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HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A.

Pacific Drilling S.A. · Mar 25, 2014 · 29 slides

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Slides

  1. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 1
    STRATEGY EXCELLENCE Howard Weil Energy Conference GROWTH March 25, 2014
  2. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 2
    Committed to Being the Preferred Ultra-Deepwater Driller Most capable floater fleet in the industry Exclusively focused on ultra-deepwater NYSE: PACD Market Cap: 2.3 Billion(1) Substantial growth and more to come 1Q2011 1Q2014…
  3. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 3
    Financial Performance Highlights (m) 180 For the full year of 2013: 160 Total revenue of 745.6 million 140 Adjusted EBITDA(3) of 358.1 million 120 Adjusted EBITDA margin(4) of 48% 100 Revenue efficiency(5) of 93.5% Net income…
  4. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 4
    Positioned for Further Success STRATEGY EXCELLENCE GROWTH 5
  5. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 5
    Strategy Designed to Deliver Strategy for Shareholders Shareholder Returns Robust, Measured Growth Operational and Financial Excellence Targeted Geographies Management System Financial Discipline Passionate People…
  6. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 6
    New Rigs Should Receive Higher Strategy Asset Values and Multiples Greater Cash Adjusted for Implied Newer Rigs Enjoy Higher Utilization Rates Flow Potential Utilization EBITDA Throughout Cycle and (m) (m) Multiple (6) Floater…
  7. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 7
    Strategy Most Modern and Capable Floater Fleet Average Floater Rig Capability and Age (7) More Modern Vantage 2015 Seadrill 2012 Ocean 2008 Rig 2004 Average Year Built Ensco 2001 Atwood 1997 1994 Noble 1990…
  8. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 8
    The Only 100% Modern, Exclusively Strategy Ultra-Deepwater Fleet Percentage of Fleet Composition by Rig Capability and Type(7) 9% 10% 9% 25% 33% 48% 62% 63% 32% 67% 27% 100% 8% 82% 7% 20% 16% 21% 43% 10% 12% 33% 23%…
  9. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 9
    Clients Demand Newest Drillships Strategy For All Water Depths Advanced Rigs Deliver Value to Clients in All Water Depths through Significantly Enhanced Drilling Efficiency 88% of UDW Rigs Operate in Industry Trends Less Than…
  10. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 10
    Dayrate Bifurcation Between Newer Strategy and Older Floaters Has Increased Dayrate Trend for Floating Rigs By Delivery Period(9) 700 650 600 550 Dayrate (k) 500 450 400 350 300 Jan-12 Feb-12 Apr-12 May-12…
  11. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 11
    Demand for UDW Rigs Exceeds the Supply of Strategy Newest Generation Rigs Beyond 2016 (10) Supply and Demand Forecast Current Projections (Previous Years Projection) 216 193 204 (190) 11 176 166 (178) 153 (175) 11 (156) 67 139…
  12. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 12
    Excellence Exceptional Safety Performance LTIF 3.0 Pacific Bora achieved 3 years 2.44 2.5 without an LTI and 1 year without a recordable incident 1.95 1.88 Pacific Scirocco and Pacific 1.79 2.0 Mistral achieved 2…
  13. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 13
    Operational Excellence Delivering Excellence Strong Performance 100% 240.0 Improvement Driven By: 90% 220.0 1. Preventive maintenance 80% 200.0 programs 2. Planning of maintenance to 70% 180.0 coincide with between well…
  14. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 14
    Excellence Industry-Beating 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 PACD Peer Offshore Driller Average…
  15. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 15
    Excellence Contract Coverage Provides Visibility Days Contracted As Percentage of Days Available for 2014 and 2015(11) 99% 99% 85% 84% 83% 80% 79% 78% 76% 74% 68% 62% 60% 58% 54% 54% 53% 52% Ocean Rig Pacific Atwood…
  16. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 16
    Fewer Than 2.4 Rig Years Available Excellence Through 2015 Rig Availability as of February 25, 2014 2014 2015 2016 Commitment for 2 year extension, conditional upon client's partner Pacific Bora approval, 615k/d Priced option…
  17. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 17
    PACD Offers Superior Growth Potential: Growth Consensus Forecasts Projected Consensus Projected EBITDA CAGR 2013-2015 = 52% EBITDA Growth 250 PACD 200 AMZN GOOG 150 Peer Avg Big 3 Avg 100 2013 2014 2015 NOTES:…
  18. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 18
    Growth Drivers of Additional Revenue Growth +100% Historic Projected +64% +14% +100% 2.8x Growth +5% +2% Start-up of Historic Projected Fleet Confirmed Further Construction First 4 Rigs Revenue Revenue Expansion…
  19. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 19
    Growth in Profitability and Cashflow From Growth 8 Rig Fleet Allows for Distributions Cashflow from Operations Forecast (m) 700 600 500 400 600 300 350 200 230 100 2013 Actual 2014 2015 NOTES: Projected cashflow…
  20. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 20
    Recommended Distribution Aligns with Our Capital Allocation Strategy Board will recommend to shareholders distributions up to Fund Existing Invest in 152 Million in the aggregate in Growth Additional 2015 Profile Growth Target net…
  21. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 21
    Our Current Priorities and Potential Catalysts Drilling contracts Pacific Mistral extension Pacific Scirocco option exercise Pacific Meltem maiden contract Continued excellence in operations Initiation of cash distributions 22
  22. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 22
    Investor Contact Pacific Drilling Amy Roddy VP Investor Relations 3050 Post Oak Blvd 1500 Houston, Texas USA Phone: +1 832-255-0502 Email: Investorpacificdrilling.com www.pacificdrilling.com 23
  23. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 23
    Footnotes 1. Closing stock price of 10.56 as of February 21, 2014 and 217m shares outstanding. 2. Includes signed commitment for two-year extension on the Pacific Bora, which remains subject to approval from our clients partner. 3.…
  24. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 24
    Income Statement Appendix 25
  25. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 25
    Balance Sheet Appendix 26
  26. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 26
    Cash Flow Statement Appendix 27
  27. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 27
    EBITDA & Adjusted EBITDA Reconciliation Appendix EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as earnings before interest, costs from debt refinancing, loss of hire…
  28. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 28
    Debt Financing Overview as of December 31, 2013 Appendix Benefits of Current Debt Structure Locked in historically low interest rates (5.2% on average for 5.5 years) Improved parent company liquidity Long-term solution for working…
  29. HOWARD WEIL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 29
    Contract Backlog Overview Appendix As of February 25, 2014 2014 2015 2016 Chevron Nigeria, 475k/d Commitment for 2 year extension, conditional upon client's partner Pacific Bora 3 year contract approval 615k/d Total Nigeria,…

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