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NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A.

Pacific Drilling S.A. · Nov 6, 2014 · 30 slides

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Slides

  1. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 1
    STRATEGY EXCELLENCE GROWTH Investor Presentation November 2014
  2. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 2
    Committed to Being the Preferred UltraDeepwater Driller Only 100% highspecification, ultradeepwater fleet NYSE: PACD Market cap: 1.5 billion(1) Substantial growth and more to come 1Q2011 3Q2014 Number of rigs 4 8 Number of…
  3. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 3
    Financial Performance Highlights (m) 250 For thirdquarter 2014: 220 Total revenue of 279.6 million 190 EBITDA(3) of 145.5 million 160 EBITDA margin(4) of 52.0% 130 Revenue efficiency(5) of 94.4% 100 Net income of 48.1…
  4. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 4
    Positioned for LongTerm Success STRATEGY EXCELLENCE GROWTH 5
  5. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 5
    New Rigs Should Receive Higher Strategy Asset Values and Multiples Adjusted for Greater Cash Implied Newer Rigs Enjoy Higher Market Utilization Market Flow Potential EBITDA Rates Throughout Cycle Utilization (m) Multiple (m)…
  6. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 6
    The Only 100% HighSpecification, Strategy UltraDeepwater Fleet Percentage of Fleet Composition by Rig Capability and Type(7) 8% 16% 14% 8% 33% 43% 48% 59% 44% 88% 64% 27% 100% 11% 23% 84% 7% 18% 17% 17% 41% 33% 11% 13%…
  7. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 7
    Strategy What is a HighSpecification UDW Rig(7) Specification Standard HighSpecification Hook load (short tons) < 1,000 1,000 + Capability Riser tensioner capacity (kips) < 3,200 3,200 + Drilling Mud pump capacity (total…
  8. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 8
    Newest Drillships in Demand Strategy For All Water Depths HighSpec Rigs Deliver Value to Clients in All Water Depths through Significantly Enhanced Drilling Efficiency 90% of HighSpec Floaters Operate in Industry Trends Less…
  9. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 9
    Dayrate Bifurcation Between HighSpec and Strategy LowSpec Rigs Continues Allin Dayrate Trend for Floating Rigs By Rig Specification Index(9) 800 750 700 650 600 Dayrate (K) 550 500 450 400 350 300…
  10. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 10
    Supply for HighSpec Rigs is Still Expected to Keep Strategy Pace with Demand through the End of 2016 Supply and Demand Forecast(10) Current Projections Previous Projections (July 2014) 184 193 (192) 165 16 173 3 (170) 3 11 72…
  11. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 11
    Excellence Exceptional Safety Performance LTIF 3.0 Pacific Bora achieved 3.75 years without an LTI and 1.75 years 2.44 without a recordable incident 2.5 Pacific Scirocco achieved 3.5 years 1.95 without an LTI and 1.5 years…
  12. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 12
    Excellence Strong Revenue Efficiency Revenue Efficiency 80% 85% 90% 95% 100% 55% 2Q14 3Q14 Keys to Success: 3Q13 50% 1. Shortened shakedown to 1 quarter 2Q13 4Q12 4Q13 2. Focused employee recruiting and Adjusted EBITDA…
  13. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 13
    Excellence Not All Efficiency Metrics are the Same Operating Efficiency 80% 85% 90% 95% 100% 55% 2Q14 3Q14 Different calculation: 3Q13 50% 2Q13 4Q12 Operating efficiency defined as 4Q13 Adjusted EBITDA Margin…
  14. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 14
    Excellence IndustryBeating Adjusted EBITDA Margins Range of Adjusted EBITDA/Revenue for Offshore Drillers 65% 60% 55% 50% 45% 40% 35% 30% 25% Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 PACD Peer Offshore…
  15. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 15
    Stock Performance Disconnected from Excellence Financial Performance Over the Past Year 13 160 6 140 12 120 11 Adjusted EBITDA ( m) 100 Stock Price () 10 80 9 60 8 1 40 7 20 6 0 4Q11 1Q12 2Q12 3Q12…
  16. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 16
    Approximately 2 Rig Years Available Excellence Through 2015 Contract Status as of November 4, 2014 2014 2015 2016 Chevron Nigeria, 475k/d Chevron Nigeria, 586k/d Pacific Bora 3 year contract 2 year extension Total Nigeria,…
  17. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 17
    Excellence Contract Coverage Provides Visibility Days Contracted As Percentage of Days Available for 2014 and 2015(11) 100% 100% 93% 90% 89% 87% 87% 85% 84% 76% 77% 73% 74% 74% 64% 58% 58% 57% Ocean Rig Pacific Rowan…
  18. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 18
    Growth Projected Revenues Continue to Increase Average Revenue (m) Dayrate at 400 End of 2016 506k 350 475k 443k 300 250 200 150 100 50 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2012 2013…
  19. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 19
    PACD Offers Superior Growth Potential: Growth Consensus Forecasts Projected Consensus Projected EBITDA CAGR 20132015 = 45% EBITDA Growth 225 PACD 200 ORIG 175 RDC 150 ATW Big 3 OFS Avg 125 VTG 100 75 2013 2014…
  20. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 20
    Growth in Profitability and Cashflow From Growth 8 Rig Fleet Allows for Distributions Cashflow from Operations Forecast (m) 700 600 Assumed new dayrate scenarios 400 k/day 450 k/day 500 k/day 500 490 510 470 400 440 300…
  21. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 21
    Secured Funding and Projected Cash Flow in Growth Excess of Debt and Capex Commitments Existing Facilities Provide up to 1.3 Billion of Undrawn Capacity Excess liquidity available for discretionary 1,967 distributions & 132 Existing…
  22. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 22
    Return of Cash to Shareholders Aligns Growth with Our Capital Allocation Strategy Shareholders approved return of capital to shareholders of up to 152 million in the aggregate in 2015 Fund Existing Invest in Board will recommend…
  23. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 23
    Our Current Priorities and Potential Catalysts Drilling contracts Pacific Mistral extension Pacific Meltem contract Pacific Zonda contract Continued excellence in operations Initiation of return of cash to shareholders, including…
  24. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 24
    Investor Contact Pacific Drilling Amy Roddy VP Investor Relations 11700 Katy Freeway Suite 175 Houston, Texas 77079 USA Phone: +1 8322550502 Email: Investorpacificdrilling.com www.pacificdrilling.com 25
  25. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 25
    Footnotes 1. Closing stock price of 6.72 as of Nov. 3, 2014 and 217.4m shares outstanding. 2. As of November 1, 2014. 3. EBITDA and adjusted EBITDA are nonGAAP measures. EBITDA is defined as earnings before interest, taxes, depreciation…
  26. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 26
    Income Statement Appendix PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Three Months Ended Nine Months Ended September 30, June 30,…
  27. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 27
    Balance Sheet Appendix PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except par value) (unaudited) September 30, June 30, December 31, 2014 2014 2013 Assets: Cash and cash…
  28. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 28
    Cash Flow Statement Appendix PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended Nine Months Ended September 30, June 30, September 30, September 30,…
  29. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 29
    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…
  30. NOVEMBER 2014 INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 30
    Staggered Debt Maturities Appendix Debt Commitments Raised Outstanding Amortization Maturity Margin/Rate 8.25% Sr. Unsecured Notes 300m 300m Balloon Feb 2015 8.25% fixed 7.25% Sr. Secured Notes 500m 500m Balloon Dec 2017 7.25%…

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