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Pacific Drilling Announces Third-Quarter 2019 Results

Source: www.gulfoilandgas.com 11/5/2019, Location: North America

Pacific Drilling S.A. (PACD) reported results for the third quarter of 2019. Net loss for third-quarter 2019 was $90.8 million or $1.21 per diluted share, compared to net loss of $73.6 million or $0.98 per diluted share in second-quarter 2019.

Pacific Drilling CEO Bernie Wolford commented, “We continue to add meaningful backlog, demonstrating the strength of our marketing team, our reputation for high performance and the quality of our modern fleet. We are pleased to have the Pacific Khamsin committed through the end of the third-quarter 2020.”

Third-Quarter 2019 Operational and Financial Commentary
Third-quarter 2019 contract drilling revenue was $54.3 million, which included $3.1 million in reimbursable revenue. This compared to second-quarter 2019 contract drilling revenue of $76.4 million, which included $3.8 million in reimbursable revenue.

The decrease in revenue resulted primarily from the Pacific Sharav completing its legacy Chevron five-year contract in late August 2019 and rolling over to continue working for Chevron at a lower dayrate reflective of the current market. Additionally, the Pacific Bora completed operations with ENI in Nigeria in July 2019.

Operating expenses for third-quarter 2019 were $60.3 million compared to $52.3 million in second-quarter 2019. The increase in operating expenses was primarily due to ramp-up costs as Pacific Khamsin prepares to commence its contract with Equinor in the U.S. Gulf of Mexico. Additionally, operating expenses included reimbursable revenue expenses for third-quarter 2019 of $2.6 million compared to $3.0 million in the second quarter of 2019.

General and administrative expenses for the third quarter of 2019 were $8.9 million, as compared to $10.0 million for the second quarter of 2019.

EBITDA(a) for third-quarter 2019 was $(14.3) million, compared to $14.0 million in second-quarter 2019 as a result of the decreases to revenue and increases to operating expenses described above.

Capital expenditures for the third quarter of 2019 were $9.7 million compared to $3.8 million in the second quarter of 2019. The increase in capital expenditures was primarily due to payments made to purchase a managed pressure drilling system.

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