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DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A.

Pacific Drilling S.A. · Oct 1, 2013 · 29 slides

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Slides

  1. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 1
    Deutsche Bank 2013 Leveraged Finance Conference Scottsdale, Arizona John Boots, VP Treasurer October 1, 2013
  2. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE 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: 2.4 Billion 1Q2011 3Q2013 Number of Rigs 4 8…
  3. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE 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. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE 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. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE 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. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 6
    Dayrates Have Responded to the Tight Market (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 Brazil…
  7. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 7
    2013 Represents Strongest First Half Contracting Activity Since 2008 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…
  8. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 8
    Creating Value Through Sustainable Differentiation Performance Excellence Growth Capital Management 9
  9. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 9
    Newest and Most Capable UDW Fleet in the Industry Average Floater Fleet Depth and Age (6) More Modern 2020 Seadrill 2014 North Atlantic Drilling 2009 2004 Average Year Built Ocean Rig Ensco Atwood 1998 Noble 1993…
  10. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE 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…
  11. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE 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 Greater than 10 Years Old…
  12. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE 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 January-12 April-12 July-12 October-12 February-13 May-13 August-13…
  13. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE 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 Ultra-Deepwater Floaters (9) 700 Dayrate 660 650 642 (K) Highest USGoM 2nd Highest Rate Rate for 5 Year 600…
  14. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 14
    Strong Financial Results Post Ramp-up Targeting Industry Leading Margins: 1. Four more rigs to begin operations 2. Dayrates higher for new rigs 3. Repricing of existing rigs 4. Efficiency improvement Ramp-up Period Post Ramp-up…
  15. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 15
    Exceptional Safety Performance LTIF 3.0 No lost time incidents (LTIs) during construction (approximately 775,000 man 2.44 2.5 hours) 1.95 1.88 1.79 2.0 Pacific Bora achieved 2 years without an LTI 1.5 1.3…
  16. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 16
    Creating Value Through Sustainable Differentiation Performance Excellence Growth Capital Management 17
  17. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 17
    3.1 Billion Backlog with Blue Chip Operators Backlog as of September 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. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE 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. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 19
    PACD Offers Superior EBITDA Growth Consensus Forecasts Projected Consensus Projected EBITDA CAGR 2013-2015 = 52% EBITDA Growth 250 PACD 200 ORIG RDC DO NE 150 SDRL VTG RIG ESV 100 2013 2014 2015 20 Source:…
  20. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 20
    Creating Value Through Sustainable Differentiation Performance Excellence Growth Capital Management 21
  21. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 21
    PACDs Financing Evolution From Project Financing To Full Suite of Corporate Financing Sources 2010 2011 2012 2013 Sponsor Equity (1.5B) V Project Financing Debt (Banks/ECAs) (1.8B) V Private Equity Placement (Norway) (600M) V Public…
  22. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 22
    Finance Facilities Currently in Place Much higher portion of non-amortizing debt Maturities significantly extended (2018-2020) Amortizing debt with longer amortization profile Term loan B (750mm) Senior bonds (1,550mm) Capital…
  23. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 23
    Recent 2.0B Bank, Bond & Institutional Term Loan Financing, an Industry First Refinancing Details High-yield Senior Secured Bonds 750M 7 years; Coupon 5.375%; Covenant-lite Term Loan B 750M 5 years; L + 350 bps; Libor floor 1% ; 1%…
  24. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 24
    Benefits of the Refinancing Transaction Locked in historically low interest rates Improved parent company liquidity Obtained a long-term solution for working capital, cash management, and temporary import bonding requirements…
  25. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 25
    June 13 Refinancing Significantly Extends Maturity Profile Debt Maturity Profile Prior to PFA Refinancing 1,402 583 604 281 219 83 83 2013 2014 2015 2016 2017 2018 2019 2020 Current Debt Maturity Profile 803 750 591…
  26. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 26
    CFFO Significantly Exceeds Annual Debt Amortization (MM) 700 600 Maturity of Unsecured 500 300MM Norwegian 400 Bond 300 600 200 2nd Half 2013, 190 Post-Refi 285 100 4 70 91 0 2013 2014 2015 Cash Flow from…
  27. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 27
    Disciplined Capital Allocation Fleet Growth Debt Long term solutions in place for working capital, cash 1.9B remaining capex for newbuilds management & temporary import bond requirements Continuing to support organic growth of fleet…
  28. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 28
    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…
  29. DEUTSCHE BANKS 21ST ANNUAL LEVERAGED FINANCE CONFERENCE – Pacific Drilling S.A. – slide 29
    Footnotes 1. Closing stock price of 11.25 as of Sept. 27, 2013, and 217 MM 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.…

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