|
|
(87
|
)
|
|
—
|
|
|
(377
|
)
|
|
(87
|
)
|
|
(419
|
)
|
|
Proceeds from long-term debt
|
|
—
|
|
|
235,000
|
|
|
85,000
|
|
|
235,000
|
|
|
265,000
|
|
|
Payments on long-term debt
|
|
(51,000
|
)
|
|
(1,875
|
)
|
|
(122,918
|
)
|
|
(52,875
|
)
|
|
(411,293
|
)
|
|
Payments for financing costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(500
|
)
|
|
Purchases of treasury shares
|
|
—
|
|
|
—
|
|
|
(5,318
|
)
|
|
—
|
|
|
(21,760
|
)
|
|
Net cash provided by (used in) financing activities
|
|
(51,087
|
)
|
|
233,125
|
|
|
(43,613
|
)
|
|
182,038
|
|
|
(168,972
|
)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
(36,189
|
)
|
|
291,240
|
|
|
(27,600
|
)
|
|
255,051
|
|
|
(62,526
|
)
|
|
Cash and cash equivalents, beginning of period
|
|
407,273
|
|
|
116,033
|
|
|
132,868
|
|
|
116,033
|
|
|
167,794
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
371,084
|
|
|
$
|
407,273
|
|
|
$
|
105,268
|
|
|
$
|
371,084
|
|
|
$
|
105,268
|
|
EBITDA and Adjusted EBITDA Reconciliation
EBITDA is defined as earnings before interest, taxes, depreciation and
amortization. Adjusted EBITDA is defined as earnings before interest,
taxes, depreciation and amortization, and gain from debt extinguishment.
EBITDA and Adjusted EBITDA do not represent and should not be considered
an alternative to net income, operating income, cash flow from
operations or any other measure of financial performance presented in
accordance with generally accepted accounting principles in the United
States of America (“GAAP”) and our calculation of EBITDA and Adjusted
EBITDA may not be comparable to that reported by other companies. EBITDA
and Adjusted EBITDA are included herein because they are used by
management to measure the company's operations. Management believes that
EBITDA and Adjusted EBITDA present useful information to investors
regarding the company's operating performance during the periods
presented below.
|
|
|
|
|
|
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
|
|
Supplementary Data— Reconciliation of Net Income (Loss) to
Non-GAAP EBITDA and Adjusted EBITDA
|
|
(in thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
2016
|
|
March 31,
2016
|
|
June 30,
2015
|
|
June 30,
2016
|
|
June 30,
2015
|
|
Net income (loss)
|
|
$
|
8,234
|
|
|
$
|
(2,511
|
)
|
|
$
|
47,094
|
|
|
$
|
5,723
|
|
|
$
|
98,824
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
46,116
|
|
|
45,493
|
|
|
33,227
|
|
|
91,609
|
|
|
69,936
|
|
Depreciation expense
|
|
68,213
|
|
|
68,076
|
|
|
57,234
|
|
|
136,289
|
|
|
114,306
|
|
Income taxes
|
|
1,379
|
|
|
1,853
|
|
|
12,281
|
|
|
3,232
|
|
|
14,076
|
|
EBITDA
|
|
$
|
123,942
|
|
|
$
|
112,911
|
|
|
$
|
149,836
|
|
|
$
|
236,853
|
|
|
$
|
297,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtract:
|
|
|
|
|
|
|
|
|
|
|
|
Gain on debt extinguishment
|
|
(14,231
|
)
|
|
—
|
|
|
—
|
|
|
(14,231
|
)
|
|
—
|
|
Adjusted EBITDA
|
|
$
|
109,711
|
|
|
$
|
112,911
|
|
|
$
|
149,836
|
|
|
$
|
222,622
|
|
|
$
|
297,142
|
Corporate Overhead Expenses Reconciliation
Corporate overhead expenses is a non-GAAP financial measure defined as
general and administrative expenses less certain unusual legal expenses
related to our Samsung arbitration and patent litigation, and financial
advisory expenses. We included corporate overhead herein because it is
used by management to measure the company's ongoing corporate overhead.
Management believes that ongoing corporate overhead expenses present
useful information to investors regarding the financial impact of
company's cost savings measures and optimization of overhead support
structure during the periods presented below. Non-GAAP financial
measures should be considered as a supplement to, and not as a
substitute for, or superior to, financial measures prepared in
accordance with GAAP.
|
|
|
|
|
|
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
|
|
Supplementary Data— Reconciliation of General and Administrative
Expenses to Non-GAAP Corporate Overhead Expenses
|
|
(in thousands) (unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
|
June 30,
2016
|
|
March 31,
2016
|
|
June 30,
2015
|
|
June 30,
2016
|
|
June 30,
2015
|
|
General and administrative expenses
|
|
$
|
14,195
|
|
|
$
|
15,126
|
|
|
$
|
13,328
|
|
|
$
|
29,321
|
|
|
$
|
29,694
|
|
|
Subtract:
|
|
|
|
|
|
|
|
|
|
|
|
Legal and advisory expenses
|
|
(2,939
|
)
|
|
(2,711
|
)
|
|
(372
|
)
|
|
(5,650
|
)
|
|
(574
|
)
|
|
Corporate overhead expenses
|
|
$
|
11,256
|
|
|
$
|
12,415
|
|
|
$
|
12,956
|
|
|
$
|
23,671
|
|
|
$
|
29,120
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160807005025/en/
Source: Pacific Drilling S.A.