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Pacific Drilling Announces Results For First Quarter 2011



Pacific Drilling S.A. (NYSE: PACD) (Pacific Drilling)
"The Company") today announced its results for the first
Net loss for the first quarter of 2019 reached
$ 84.0 million, or $ 1.12 per diluted share. EBITDA(A)
from the first quarter of 2019 to $ 1.9 million.

"Our strong operating results, reflected in efficiency
revenue of 98.1% for the quarter and management of the
costs, improved results, and generated EBITDA
positive for the quarter. We continue to change our channel
logistics and maintenance processes to reduce
significantly lower operating costs, while guaranteeing
safe, reliable and efficient operations, "he said
Chief Executive Officer, Bernie Wolford.

"Although the market remains difficult, we are encouraged by
revitalizing use in the sector and continually improving the
search as specified in the invitations to tender and the discussions
directly with customers. We are in an ideal position
to take advantage of the growing demand for our sector
Available drills of 6th and 7th generation. "

"The contract with. T Quiet Hamsin it is
a clear assessment of what we have achieved
Exclusive. Supported by our strong and highly efficient service
technical, competent and experienced teams
the maintenance of our accumulated intelligent platforms will allow us
to provide a 7th-generation ship on board Pacific
Kamsin
which is ready to work in a cost-effective and efficient way.
In addition, our experience with integrated services will play a key role
to provide Equinor with a package of services that will contribute to them
Good luck. "

Comments on financial results and
for the first quarter of 2019

Initially, earnings from customized drilling have reached
quarter 2019, $ 65.9 million, of which $ 3.4 million earnings
recoverable and amortization of $ 0.6 million of recognized income
in advance. By comparison, in the fourth quarter of 2018, the figure
Contractual drilling operations amounted to $ 59.6 million of which
$ 1.4 million in repayable products and depreciation
$ 2.9 million Prepaid product. The increase in
products comes mainly from Pacific Pines who, under
contract with the Nigerian company Agip Exploration Limited, a
Eni's subsidiary operates throughout the quarter
instead of just part of the fourth quarter of 2018.

Operating costs for the first quarter of 2019 have been reached
$ 52.3 million vs. $ 44.8 million in the fourth quarter of 2018.
The increase in operating costs is mainly due to
Expenses For Pacific Santa Ana who climbed to the setting
execution of the contract with Total E & S Senegal in Senegal. Furthermore,
operating costs include product costs
for the first quarter of 2019 against $ 2.4 million.
$ 1.1 million in the fourth quarter of 2018.

Total and administrative costs amounted to $ 11.2 million
the first quarter of 2019, compared with $ 13.8 million in the fourth quarter
reduction of general and administrative costs
mainly due to the increased impact of cost control
optimization of processes.

EBITDA(A) adjusted for the first quarter of 2019.
4.3 million STD compared to EBITDA of $ 3.3 million in the fourth quarter
quarter 2018.

Capital expenditures reached the first quarter of 2019
$ 17.6 million vs. $ 6.2 million in the fourth quarter of 2018.
The increase in capital assets is mainly due to
payments made to date to purchase a managed drilling rig
and controls.

Footnotes on a page

(A)

EBITDA and adjusted EBITDA are non-GAAP financial measures.
For the definition of EBITDA and adjusted EBITDA,
from the reconciliation of net profit, please see
applications included in this release. The management uses it
these operational measures to track the results of. t
And considers these measures an addition
information that illustrates the impact of our effectiveness
operating and operating costs and maintenance costs
made to ensure that turnover is achieved.

Forecast 2019

The Pacific drilling forecast for 2019 until May 13, 2019 is
available in the Quarterly and Annual Results subsection
(Quarter and full year results) of the Investor section
Links (Investor Relations) on our website, www.pacificdrilling.com.

Conference Call

Pacific Drilling will hold a conference call at 10:00
Central America) on Tuesday, May 14 to discuss theirs
the results for the first quarter of 2019. To access the teleconference,
participants must contact the conference operator
888-221-3881 for North America, or
+1 720-452-9217 outside North America, about 10 minutes
before the scheduled call begins and communicate the code to
confirmation 4796567. Call forwarding will be delayed
on the company's website or by calling
+ 1-888-203-1112 from North America or + 1-719-457-0820
outside North America and providing the verification code
4,796,567.

About Pacific Drilling

With their best in-class drilling rigs and theirs
an experienced team, the Pacific Drilling mission is yes
to become the preferred supplier of the industry
Deepwater drilling services with high specifications. The Navy fleet
The seven Pacific Drill Drills are one of the fleets
the youngest and the most technologically advanced in the world.
Pacific Drilling is based in Luxembourg and Houston. for
Learn more about Pacific Drilling, including the situation
visit their website at www.pacificdrilling.com.

Statements for the Future

Some statements and information contained in this
the press release is "forward – looking statements"
the meaning of the provisions of the Litigation Reform Law on Private Securities
These declarations are usually recognized by use
terms such as "prediction," "trust," "authority," "assessment,"
"Expect," "expect," "think," "intend,"
"Our ability to," "plan," "potentially," "predict,
"Project", "Designed", the use of the future and the conditional, or
other similar terms that are generally non-existent
history. These statements about the future are valid only for
the date of this, and the Company does not commit
day or revise predictive statements, whether they are in
due to new information, future events or otherwise.

