LUXEMBOURG--(BUSINESS WIRE)--
Pacific Drilling S.A. (NYSE: PACD) announced today that the company’s
Board of Directors will recommend for approval at the upcoming Annual
General Meeting of Shareholders (AGM) distributions to shareholders of
up to $152 million in the aggregate to be paid in 2015.
CEO Chris Beckett commented, “I am pleased to report that our Board of
Directors will make this recommendation to initiate cash distributions
as part of our focus on delivering value to our shareholders. The past
five quarters of strong operational performance provide support for
these distributions. This level of distribution is well aligned with our
balanced capital allocation strategy, which provides for continued
growth, return of cash to shareholders and deleveraging.”
The Board will submit a proposal at the 2014 AGM that the Company make
cash distributions of up to $152 million in the aggregate to
shareholders in 2015, commencing with an initial payment in the first
quarter of 2015. The timing, amount and form of the distributions will
be subject to the discretion of the Board.
Additional details of the AGM will be provided to shareholders in the
Notice of Annual General Meeting.
The declaration of any distribution is subject to shareholder approval
and additional requirements under Luxembourg law. The initiation 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 our
existing debt agreements and any future debt financing agreements.
Additionally, any future cash distributions will be determined by us in
light of conditions then existing, including our earnings, financial
condition, capital requirements, business conditions and other factors.
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 to shareholder approval, 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