LUXEMBOURG--(BUSINESS WIRE)--
Pacific Drilling S.A. (NYSE: PACD) today announced revenue of $191.9
million and net income of $16.5 million or $0.08 per diluted share for
the three months ended December 31, 2012. This compares to revenue of
$172.0 million and a net loss of $2.0 million or $0.01 per diluted share
for the three months ended September 30, 2012. In the fourth quarter of
2011, the company had revenue of $48.4 million and net income of $11.6
million or $0.05 per diluted share.
For the year ended December 31, 2012, net income was $34.0 million or
$0.16 per diluted share on revenue of $638.1 million, as compared to a
prior year net loss of $2.9 million or $0.01 per diluted share on
revenue of $65.4 million. Financial results for 2011 included earnings
of $19.1 million from the joint venture with Transocean, which we
divested on March 30, 2011.
CEO Chris Beckett commented, “The fourth quarter represents significant
growth in our profitability on the back of a strong performance by our
fleet of operating drillships. The fleet outperformed our revenue
efficiency targets and cost expectations due to the substantial
improvement in rig uptime since all our rigs have completed their
respective shakedown periods.”
Regarding the company’s achievements in 2012, Mr. Beckett continued, “I
am very proud of the Pacific Drilling Team. Throughout the year, we
continued to execute on our goal to become the preferred ultra-deepwater
drilling contractor. During the past twelve months, we have signed
leading-edge contracts for two under-construction vessels and ordered
two further rigs, while providing outstanding service to our existing
clients and securing attractive financing to support our continued
growth.”
Fourth Quarter and Full Year 2012 Operational
and Financial Commentary
Contract drilling revenue for the fourth quarter of 2012 was $191.9
million, including recognition of $26.5 million of deferred revenue for
mobilization, contract preparation and asset upgrades, as compared to
third quarter contract drilling revenue of $172.0 million, including
deferred revenue of $26.0 million. During the three months ended
December 31, 2012, our operating fleet of four drillships achieved an
average revenue efficiency of 94.6%(a). Contract drilling
revenue for the year ended December 31, 2012, was $638.1 million,
including recognition of $95.8 million of deferred revenue. For the full
year 2012, our operating fleet of four drillships achieved an average
revenue efficiency of 88.0%. Our rigs operated for a combined 43
rig-months during 2012, which included a total of 20 initial ramp-up
months. Following their 6 month shakedown periods, the average revenue
efficiency of our rigs has exceeded 95%.
Contract drilling expenses for the fourth quarter of 2012 were $86.9
million, including $18.6 million in amortization of deferred
mobilization costs and $4.6 million in shore-based and other support
costs. Direct rig related daily operating expenses averaged $173,000 in
the fourth quarter of 2012, as compared to $192,500 in the third
quarter. The sequential decrease in direct rig related daily operating
expenses resulted primarily from the completion of the shakedown period
by the majority of our operating drillships. Contract drilling
expenses for the full year 2012 were $331.5 million, including $70.7
million in amortization of deferred mobilization costs and $22.2 million
in shore-based and other support costs. This translates into average
direct rig related operating expenses of $183,000 per day for the year
ended December 31, 2012.
Interest expense for the fourth quarter of 2012 was $32.7 million and
increased by $5.8 million when compared to the third quarter of 2012
primarily as a result of a non-recurring, non-cash $2.8 million charge,
related to the accounting of our interest rate cash flow hedges, and the
issuance of our senior secured bonds during the month of November.
EBITDA(b) for the fourth quarter of 2012 reached $92.7
million, as compared to EBITDA of $65.3 million during the third quarter
of 2012. EBITDA for the full year 2012 was $288.1 million.
Liquidity and Capital Expenditures
Our cash balances on December 31, 2012, stood at $778 million, including
$172 million of restricted cash related primarily to our project
financing facility and collateral for our temporary importation bonds
and lines of credit. Our total outstanding debt was $2.3 billion as of
December 31, 2012. During the fourth quarter, we completed an offering
of $500 million principal of senior secured notes to provide the long
term financing for construction of the Pacific Khamsin. In
addition to the bonds, we negotiated a change to our project facilities
agreement which resulted in the release of $78 million of restricted
cash on December 28, 2012.
