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May 2015 Investor Presentation – Pacific Drilling S.A.

Pacific Drilling S.A. · May 12, 2015 · 29 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 1
    Investor Presentation May 12, 2015
  2. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 2
    Committed to being the preferred highspecification floatingrig drilling contractor Only 100% highspecification floater fleet NYSE: PACD Market cap: 986 million(1) 1Q2011 2Q2015 Number of rigs 4 8 Number of operating rigs 0 5…
  3. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 3
    Financial performance highlights (m) 320 320 For firstquarter 2015: 280 280 Total revenue of 283.4 million 240 240 EBITDA(3) of 147.3 million 200 200 EBITDA margin(4) of 52.0% 160 160 Revenue efficiency(5) of 95.2% 120 120…
  4. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 4
    Strategically positioned for longterm success MARKET DYNAMICS Increasingly challenging offshore drilling activities in all water depths Highspecification drillships meet client demands OPERATIONAL EXCELLENCE Strong operational…
  5. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 5
    The only 100% highspecification MARKET DYNAMICS floater fleet Percentage of fleet composition by rig capability and type(6) 8% 19% 15% 8% 38% 50% 48% 47% 60% 35% 16% 59% 88% 100% 11% 15% 84% 8% 19% 16% 19% 50% 41% 39%…
  6. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 6
    MARKET What is a highspecification floating rig(6) DYNAMICS Specification Standard Highspecification Hook load (short tons) < 1,000 1,000 + Riser tensioner capacity (kips) < 3,200 3,200 + capability Drilling Mud pump…
  7. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 7
    Newest drillships bestsuited MARKET DYNAMICS for all water depths Highspec rigs deliver value to clients in all water depths through significantly enhanced drilling efficiency 87% of highspec floaters operate in Industry…
  8. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 8
    Dayrate bifurcation between highspec and MARKET DYNAMICS standardspec rigs continues Allin dayrate trend for floating rigs by rig classification index(8) 800 750 700 650 600 Dayrate (K) 550 500 450 400…
  9. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 9
    Highspec rigs continue to be the MARKET DYNAMICS preferred solution Floater utilization since 1985 by build cycle(9) 100 90 80 Utilization % 70 Year…
  10. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 10
    Pacific Drilling leading industry MARKET DYNAMICS fleet renewal 10 highspec floaters estimated to be Projected yearend global available to work in 2015(10) floater fleet size(11) Rig Classification Index Apr May Jun Jul Aug Sep…
  11. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 11
    Strong revenue efficiency drives financial OPERATIONAL results EXCELLENCE Revenue efficiency 80% 85% 90% 95% 100% 60% 4Q14 Keys to success: 55% 2Q14 1. Shortened recent shakedowns to 1 3Q14 1Q15 quarter 3Q13 Adjusted…
  12. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 12
    OPERATIONAL Industryleading adjusted EBITDA margins EXCELLENCE Range of adjusted EBITDA/revenue for offshore drillers 65% 60% 55% 50% 45% 40% 35% 30% 25% 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014 3Q…
  13. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 13
    Stock performance disconnected from OPERATIONAL EXCELLENCE financial performance over the past year 13 200 12 180 11 160 10 140 Adjusted EBITDA ( m) 9 120 Stock Price () 8 100 7 80 6 60 5 40 4 20 3 0 4Q11…
  14. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 14
    Fleet currently valued substantially OPERATIONAL EXCELLENCE below replacement cost 4,354 Book value of 4,354 equity: 2.6b 986 Implied average value 459 of rigs: 8 rigs 544m 2,909 Below replacement cost Enterprise…
  15. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 15
    FINANCIAL Contract coverage provides stability STRENGTH Full fleet days contracted as percentage of days available for 2015 and 2016(10) 93% 87% 79% 78% 74% 69% 67% 66% 65% 64% 54% 53% 53% 46% 39% 39% 38% 33% 31%…
  16. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 16
    Pacific Drilling only company with exclusively FINANCIAL STRENGTH highspec floater availability Full fleet days contracted as percentage of days available for 2015 and 2016(10) 99% 100%100% 93% 87% 85% 83% 74% 79% 78% 68% 69%…
  17. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 17
    FINANCIAL 2.1 billion contract backlog STRENGTH Contract status as of May 4, 2015 2014 2015 2016 Chevron Nigeria, 586k/d Pacific Bora 2 year extension Total NGA, 495k/d Total Nigeria, 499k/d Pacific Scirocco 1 year…
  18. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 18
    Cash requirements covered through end of FINANCIAL STRENGTH 2016 and beyond As of May 4, 2015, existing facilities provide up to 700 million of undrawn capacity 1,428 Excess liquidity available for 310 2016 Projected…
  19. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 19
    Projected positive cash flow through 2016 FINANCIAL STRENGTH with no additional contracts Revenue (m) Costs (m) 1086 1070 560 570 518 690 2014 2015 2016 2014 2015 2016 EBITDA (m) CFFO (m) 563 510 396 370 120 1…
  20. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 20
    Questions 21
  21. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 21
    Investor contact Pacific Drilling Amy Roddy VP Investor Relations & Communications 11700 Katy Freeway Suite 175 Houston, Texas 77079 USA Phone: +1 8322550502 Email: Investorpacificdrilling.com www.pacificdrilling.com 22
  22. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 22
    Income statement Appendix 24
  23. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 23
    Balance sheet Appendix 25
  24. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 24
    Cash flow statement Appendix 26
  25. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 25
    EBITDA reconciliation Appendix EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered an alternative to net income, operating income, cash flow from…
  26. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 26
    Financial covenants in our credit facilities Appendix postamendment 2013 500M RCF 2014 500M RCF 1B SSCF 100M (including 2013 RCF 100M (including 2013 RCF Liquidity undrawn capacity reduced to undrawn capacity reduced to 50M…
  27. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 27
    Historical financial covenant calculation: Appendix net debt/adjusted EBITDA SSCF leverage max ratio level is most restrictive covenant 6.0 5.5 5.0 4.5 Ratio 4.0 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015…
  28. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 28
    Unified corporate credit with different Appendix collateral packages Pacific Drilling S.A. (Luxembourg) Public Entity 500M First Out Secured 2013 RCF 2013 Refinancing 750M First Lien Secured 2020 Bonds Tranches 750M First…
  29. May 2015 Investor Presentation – Pacific Drilling S.A. – slide 29
    No additional funding needs until December 2017, Appendix when 7.25% bonds mature As of May 4, 2015 Debt Commitments Raised Outstanding Amortization Maturity Margin/Rate Collateral Vessels 7.25% Sr. Secured Notes 500m 500m Balloon Dec…

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