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COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A.

Pacific Drilling S.A. · Dec 4, 2013 · 26 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. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 1
    Cowen and Company Ultimate Energy Conference Chris Beckett Chief Executive Officer December 4, 2013
  2. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 2
    Company Profile Committed to Being the Preferred Ultra-Deepwater Driller Most modern floater fleet in the industry Exclusively focused on ultra-deepwater NYSE: PACD (1) Market Cap: 2.5 Billion 1Q2011 4Q2013 Number of Rigs 4 8…
  3. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 3
    Positioned for Further Success Experienced management team delivering exceptional operating record Uniquely consistent, latest generation fleet provides marketing advantage and superior margins Balance of high quality backlog…
  4. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 4
    Exclusive Focus on the Global Ultra-Deepwater Growth Market (2) Projected Demand for UDW Rigs (2012-2015) 111 85 PACD Active Basins 2012 2015 +4 13 +9 9 42 64 41 Other UDW Demand Basins 32 2012 2015 +3 N. Sea 6 3 +1 Med…
  5. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 5
    UDW Demand Expected to Exceed Supply (2) Supply and Demand Forecast 190 175 178 156 150 132 Supply Demand Supply Demand Supply Demand 2013 2014 2015 6 For rigs with water depth capability of 7,500 ft. or greater. Includes…
  6. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 6
    Extended Period of Dayrate Stability (3) All-in Contract Dayrates and Term for 5th Gen and Later Ultra-Deepwater Floaters 750 Day rate, K/d W.Africa Angola 700 Morocco Angola Angola Angola Ghana Saudi Canada 650 Angola Congo…
  7. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 7
    2013 Represents Continued Strong Contracting Activity Ultra-Deepwater Fixtures (Rig Years) 140 134 130 120 US 110 Average = 27 W Africa 100 rig years per quarter 95 Asia Rig Years Awarded 90 S America 80 Other 70 60…
  8. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 8
    Creating Shareholder Value Through Sustainable Differentiation Performance Excellence Growth Capital Management 9
  9. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 9
    Modern, Capable Ultra-Deepwater Fleet Average Floater Fleet Depth and Age (6) More Modern 2020 Seadrill 2014 2009 Vantage Average Year Built 2004 Ensco Ocean Rig Atwood 1998 Noble 1993 Transocean 1987 1982 Diamond…
  10. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 10
    Newest Drillships Benefit from Preferential Demand Advanced Rigs Deliver Enhanced Value to Clients in All Water Depths through Significantly Enhanced Drilling Efficiency Industry Trends Over 48% of Floaters More than 10 Years Old 1.…
  11. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 11
    Newer Rigs Enjoy Higher Utilization Rates Throughout Cycle (8) Floater Utilization Since 2008 by Build Cycle 100 2007 - Current 1998 - 2006 95 90 Utilization % 85 1979 - 1997 80 1971 - 1978 75 70 Apr Apr…
  12. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 12
    Dayrate Bifurcation Between Newer and Older Floaters Has Increased Dayrate Trend for Floating Rigs By Delivery Period(9) 700 650 600 550 500 450 400 350 300 Jan-12 Feb-12 Apr-12 May-12 Jul-12 Sep-12 Oct-12 Dec-12…
  13. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 13
    New Rigs Have Greater Remaining Lifetime Earnings Potential, Justifying Higher Asset Values and EBITDA Multiples Implied NPV Value of Remaining EBITDA (m) Cashflow Streams Multiple Rig Age 20 Years 760 6.1x Assumptions 550…
  14. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 14
    Enhancing Operational Performance & Financial Results Targeting Industry Leading Margins: 1. Four more rigs to begin operations 2. Dayrates typically higher for new rigs 3. Repricing of existing rigs 4. Efficiency improvement…
  15. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 15
    Exceptional Safety Performance LTIF 3.0 2.44 2.5 Pacific Bora, Pacific Scirocco and 1.95 Pacific Mistral achieved 2 years 1.88 1.79 2.0 without an LTI Pacific Santa Ana achieved 1 year 1.30 1.5 without LTI A…
  16. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 16
    Creating Shareholder Value Through Sustainable Differentiation Performance Excellence Growth Capital Management 17
  17. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 17
    2.9 Billion Backlog with Blue Chip Operators Backlog as of November 1, 2013 2013 2014 2015 Chevron Nigeria, 475k/d Pacific Bora Unpriced options for up to 2 years of additional term 3 year contract Total Nigeria, 475k/d Total…
  18. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 18
    Targeted 12 Rig Fleet Disciplined Growth with Risks Mitigated Financial Operational Long term market view Proven rig designs built by world class Financing costs & timing shipyard Maximum 2 uncommitted newbuilds Construction…
  19. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 19
    PACD Offers Superior Growth Consensus Forecasts Projected Consensus Projected EBITDA CAGR 2013-2015 = 52% EBITDA Growth 250 PACD ORIG 200 RDC NE 150 DO SDRL VTG RIG ESV 100 2013 2014 2015 20 Source: Thomson…
  20. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 20
    Creating Shareholder Value Through Sustainable Differentiation Performance Excellence Growth Capital Management 21
  21. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 21
    Disciplined Capital Allocation Fleet Growth Debt Long term solutions in place for working capital, cash 1.4b remaining capex for newbuilds management & temporary import bond requirements Continuing to support organic growth of fleet…
  22. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 22
    Strategic Shift to long-term financing in Mid-2013 Project Facilities Agreement Refinance Significantly Extends Maturity Profile Debt Maturity Profile Prior to PFA Refinance in June 2013 1,402 583 604 281 219 83 83 2013 2014…
  23. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 23
    Questions and Answers Positioned for Further Success Experienced management team delivering exceptional operating record Uniquely consistent, latest generation fleet provides marketing advantage and superior margins Balance of…
  24. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 24
    Investor Contact Pacific Drilling William Restrepo, CFO Amy Roddy, VP Investor Relations 3050 Post Oak Blvd 1500 Houston, Texas USA Phone: +1 832-255-0502 Email: Investorpacificdrilling.com www.pacificdrilling.com 25
  25. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 25
    Footnotes 1. Closing stock price of 11.32 as of November 26, 2013, and 217m shares outstanding. 2. Supply data from IHS-Petrodata as of July 2013. Newbuild supply weighted by portion of the year during which it is eligible to work.…
  26. COWEN AND COMPANY ULTIMATE ENERGY CONFERENCE – Pacific Drilling S.A. – slide 26
    Appendix Benefits of Financial Transactions Lock in historically low interest rates Improve parent company liquidity Obtain a long-term solution for working capital, cash management, and temporary import bonding requirements Extend…

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