Chief Financial Officer William Restrepo commented, “The past year has
been a busy one for Pacific Drilling in terms of financing. We made
significant progress payments on the construction of our newbuilds, and
to support the growth of our fleet, we added an incremental $1 billion
of liquidity through two bond offerings and the negotiated release of
approximately $200 million in restricted cash. By accessing the U.S.
fixed income markets for the first time and reaching a broader group of
investors, we have opened access to an additional source of liquidity
for future expansion. Finally, by late December 2012, we received
commercial bank and Export Credit Agency commitments for our new $1
billion senior secured credit facility. The credit facility agreement
was subsequently signed on February 19, 2013.”
We invested $88 million in the construction of the fleet during the
fourth quarter of 2012. We estimate the remaining capital expenditures
to complete construction of our committed newbuild drillships, including
the recently announced order of our eighth rig, at approximately $2.1
billion.
We anticipate funding the remaining costs of our four newbuilds with a
combination of cash on hand, cash flows from operations, our $1 billion
senior secured credit facility and other long term debt to be placed
prior to the delivery of our recently ordered eighth drillship. The
choice and timing of the specific elements of the financing plan will be
determined by financial market conditions.
2013 Guidance and Investor Toolkit
The following table summarizes our full year 2013 guidance for certain
items:
|
Item
|
|
Range
|
|
Revenue Efficiency
|
|
91% - 94%
|
|
Direct Rig Related Operating Expenses Per Rig Day
|
|
$182,000 - $187,000
|
|
Shore-Based & Other Support Costs Per Rig Day
|
|
$18,000 - $20,000
|
|
Selling, General & Administrative Expenses
|
|
$55 million - $57 million
|
|
Income Tax Expense as Percent of Total Contract Drilling Revenue
|
|
3.0% - 4.5%
|
Revenue efficiency and operating expense performance for individual rigs
tend to be volatile on a monthly and even on a quarterly basis. The
guidance provided is based on the combined experience of the industry
and our own track record. Although we may provide quarterly guidance for
some items, the average annual estimates provided are based on longer
time periods and are more applicable to our fleet as a whole than to
individual rigs. Also, our estimates include an assumption for the
expected start-up date of the Pacific Khamsin in the fourth
quarter of 2013. In addition, certain planned maintenance activities
that have an impact on operational uptime and operating expenses may
affect some quarters more than others for individual rigs or even for
our fleet as a whole. For example, we currently expect to deliver
revenue efficiency for the first quarter in the bottom of our full year
revenue efficiency guidance range, primarily as a result of planned
maintenance performed on Pacific Scirocco during the quarter,
which was timed to align with our customer’s well construction plans.
The main item that will affect our efficiency for the full year 2013 as
compared to 2012 is the completion of the shakedown periods for our
currently operating rigs. It should be noted that we forecast revenue
efficiency at expected average rates rather than the above average rates
experienced during the fourth quarter of last year by the rigs that had
already completed their shakedown period.
Rig operating expenses on a per day basis for the year 2013 will
benefit, as compared to the full year 2012, from the completion of rig
shakedown for our four rigs which are currently operating. However,
versus the fourth quarter, we expect our full year 2013 operating
expenses to increase by 5%. A significant portion of this increase is
attributable to annual compensation increases for our operating
personnel. Rig operating expenses per day for the first quarter of 2013
will also be affected as compared to the fourth quarter of 2012 by the 2
fewer days per rig in the first quarter and by the timing of certain
planned maintenance projects scheduled early in the year to align with
our customers’ well construction plans. We expect our first quarter 2013
direct rig related operating expenses per day to reflect the top of our
annual guidance range.
The above 2013 guidance represents an increase in overhead costs,
including SG&A as well as shore-based and other support costs, when
compared to 2012 as a result of strengthening our organization to
support an 8 rig fleet and expected increases in compensation costs.
Due to the newbuild status of our fleet, deferred revenue and cost
amortization, as well as our depreciation profile, are significant to
our financial results. Therefore, updated schedules of expected
amortization of deferred revenue, amortization of deferred mobilization
expense, depreciation and interest expense for our existing financing as
well as capital expenditures are included in the “Investor Toolkit”
subsection of the “Investor Relations” section of our website, www.pacificdrilling.com.
Please note the guidance provided above is based on management’s current
expectations about the future and both stated and unstated assumptions,
and does not constitute any form of guarantee, assurance or promise that
the matters indicated will actually be achieved. Actual conditions and
assumptions are subject to change. The guidance set forth above is
subject to all cautionary statements and limitations described under the
“Forward-Looking Statements” section of this press release.
|
Footnotes
|
|
a)
|
Revenue efficiency is defined as actual contractual dayrate revenue
(excludes 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 is a non-GAAP measure. Please refer to the reconciliation to
net income included later in this press release.
|
|
|
|
Conference Call
Pacific Drilling will conduct a conference call at 9:00 a.m. U.S.