Our statements about the future express our expectations or ours
current forecasts for results or events
future potential, including financial and operational results
future and cash balances; the efficiency ratios of. t
turnover; market prospects; the predictions of
trends; opportunities for future contracts with clients; percentages
daily contracts for future contracts; our business strategies and
plans or management objectives; the expected duration of the contracts
customers; Order wallet; capital costs
on the condition; estimates of costs and savings; and impact
the potential of our completed Chapter 11 process for our operations
our future and our ability to finance our business.

Although we believe that assumptions and expectations are reflected
in our statements about the future are reasonable and conscientious,
these statements are not guarantees and results
actual futures may vary considerably due to various factors.
These statements are subject to a number of risks and
uncertainty and are based on a number of decisions; again,
assumptions made as of the date of these declarations were made on
future events, many of which are beyond our reach
control. Actual events and results may vary
essentially the expected, estimated, planned or implied by
we in these statements due to various factors, especially if
one or more of these risks or uncertainties must be
materialize, or if our basic assumptions prove to be
wrong.

Important factors that can significantly change. T
The actual results of our expectations include: the global market for
oil and gas and its impact on the demand for our services; on
offshore drilling market, including a reduction in capital costs
our customers; differences at world level, supply and
oil and gas search; the availability of drilling facilities
as well as demand and supply of high-capacity ships
sophisticated and other drilling platforms with which they compete
our fleet; our ability to enter and negotiate conditions
favorable to new drilling or extension contracts
contracts; our ability to conclude or execute final contracts
and meet other usual terms associated with letters
about the intent or reward we receive for our drilling
; possible cancellation, renegotiation, termination or suspension. t
drilling contracts as a result of mechanical difficulties,
performance, market changes or other reasons; on
costs associated with stack facilities; interruptions
and other risks associated with offshore drilling operations, including
unpredictable repairs or maintenance, relocation, bad weather
or hurricanes; the limited size of our fleet and the fact that we
depends on a limited number of customers; our ability to insert
implementing our business plans; the effects of our finalized procedure
Chapter 11 on our future operations; and other factors
described in our 2018 Annual Report 2018
of the Securities and Exchange Commission
Commission, SEC) on 12 March 2019 and our one-time status reports
on Form 6-K. These documents are available on our website www.pacificdrilling.com,
or on the SEC's website at www.sec.gov.

PACIFIC DRILLING S.A. AND COMPANIES

Consolidated reports for abridged results

(in thousands of US dollars, excluding data per share) (unaudited)

heir precursor
Period from Period from
Three months November 20 October 1st Three months
closed on 31 March up up closed on 31 March
2019 31 December 2018 19 November 2018 2018
turnover

Drilling based on a fee

$

65916

$

28489

$

31073

$

82069

Costs and Fees

Operating expenses

(52,296)

)

(19,744)

)

(25,050

)

(64,354)

)

General and administrative costs

(11,246)

)

(4245

)

(9572

)

(17,204

)

Depreciation charges

(58,899

)

(27 277

)

(38,187)

)

(69,920

)

(122 441

)

(51 266

)

(72 809

)

(151,478)

)

Loss of operation

(56,525)

)

(22,777)

)

(41,736

)

(69,409

)

Other Products (Expenses)

Interest expenses

(24 039

)

(10,904

)

(29 046

)

(14,929)

)

Elements of reorganization

(1003

)

(1300

)

(1743556

)

(12032

)

Interest income

1972

1008

428

788

Income from equity in unconsolidated subsidiaries

(1052

)

392

Expenses in unconsolidated subsidiaries, net

(272

)

(1198

)

Other Products (Expenses)

(91

)

526

350

(195

)

Loss before Taxes

(81 010

)

(34 253

)

(1813560

)

(95,777)

)

Savings (tax) of taxes

(2969

)

6769

3261

(274

)

Net loss

$

(83 979

)

$

(27484

)

$

(1810299

)

$

(96 051

)

Loss for total share, base

$

(1.12

)

$

(0.37

)

$

(84.72

)

$

(4.50

)

The weighted average number of ordinary shares, underlying

75031

75010

21368

21339

Total share loss, diluted

$

(1.12

)

$

(0.37

)

$

(84.72

)

$

(4.50

)

The weighted average number of ordinary shares diluted

75031

75010

21368

21339

PACIFIC DRILLING S.A. AND COMPANIES

Consolidated Balance Sheets

(in thousands) (unaudited)

March 31 December 31st
2019 2018
Assets:

Cash and cash equivalents

$

337173

$

367577

Limited cash

16965

21498

Receivables, net

46895

40549

Other receivables

28000

28000

Materials and consumables

40598

40429

Prepayments and other current assets

16390

9149

Total current assets

486021

507 202

Tangible fixed assets, net

1901540

1915172

Receivables from unconsolidated subsidiaries

204790

204790

Intangible asset

53025

85053

Investments in unconsolidated subsidiaries

11264

11876

Other assets

29630

24120

Total assets

$

2686270

$

2748213

Liabilities and equity:

Obligations

$

13072

$

14 941

Payment costs

17716

25744

Accrued interest

32279

16576

The product was found in advance in the short term

1443

Total current liabilities

64510

57261

Long-term debt

1047431

1039335

Liabilities to unconsolidated subsidiaries

4381

4400

Other long-term liabilities

34228

28259

Total liabilities

1150550

1129255

Own funds:

General shares

750

750

Additional capital contribution

1646557

1645692

Repaid shares at cost

(124

)

Accumulated deficit

(111 463

)

(27484

)

Share capital of shareholders

1535720

1618958

Total liabilities and equity

$

2686270

$

2748213

PACIFIC DRILLING S.A. AND COMPANIES

Consolidated cash flow statements

(in thousands) (unaudited)

heir precursor
Period from Period from
Three months November 20 October 1st Three months
closed on 31 March up up closed on 31 March
2019 31 December 2018 19 November 2018 2018
Cash flow from operating activities:

Net loss

$

(83 979

)

$

(27484

)

$

(1810299

)

$

(96 051

)

Adjustments to reconcile net loss with net cash flow
cash from operating activities:

Depreciation charges

58899

27 277

38187

69920

Depreciation of the product is recorded in advance

(570

)

(2890

)

(6150

)

Amortization of deferred charges

433

128

1645

5007

Amortization of deferred financial expenses

1639

Depreciation of premium debt, net

(112

)

(38

)

Interest paid in cash

8208

3732

4477

Deferred income taxes

2765

(6507

)

7172

(1762

)

Expenditure on share-based compensation

865

599

932

723

Elements of reorganization

1724494

4707

Changes in assets and liabilities:

Receivables

(6346

)

(11,670)

)

6096

(8284

)

Materials and consumables

(169

)

(122

)

499

1109

Prepayments and other assets

(14,222)

)

(11177

)

(39,254

)

4451

Liabilities and accrued liabilities

16130

(16,490)

)

(20,808

)

(12,745

)

The product is noted in advance

2013

(1535

)

Net cash flow absorbed by operations

(16 085

)

(41,752)

)

(88 110

)

(40,610

)

Cash flow from investing activities:

Investment costs

(17,613)

)

(2697

)

(3544

)

(3888

)

Debt consolidation of Zonda

(4910

)

Net cash flow from investing activities

(17,613)

)

(2697

)

(8454

)

(3888

)

Cash flow from financial activities:

Payments on shares issued under the plan
share-based compensation

(126

)

Payments to finance indebted debtors

(50,000

)

Long-term debt payments

(1136478

)

Product with share issue

500000

Financing of expenditure payments

(1115

)

(13,525)

)

(1933

)

Purchases of Unisited Shares

(124

)

Net cash used in financial activities

(1239

)

(13 651

)

(688,411

)

Net decrease in cash and cash equivalents

(34,937

)

(58 100

)

(784 975

)

(44,498)

)

Cash, cash equivalents and cash, broken down by
the beginning of the period

389075

447175

1232150

317448

Cash, cash equivalents and limited cash at the end
period

$

354 138

$

389075

$

447175

$

272 950

EBITDA alignment and adjusted EBITDA

EBITDA is a profit before interest expense, income taxes,
depreciation. The adjusted EBITDA expresses profits beforehand
interest expense, taxes, depreciation, earnings in. t
equity in unconsolidated subsidiaries, expenses in subsidiaries
unconsolidated, net and reorganization positions. EBITDA and
The adjusted EBITDA is not and should not be considered as
an alternative to net income, operating profit, cash flow,
Cash from operations or other implementing measures
presented in accordance with generally accepted accounting principles
US ("GAAP"), and our EBITDA calculation can be
Corrected EBITDA is not comparable to that reported by others.
companies. EBITDA and adjusted EBITDA are included in this document because
they are used by the manual to measure the operations
Company. The management looks at EBITDA and adjusted EBITDA
to provide investors with useful information about
operational work of the Company.

PACIFIC DRILLING S.A. AND COMPANIES

Additional information: Net EBITDA
and adjusted EBITDA, non-GAAP

(in thousands) (unaudited)

heir precursor
Period from Period from
Three months November 20 October 1st Three months
Close up up Close
March 31 December 31st November 19th March 31
2019 2018 2018 2018
Net loss

$

(83 979

)

$

(27484

)

$

(1810299

)

$

(96 051

)

more:

Interest expenses

24039

10904

29046

14929

Depreciation charges

58899

27 277

38187

69920

Profit tax expense (profit)

2969

(6769

)

(3261

)

274

EBITDA

$

1928

$

3928

$

(1746327

)

$

(10,928)

)

more:

Приходи от собствения капитал в неконсолидирани дъщерни дружества

1052

(392

)

Разходи в неконсолидирани дъщерни дружества, нето

272

1198

Елементи на реорганизация

1003

1300

1743556

12032

Коригирана EBITDA

$

4255

$

6034

$

(2771

)

$

1104

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