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BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A.

Pacific Drilling S.A. · Nov 22, 2013 · 27 slides

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Slides

  1. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 1
    Bank of America Merrill Lynch Global Energy Conference William Restrepo Chief Financial Officer November 22, 2013
  2. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 2
    Company Profile Committed to Being the Preferred UltraDeepwater Driller Most modern floater fleet in the industry Exclusively focused on ultradeepwater NYSE: PACD (1) Market Cap: 2.6 Billion 1Q2011 4Q2013 Number of Rigs 4 8…
  3. BAML 2013 GLOBAL 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…
  4. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 4
    Exclusive Focus on the Global UltraDeepwater Growth Market Projected Demand for UDW Rigs (20122015)(2) 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. BAML 2013 GLOBAL 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. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 6
    Extended Period of Dayrate Stability (3) Allin Contract Dayrates and Term for 5th Gen and Later UltraDeepwater Floaters 750 Day rate, K/d W.Africa Angola 700 Morocco Angola Angola Angola Ghana Saudi Canada 650 Angola Congo…
  7. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 7
    2013 Represents Continued Strong Contracting Activity UltraDeepwater 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. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 8
    Creating Shareholder Value Through Sustainable Differentiation Performance Excellence Growth Capital Management 9
  9. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 9
    Most Capable Ultradeepwater Fleet More Modern Seadrill Atwood ENSCO Vantage Average Year Built Ocean Rig Noble Transocean Diamond Offshore Average UDW Rig Generation(6) More Capable Area of bubble represents…
  10. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 10
    Newer Rigs Enjoy Higher Utilization Rates Throughout Cycle (7) 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…
  11. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 11
    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(8)…
  12. BAML 2013 GLOBAL 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 Jan12 Feb12 Apr12 May12 Jul12 Sep12 Oct12 Dec12 Feb13 Mar13…
  13. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 13
    Contracting Success Maximizes Revenue Potential Range of Contract Dayrates by Term and Year Signed for 5th Gen and Later UltraDeepwater Floaters (9) 700 Dayrate 660 650 642 (k) Highest USGoM 2nd Highest Rate Rate for 5 Year…
  14. BAML 2013 GLOBAL 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. BAML 2013 GLOBAL 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…
  16. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 16
    PACD Offers Superior Growth Consensus Forecasts Projected Consensus Projected EBITDA CAGR 20132015 = 52% EBITDA Growth 250 PACD ORIG 200 RDC NE 150 DO SDRL VTG RIG ESV 100 2013 2014 2015 17 Source: Thomson…
  17. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 17
    Creating Shareholder Value Through Sustainable Differentiation Performance Excellence Growth Capital Management 18
  18. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 18
    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…
  19. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 19
    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…
  20. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 20
    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…
  21. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 21
    Creating Shareholder Value Through Sustainable Differentiation Performance Excellence Growth Capital Management 22
  22. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 22
    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…
  23. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 23
    Growth in Profitability and Cashflow From 8 Rig Fleet Should Allow for Return of Cash to Shareholders Cashflow from Operations Forecast (m) 700 600 500 400 600 300 351 200 205 100 2013 2014 2015 Cashflow from…
  24. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 24
    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…
  25. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 25
    Investor Contact Pacific Drilling William Restrepo, CFO Amy Roddy, VP Investor Relations 3050 Post Oak Blvd 1500 Houston, Texas USA Phone: +1 8322550502 Email: Investorpacificdrilling.com www.pacificdrilling.com 26
  26. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 26
    Footnotes 1. Closing stock price of 11.80 as of November 15, 2013, and 217m shares outstanding. 2. Supply data from IHSPetrodata as of July 2013. Newbuild supply weighted by portion of the year during which it is eligible to work.…
  27. BAML 2013 GLOBAL ENERGY CONFERENCE – Pacific Drilling S.A. – slide 27
    Appendix Benefits of Financial Transactions Lock in historically low interest rates Improve parent company liquidity Obtain a longterm solution for working capital, cash management, and temporary import bonding requirements Extend…

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