Central Time on Thursday, February 28, 2013, to discuss fourth quarter
and full year 2012 results. To participate, dial +1 719-325-4797 or
1-877-718-5107 and refer to confirmation code 2714383 approximately five
to ten minutes prior to the scheduled start time of the call. The call
will also be broadcast live over the Internet in a listen-only mode and
can be accessed by a link posted in the “Events & Presentations”
subsection of the “Investor Relations” section of the company’s website, www.pacificdrilling.com.
An audio replay of the conference call will be available after 12:00
p.m. U.S. Central Time on Thursday, February 28, 2013, by dialing +1
719-457-0820 or 1-888-203-1112 and using access code 2714383. A replay
of the call will also be available on the company’s website.
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 four drillships under customer contract,
and has four drillships under construction at Samsung, two of which are
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 in this press release concerning
results for the fiscal period ended December 31, 2012, and the latest
Investor Toolkit may constitute “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include words or phrases such as “believe,” “expect,”
“anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or
other similar words, which are generally not historical in nature, and
specifically include statements involving future operational
performance; revenue efficiency levels; estimated duration of client
contracts; contract dayrate amounts; future contract opportunities;
future contract commencement dates and locations; backlog; timing and
delivery of newbuilds; capital expenditures; growth opportunities;
market outlook; revenue efficiency; cost adjustments; estimated rig
availability; customers; new rig commitments; the expected period of
time and number of rigs that will be in a shipyard for repairs,
maintenance, enhancement or construction; direct rig operating costs;
compensation levels; shore based support costs; selling, general and
administrative expenses; income tax expense; expected amortization of
deferred revenue; expected amortization of deferred mobilization
expenses; and expected depreciation and interest expense for the
existing credit facilities and senior bonds. These forward-looking
statements are based on our current expectations and beliefs concerning
future developments and their potential effect on us. While management
believes that these forward-looking statements are reasonable as and
when made, there can be no assurance that future developments affecting
us will be those that we anticipate. All comments concerning our
expectations for future revenue and operating results are based on our
forecasts for our existing operations and do not include the potential
impact of any future acquisitions. Our forward-looking statements
involve significant risks and uncertainties (some 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 those in the forward-looking statements include,
but are not limited to downtime and other risks associated with offshore
rig operations, including unscheduled repairs or maintenance;
relocations, severe weather or hurricanes; possible cancellation or
suspension of drilling contracts as a result of mechanical difficulties,
performance or other reasons; changes in worldwide rig supply and
demand, competition and technology; future levels of offshore drilling
activity; impact of potential licensing or patent litigation; actual
contract commencement dates; risks inherent to shipyard rig
construction, repair, maintenance or enhancement; environmental or other
liabilities, risks or losses; governmental regulatory, legislative and
permitting requirements affecting drilling operations; our ability to
attract and retain skilled personnel on commercially reasonable terms;
governmental action, civil unrest and political and economic
uncertainties; terrorism, piracy and military action; and the outcome of
litigation, legal proceedings, investigations or other claims or
contract disputes.
For additional information regarding known material factors that could
cause our actual results to differ from our projected results, please
see our filings with the SEC, including our Annual Report on Form 20-F
and Current Reports on Form 6-K.
