Last $9.80 USD
Change Today +0.03 / 0.31%
Volume 273.8K
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As of 8:04 PM 08/27/14 All times are local (Market data is delayed by at least 15 minutes).

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11/7/13 - $12.25
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pacific drilling sa (PACD) Details

Pacific Drilling S.A. operates as an offshore drilling contractor. The company provides ultra-deepwater drilling services to the oil and natural gas industry through the use of drilling rigs. It contracts its ultra-deepwater drilling rigs, related equipment, and work crews primarily on a dayrate basis to drill wells for its customers. As of July 9, 2014, the company operated five drillships in the deepwater regions of the U.S. Gulf of Mexico, Brazil, and Nigeria; had one drillship mobilizing to begin its drilling operations under client contract; and had two drillships under construction. Pacific Drilling S.A. was founded in 2006 and is based in Luxembourg.

942 Employees
Last Reported Date: 03/4/14
Founded in 2006

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pacific drilling sa (PACD) Key Developments

Pacific Drilling S.A. Announces Firm Contract Extension for Pacific Bora

Pacific Drilling S.A. announced that Star Deep Water Petroleum Limited has signed a firm contract extension for the Pacific Bora. The contract extension increases the drillship's backlog by approximately $439 million, bringing the company's total contract backlog as of Aug. 22, 2014, to $3.0 billion. Pacific Bora is capable of operating in water depths of up to 10,000 feet and drilling wells 37,500 feet deep.

Pacific Drilling S.A. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Reiterates Earnings Guidance for 2014 and Reiterates Revenue Guidance for the Third Quarter of 2014

Pacific Drilling S.A. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. The company reported revenue of $260.8 million for the three months ended June 30, 2014, as compared to revenue of $225.6 million for first-quarter 2014 and $176.8 million for second-quarter 2013. Net income for second-quarter 2014 was $49.9 million or $0.23 per diluted share, compared to net loss of $45.6 million or $0.21 per diluted share for second-quarter 2013. Net income excluding charges related to debt refinancing for second-quarter 2013 was $21.0 million or $0.10 per diluted share. EBITDA for second-quarter 2014 was $137.9 million, compared to EBITDA of $100.9 million during the prior quarter. During the second-quarter, cash flow from operations was $100.6 million against $34,174,000 a year ago. During second-quarter 2014, capital expenditures were $545.1 million against $82,574,000 a year ago. Operating income was $92,643,000 against $49,149,000 a year ago. Income before income taxes was $62,813,000 against loss of $39,459,000 a year ago. Adjusted EBITDA was $137,861,000 against $85,456,000 a year ago. For the six months, operating income was $148,581,000 against $92,182,000 a year ago. Income before income taxes was $91,551,000 against loss of $18,994,000 a year ago. Revenues contract drilling was $486,420,000 against $351,788,000 a year ago. Net income was $72,112,000 or $0.33 per diluted share against loss of $30,515,000 or $0.14 per diluted share a year ago. Net cash provided by operating activities was $223,381,000 and capital expenditures were $633,884,000 against net cash provided by operating activities of $106,321,000 and capital expenditures of $217,533,000 a year ago. The company estimates the remaining capital expenditures required to complete construction of two newbuild drillships and develop spare blowout preventer, riser and thruster capacity to be approximately $940 million, excluding capitalized interest and client-reimbursed asset upgrades. The average revenue efficiency ranges of 90 to 93% for full-year 2014 include expectations for unplanned downtime as well as planned events mainly related to export and re-import of rigs in Nigeria, completed in first-quarter 2014. It reiterated other guidance provided with full-year 2013 results. The company reiterated guidance on revenue efficiency provided with fleet status report posted, Aug. 6, 2014. The average revenue efficiency ranges of 91 to 95% for third-quarter 2014.

Pacific Drilling S.A. Announces Third Amendment to Credit Agreement

On July 30, 2014, Pacific Drilling S.A. entered into a Third Amendment to Credit Agreement (RCF Amendment No. 3), which amended the Revolving Credit Facility dated as of June 3, 2013, among the company, Citibank, N.A. (as agent) and the other parties thereto, as amended by the First Amendment to Credit Agreement dated as of October 30, 2013 and as further amended by the Second Amendment and Limited Waiver to Credit Agreement dated as of March 28, 2014. RCF Amendment No. 3 included an increase in the aggregate amount of loans permitted at any time to be outstanding under the Credit Agreement from $200,000,000 to $300,000,000.


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Valuation PACD Industry Range
Price/Earnings 16.7x
Price/Sales 2.4x
Price/Book 0.9x
Price/Cash Flow 7.1x
TEV/Sales NM Not Meaningful

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