Barclays CEO Energy - Power Conference Chris Beckett, CEO September 6, 2012
Who is Pacific Drilling Focus on the Growing Ultra- Deepwater Market Pure-Play Commitment Ultra- Financial to Deepwater Strength Shareholder Drillship Value Asset Base Dedication to Operational Excellence 3
A Global Growth Market Areas With Active Ultra-deepwater Rig Programs In 2012 Core Areas US Gulf of Mexico Attractive fiscal terms Lower Tertiary ultra-deep wells Brazil Pre-salt success Light oil & gas West Africa Long-lead…
Advanced Drillships Deliver on Industry Requirements Industry Trends Over 50% Of Floaters Greater than 10 Years Old 1 Challenges of remote drilling sites 2 Drilling deeper and with longer offsets 40% 3 Greater drilling efficiency…
Recent Pricing Data Indicates Cyclical Upswing Contract Dayrates for 5th Gen and Later Ultra-Deepwater Floaters(3) Day rate, K/d 700 650 Saudi Arabia Ghana USGOM 600 Angola Angola USGOM Angola 550 USGOM4 USGOM Pacific Sharav…
Newer Rigs Enjoy Higher Utilization Rates Throughout Cycle(5) Current Floater Fleet by Delivery Year Floater Utilization since 2008 by Build Cycle 40 100 2007-Current 1998-2006 35 95 30 90 25 1979-1997 20 85 15 80 10 75…
Pacific Drilling: Most Modern, Pure Play UDW Fleet Average Floater Fleet Depth and Age (7) More Modern 2020 2015 2010 Seadrill Ocean Rig Average Year Built 2005 Ensco Songa North Atlantic Drilling 2000 1995 Atwood…
Fleet Capabilities Designed to Satisfy Customer Demands Consistent, Proven Design & Drilling Delivers Fleet-wide Operating Synergies Package Fleet-wide Water Depth Capability 10- Provides for Deepest Operating 12,000 ft.…
Dual Gradient Drilling Game-Changing Technology A Proven Well Construction Advance Value to Operators Removes the effect of mud weight in the riser Offshore Magazine (May 1st, 2010) column and provides better pressure control It's…
Delivering on Promises 1 drilling contract Becoming The Preferred UDW Drilling Contractor signed Closed 200 MM TI letter of credit facilities NYSE listing Ordered one Bora and Scirocco additional drillship Operations & began…
Delivering Operational Excellence Excellent construction and commissioning of 7 drillships at Samsung Initial 4 rigs delivered on time and on budget No lost time incidents (LTIs) (nearly 750,000 manhours) Exceptional post-delivery…
3.1 Billion Backlog With Blue Chip Operators Contract Backlog Total, (11) (12) MM Blue Chip Partners (13) Percent of total deepwater developments by operator (2008-12E) Chevron (Bora, Santa Ana, Sharav) 11% Total (Scirocco)…
Balanced Mix of Dayrate Exposure and Contracted Backlog(15) 2012 2013 2014 Options for up to Pacific Bora Chevron Nigeria, 475k/d (16) 2 years of 3 year contract additional term Pacific Total Nigeria, 475k/d (16) Options for up…
Strong Initial Funding for Rigs Capital Expenditure vs. Funding Sources, B 1.7 Project Facilities Agreement 3.2 Equity contribution Remaining debt to be from sponsor closed in 4Q2012 (17) 0.9 1.5 1.2 Remaining debt to…
Solid Capitalization Balance Sheet as of June 30, 2012, (19) B 4.52 4.52 Other 0.40 0.36 Other Restricted Cash 0.25 Cash 0.27 Long-Term Debt 1.87 Property & Equipment, net 3.60 Shareholders Equity 2.29 Assets…
Fleet Growth has the Potential to Propel EBITDA Growth Newbuilds and Future Roll-offs (20) Contracted at Result in these Levels of Future Projected the Following Dayrates: EBITDA, MM 500 K/d 610 760 395 2013 2014 2015 550…
Newbuild Considerations Considerations: Informed By: Long term market view Project Returns Newbuild cost Maximum 2 rig exposure Project Risk Financing requirements Operational Rig staffing Constraints Management…
Committed to Shareholder Value Creation 1 Target continued growth Benefit from strengthening UDW market conditions Build on leading-edge technology, e.g. dual gradient drilling Seek value-creating growth opportunities: organic…
Barclays CEO Energy - Power Conference Chris Beckett, CEO September 6, 2012
Footnotes 1) Floater age data from ODS-Petrodata as of August 15, 2012. Analysis by Pacific Drilling. Includes rigs under construction. 2) Supply data from ODS-Petrodata as of August 16, 2012, for rigs with water depth capability of…
Appendix Balance Sheet(19) PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except par value and share amounts) June 30, December 31, 2012 2011 (unaudited) Assets: Cash and cash…
Appendix Statement of Operations(19) PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except share and per share information) (unaudited) Three Months Ended June 30, Six Months…
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