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
Consolidated
Balance Sheets
(in thousands, except par value and share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012
|
|
|
December 31,
2011
|
|
Assets:
|
|
|
(unaudited)
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
605,921
|
|
|
$
|
107,278
|
|
|
Restricted cash
|
|
|
47,444
|
|
|
|
168,681
|
|
|
Accounts receivable
|
|
|
152,299
|
|
|
|
62,578
|
|
|
Materials and supplies
|
|
|
49,626
|
|
|
|
42,986
|
|
|
Deferred financing costs
|
|
|
17,707
|
|
|
|
15,124
|
|
|
Current portion of deferred mobilization costs
|
|
|
37,519
|
|
|
|
54,523
|
|
|
Prepaid expenses and other current assets
|
|
|
13,930
|
|
|
|
10,376
|
|
|
Total current assets
|
|
|
924,446
|
|
|
|
461,546
|
|
|
Property and equipment, net
|
|
|
3,760,421
|
|
|
|
3,436,010
|
|
|
Restricted cash
|
|
|
124,740
|
|
|
|
208,287
|
|
|
Deferred financing costs
|
|
|
32,157
|
|
|
|
32,386
|
|
|
Other assets
|
|
|
52,164
|
|
|
|
46,060
|
|
|
Total assets
|
|
$
|
4,893,928
|
|
|
$
|
4,184,289
|
|
|
Liabilities and shareholders' equity:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
30,230
|
|
|
$
|
26,845
|
|
|
Accrued expenses
|
|
|
39,345
|
|
|
|
39,095
|
|
|
Current portion of long-term debt
|
|
|
218,750
|
|
|
|
218,750
|
|
|
Accrued interest payable
|
|
|
29,594
|
|
|
|
12,099
|
|
|
Derivative liabilities, current
|
|
|
17,995
|
|
|
|
20,466
|
|
|
Current portion of deferred revenue
|
|
|
66,142
|
|
|
|
28,829
|
|
|
Total current liabilities
|
|
|
402,056
|
|
|
|
346,084
|
|
|
Long-term debt, net of current maturities
|
|
|
2,034,958
|
|
|
|
1,456,250
|
|
|
Deferred revenue
|
|
|
97,014
|
|
|
|
73,110
|
|
|
Other long-term liabilities
|
|
|
44,652
|
|
|
|
34,772
|
|
|
Total long-term liabilities
|
|
|
2,176,624
|
|
|
|
1,564,132
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
Shareholders' equity:
|
|
|
|
|
|
|
|
Common shares, $0.01 par value, 5,000,000,000 shares authorized,
224,100,000 shares issued and 216,902,000 and 216,900,000 shares
outstanding as of December 31, 2012 and 2011, respectively
|
|
|
2,169
|
|
|
|
2,169
|
|
|
Additional paid-in capital
|
|
|
2,349,544
|
|
|
|
2,344,226
|
|
|
Accumulated other comprehensive loss
|
|
|
(58,416
|
)
|
|
|
(60,284
|
)
|
|
Retained earnings (accumulated deficit)
|
|
|
21,951
|
|
|
|
(12,038
|
)
|
|
Total shareholders' equity
|
|
|
2,315,248
|
|
|
|
2,274,073
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
4,893,928
|
|
|
$
|
4,184,289
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
Condensed
Consolidated Statements of Operations
(in thousands, except
share and per share information)
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Years Ended December 31,
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011 (a)
|
|
|
2010
|
|
Revenues
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Contract drilling
|
|
$
|
191,890
|
|
|
$
|
48,401
|
|
|
$
|
638,050
|
|
|
$
|
65,431
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contract drilling
|
|
|
(86,931
|
)
|
|
|
(22,452
|
)
|
|
|
(331,495
|
)
|
|
|
(32,142
|
)
|
|
|
—
|
|
|
General and administrative expenses
|
|
|
(11,636
|
)
|
|
|
(15,671
|
)
|
|
|
(45,386
|
)
|
|
|
(52,614
|
)
|
|
|
(19,715
|
)
|
|
Depreciation expense
|
|
|
(36,463
|
)
|
|
|
(8,063
|
)
|
|
|
(127,698
|
)
|
|
|
(11,619
|
)
|
|
|
(395
|
)
|
|
|
|
|
(135,030
|
)
|
|
|
(46,186
|
)
|
|
|
(504,579
|
)
|
|
|
(96,375
|
)
|
|
|
(20,110
|
)
|
|
Loss of hire insurance recovery
|
|
|
—
|
|
|
|
18,500
|
|
|
|
23,671
|
|
|
|
18,500
|
|
|
|
—
|
|
|
Operating income (loss)
|
|
|
56,860
|
|
|
|
20,715
|
|
|
|
157,142
|
|
|
|
(12,444
|
)
|
|
|
(20,110
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in earnings of Joint Venture
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
18,955
|
|
|
|
56,307
|
|
|
Interest income from Joint Venture
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
495
|
|
|
|
1,973
|
|
|
Interest expense
|
|
|
(32,747
|
)
|
|
|
(7,476
|
)
|
|
|
(104,685
|
)
|
|
|
(10,384
|
)
|
|
|
(858
|
)
|
|
Other income (expense)
|
|
|
(614
|
)
|
|
|
1,242
|
|
|
|
3,245
|
|
|
|
3,675
|
|
|
|
(62
|
)
|
|
Income before income taxes
|
|
|
23,499
|
|
|
|
14,481
|
|
|
|
55,702
|
|
|
|
297
|
|
|
|
37,250
|
|
|
Income tax (expense) benefit
|
|
|
(7,034
|
)
|
|
|
(2,927
|
)
|
|
|
(21,713
|
)
|
|
|
(3,200
|
)
|
|
|
49
|
|
|
Net income (loss)
|
|
$
|
16,465
|
|
|
$
|
11,554
|
|
|
$
|
33,989
|
|
|
$
|
(2,903
|
)
|
|
$
|
37,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share, basic
|
|
$
|
0.08
|
|
|
$
|
0.05
|
|
|
$
|
0.16
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares, basic
|
|
|
216,902,000
|
|
|
|
213,570,652
|
|
|
|
216,901,000
|
|
|
|
195,447,944
|
|
|
|
150,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share, diluted
|
|
$
|
0.08
|
|
|
$
|
0.05
|
|
|
$
|
0.16
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares, diluted
|
|
|
216,942,891
|
|
|
|
213,570,652
|
|
|
|
216,903,159
|
|
|
|
195,447,944
|
|
|
|
150,000,000
|
|
|
|
|
|
(a)
|
See accompanying schedule: Supplementary Data – Reconciliation of
Net Income (Loss) to Pro Forma Net Loss.
