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Company Update – Pacific Drilling S.A.

Pacific Drilling S.A. · Jul 22, 2015 · 15 slides

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Slides

  1. Company Update – Pacific Drilling S.A. – slide 1
    Company Update July 22, 2015
  2. Company Update – Pacific Drilling S.A. – slide 2
    Succeeding in a tough market Pacific Drilling distinguished by operational excellence and cost management Operational excellence more important than ever: expect market to be very tough for at least 18 months Clients want the rigs…
  3. Company Update – Pacific Drilling S.A. – slide 3
    Revenue efficiency illustrates high quality OPERATIONAL EXCELLENCE client service delivery Clients want rigs that deliver Postshakedown fleet Already 9 wells in 2015 delivered ahead revenue efficiency(1) of client plan and budget…
  4. Company Update – Pacific Drilling S.A. – slide 4
    Exclusively highspec floater fleet positioned OPERATIONAL EXCELLENCE well for the limited market opportunities Full fleet days contracted as percentage of days available for 2015 and 2016(2) 100% 100%100% 87% 88% 89% 83% 82% 75%…
  5. Company Update – Pacific Drilling S.A. – slide 5
    OPERATIONAL Solid 1.9 billion contract backlog EXCELLENCE Contract status as of July 21, 2015 2015 2016 2017 Pacific Bora Chevron Nigeria, 586k/d Existing contract provisions 2 year extension provide that any contract…
  6. Company Update – Pacific Drilling S.A. – slide 6
    32m cost savings delivered; 75m total COST 2015 target; 100m annual runrate target MANAGEMENT Sources of savings Labor and Maintenance Operations Miscellaneous personnel costs expenses expenses expenses Travel Engineering &…
  7. Company Update – Pacific Drilling S.A. – slide 7
    Smart stacking results in idle rig costs of COST…
  8. Company Update – Pacific Drilling S.A. – slide 8
    Cost saving initiatives driving stronger 2015 COST guidance MANAGEMENT Revised and expanded fullyear 2015 guidance for certain items Item Old Range New Range Average revenue efficiency 92% 96% 94% 96% Contract drilling expenses…
  9. Company Update – Pacific Drilling S.A. – slide 9
    Continuing to deliver industryleading EBITDA FINANCIAL STRENGTH margin with only 5 rigs on contract Range of adjusted EBITDA/revenue for offshore drillers(3),(4) 65% Current 60% expected range 55% 50% 45% 40%…
  10. Company Update – Pacific Drilling S.A. – slide 10
    Projected positive EBITDA through 2017 FINANCIAL STRENGTH even with no additional contracts Revenue (m) Costs (m) 1140 555 1050 485 335 115 280 860 1086 1090 518 494 715 370 275 280 2014 2015 2016 2017 2014 2015 2016 2017…
  11. Company Update – Pacific Drilling S.A. – slide 11
    Operating cash flow and existing facilities FINANCIAL STRENGTH expected to cover 2017 debt maturity As of July 21, 2015, existing facilities provide up to 700 million of undrawn capacity 1,740 Excess liquidity available to…
  12. Company Update – Pacific Drilling S.A. – slide 12
    Valuation attractive relative to peers before FINANCIAL STRENGTH benefit of cost saving initiatives Thomson Reuters consensus as of July 20, 2015 FY2015 Multiples PACD Peer Average Price/Earnings 4.38 5.42 Price/Cash Flow 1.38…
  13. Company Update – Pacific Drilling S.A. – slide 13
    Ongoing initiatives to further strengthen FINANCIAL STRENGTH financial position Delay of Pacific Zonda delivery currently under discussion with shipyard Initiated discussions with agent banks for post2015 debt covenant…
  14. Company Update – Pacific Drilling S.A. – slide 14
    Investor contact Pacific Drilling Amy Roddy VP Corporate Services 11700 Katy Freeway Suite 175 Houston, Texas 77079 USA Phone: +1 8322550502 Email: Investorpacificdrilling.com www.pacificdrilling.com 15
  15. Company Update – Pacific Drilling S.A. – slide 15
    Footnotes 1. Revenue efficiency is defined as actual contractual dayrate revenue (excluding mobilization fees, upgrade reimbursements and other revenue sources) divided by the maximum amount of contractual dayrate revenue that could…

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