|
|
|
|
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
Condensed
Consolidated Statements of Cash Flows
(in thousands)
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
Cash flow from operating activities:
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
33,989
|
|
|
$
|
(2,903
|
)
|
|
$
|
37,299
|
|
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
Interest income from Joint Venture
|
|
|
—
|
|
|
|
(495
|
)
|
|
|
(1,973
|
)
|
|
Depreciation expense
|
|
|
127,698
|
|
|
|
11,619
|
|
|
|
395
|
|
|
Equity in earnings of Joint Venture
|
|
|
—
|
|
|
|
(18,955
|
)
|
|
|
(56,307
|
)
|
|
Amortization of deferred revenue
|
|
|
(95,750
|
)
|
|
|
(8,566
|
)
|
|
|
—
|
|
|
Amortization of deferred mobilization costs
|
|
|
70,660
|
|
|
|
4,288
|
|
|
|
—
|
|
|
Amortization of deferred financing costs
|
|
|
13,926
|
|
|
|
1,067
|
|
|
|
—
|
|
|
Deferred income taxes
|
|
|
(3,766
|
)
|
|
|
(3,169
|
)
|
|
|
(371
|
)
|
|
Share-based compensation expense
|
|
|
5,318
|
|
|
|
4,471
|
|
|
|
65
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(89,721
|
)
|
|
|
(45,051
|
)
|
|
|
(17,527
|
)
|
|
Materials and supplies
|
|
|
(6,640
|
)
|
|
|
(35,031
|
)
|
|
|
(7,955
|
)
|
|
Prepaid expenses and other assets
|
|
|
(61,548
|
)
|
|
|
(108,593
|
)
|
|
|
(2,972
|
)
|
|
Accounts payable and accrued expenses
|
|
|
33,865
|
|
|
|
39,437
|
|
|
|
6,252
|
|
|
Deferred revenue
|
|
|
156,967
|
|
|
|
97,550
|
|
|
|
12,955
|
|
|
Net cash provided by (used in) operating activities
|
|
|
184,998
|
|
|
|
(64,331
|
)
|
|
|
(30,139
|
)
|
|
Cash flow from investing activities:
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(449,951
|
)
|
|
|
(1,539,630
|
)
|
|
|
(883,853
|
)
|
|
Decrease (increase) in restricted cash
|
|
|
204,784
|
|
|
|
(315,286
|
)
|
|
|
(60,967
|
)
|
|
Net cash used in investing activities
|
|
|
(245,167
|
)
|
|
|
(1,854,916
|
)
|
|
|
(944,820
|
)
|
|
Cash flow from financing activities:
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common shares, net
|
|
|
—
|
|
|
|
625,816
|
|
|
|
—
|
|
|
Proceeds from long-term debt
|
|
|
797,415
|
|
|
|
1,275,000
|
|
|
|
450,000
|
|
|
Payments on long-term debt
|
|
|
(218,750
|
)
|
|
|
(50,000
|
)
|
|
|
—
|
|
|
Deferred financing costs
|
|
|
(19,853
|
)
|
|
|
(6,803
|
)
|
|
|
(57,995
|
)
|
|
Proceeds from related-party loan
|
|
|
—
|
|
|
|
142,205
|
|
|
|
685,280
|
|
|
Payments on related-party loan
|
|
|
—
|
|
|
|
—
|
|
|
|
(69,444
|
)
|
|
Net cash provided by financing activities
|
|
|
558,812
|
|
|
|
1,986,218
|
|
|
|
1,007,841
|
|
|
Increase in cash and cash equivalents
|
|
|
498,643
|
|
|
|
66,971
|
|
|
|
32,882
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
107,278
|
|
|
|
40,307
|
|
|
|
7,425
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
605,921
|
|
|
$
|
107,278
|
|
|
$
|
40,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
Supplementary
Data - Average Revenue Efficiency
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
December 31,
2012
|
|
September 30,
2012
|
|
June 30,
2012
|
|
March 31,
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific Bora
|
|
97.4%
|
|
97.8%
|
|
87.2%
|
|
93.6%
|
|
|
Pacific Mistral
|
|
93.9%
|
|
94.1%
|
|
76.1%
|
|
63.7%
|
(a)
|
|
Pacific Santa Ana
|
|
87.3%
|
|
42.1%
|
|
84.1%
|
(b)
|
-
|
|
|
Pacific Scirocco
|
|
99.8%
|
|
99.5%
|
|
93.1%
|
|
97.7%
|
|
|
|
|
|
(a)
|
For the operating period of February 6, 2012, to March 31, 2012.
|
|
(b)
|
For the operating period of May 4, 2012, to June 30, 2012.
|
|
|
|
EBITDA Reconciliation
EBITDA is defined as earnings before interest, taxes, depreciation and
amortization. EBITDA does not represent and should not be considered as
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 may not be
comparable to that reported by other companies. EBITDA is included
herein because it is used by the Company to measure its operations. We
believe that EBITDA presents useful information to investors regarding
the company's operating performance.
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
Supplementary
Data - Reconciliation of Net Income (Loss) to EBITDA
(in
thousands) (unaudited)
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
Years Ended December 31,
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
16,465
|
|
$
|
11,554
|
|
$
|
33,989
|
|
$
|
(2,903
|
)
|
|
$
|
37,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
32,747
|
|
|
7,476
|
|
|
104,685
|
|
|
9,889
|
|
|
|
(1,115
|
)
|
|
Depreciation expense
|
|
|
36,463
|
|
|
8,063
|
|
|
127,698
|
|
|
11,619
|
|
|
|
395
|
|
|
Income taxes
|
|
|
7,034
|
|
|
2,927
|
|
|
21,713
|
|
|
3,200
|
|
|
|
(49
|
)
|
|
EBITDA
|
|
|
92,709
|
|
|
30,020
|
|
|
288,085
|
|
|
21,805
|
|
|
|
36,530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PACIFIC DRILLING S.A. AND SUBSIDIARIES
Supplementary
Data - Reconciliation of Net Income (Loss) to Pro Forma Net Loss
(in
thousands, except per share information) (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
(2,903
|
)
|
$
|
37,299
|
|
|
|
|
|
|
|
|
|
Pro forma adjustments:
|
|
|
|
|
|
|
Equity in earnings of Joint Venture (a)
|
|
|
(18,955
|
)
|
|
(56,307
|
)
|
|
Interest income from Joint Venture (b)
|
|
|
(495
|
)
|
|
(1,937
|
)
|
|
Interest expense (c)
|
|
|
305
|
|
|
858
|
|
|
|
|
|
|
|
|
|
Pro forma net loss
|
|
$
|
(22,048
|
)
|
$
|
(20,123
|
)
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share, basic and diluted
|
|
$
|
(0.01
|
)
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
Pro forma adjustments per share:
|
|
|
|
|
|
|
Equity in earnings of Joint Venture (a)
|
|
|
(0.10
|
)
|
|
(0.38
|
)
|
|
Interest income from Joint Venture (b)
|
|
|
—
|
|
|
(0.01
|
)
|
|
Interest expense (c)
|
|
|
—
|
|
|
0.01
|
|
|
|
|
|
|
|
|
|
Pro forma loss per common share, basic and diluted
|
|
$
|
(0.11
|
)
|
$
|
(0.13
|
)
|
|
|
|
|
(a)
|
Reflects the pro forma elimination of our equity method share of
earnings from Joint Venture.
|
|
(b)
|
Reflects the pro forma elimination of interest income on notes
receivable from Joint Venture.
|
|
(c)
|
Reflects the pro forma elimination of interest expense incurred on a
letter of credit agreement with Transocean directly related to the
Joint Venture.
|
Source: Pacific Drilling S.A.