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INVESTOR PRESENTATION – Pacific Drilling S.A.

Pacific Drilling S.A. · Sep 10, 2014 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 1
    STRATEGY EXCELLENCE GROWTH Investor Presentation September 2014
  2. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 2
    Committed to Being the Preferred Ultra-Deepwater Driller Only 100% high-specification, ultra- deepwater fleet NYSE: PACD Market Cap: 2.1 billion(1) Substantial growth and more to come 1Q2011 3Q2014 Number of Rigs 4 8 Number…
  3. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 3
    Financial Performance Highlights (m) 240 220 For the first half of 2014: 200 Total revenue of 486.4 million 180 EBITDA(3) of 238.8 million 160 140 EBITDA margin(4) of 49% 120 Revenue efficiency(5) of 90.1% 100 Net income of…
  4. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 4
    Positioned for Further Success STRATEGY EXCELLENCE GROWTH 5
  5. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 5
    New Rigs Should Receive Higher Strategy Asset Values and Multiples Adjusted for Greater Cash Implied Newer Rigs Enjoy Higher Market Utilization Market Flow Potential EBITDA Rates Throughout Cycle Utilization (m) Multiple (m)…
  6. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 6
    The Only 100% High-Specification, Strategy Ultra-Deepwater Fleet Percentage of Fleet Composition by Rig Capability and Type(7) 8% 16% 14% 8% 33% 43% 48% 61% 44% 88% 64% 27% 100% 10% 23% 84% 7% 18% 16% 17% 42% 33% 11%…
  7. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 7
    Strategy What is a High-Specification UDW Rig(7) Specification Standard High-Specification Hook load (short tons) < 1,000 1,000 + Capability Riser tensioner capacity (kips) < 3,200 3,200 + Drilling Mud pump capacity…
  8. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 8
    Clients Demand Newest Drillships Strategy For All Water Depths Advanced Rigs Deliver Value to Clients in All Water Depths through Significantly Enhanced Drilling Efficiency 83% of High-Spec Floaters Operate in Industry Trends Less…
  9. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 9
    Dayrate Bifurcation Between High-Spec and Strategy Low-Spec Rigs Has Increased All-in Dayrate Trend for Floating Rigs By Rig Specification Index(9) 800 750 700 650 Dayrate (K) 600 550 500 450 400 350…
  10. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 10
    Demand for UDW Rigs Expected to Keep Pace Strategy with Supply Through 2016 (10) Supply and Demand Forecast (Rig Years) Current Projections Previous Projection 192 193 (204) (216) 170 173 6 (176) (193) 148 146 6 (153) 68 (166)…
  11. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 11
    Golden Triangle Leads Projected UDW Strategy Demand Growth (10) Projected Demand for UDW Rigs (2013-2016) 111 87 PACD Active Basins 2013 2016 +3 14 +10 51 11 82 40 51 Other UDW Demand Basins North Atlantic 2013 2016 +2 5…
  12. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 12
    Excellence Exceptional Safety Performance LTIF 3.0 Pacific Bora achieved 3.5 years without an LTI and 1.5 years without 2.44 a recordable incident 2.5 Pacific Scirocco achieved 2.5 years 1.95 without an LTI and 1 year without…
  13. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 13
    Excellence Strong Revenue Efficiency Revenue Efficiency 80% 85% 90% 95% 100% 55% 2Q14 Keys to Success: 3Q13 50% 1. Shortened shakedown to 1 quarter 2Q13 4Q12 4Q13 2. Focused employee recruiting and Adjusted EBITDA Margin…
  14. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 14
    Excellence Not All Efficiency Metrics are the Same Operating Efficiency 80% 85% 90% 95% 100% 55% 2Q14 Different calculation: 3Q13 50% 2Q13 4Q12 Operating efficiency defined as 4Q13 Adjusted EBITDA Margin revenue earning…
  15. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 15
    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 Q1 2014 Q2 2014 PACD Peer Offshore…
  16. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 16
    Excellence Contract Coverage Provides Visibility Days Contracted As Percentage of Days Available for 2014 and 2015(11) 100% 100% 89% 87% 86% 86% 85% 80% 82% 74% 74% 74% 71% 69% 64% 62% 59% 53% Ocean Rig Pacific Seadrill…
  17. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 17
    Approximately 2 Rig Years Available Excellence Through 2015 Contract Status as of September 2, 2014 2014 2015 2016 Chevron Nigeria, 475k/d Chevron Nigeria, 586k/d Pacific Bora 3 year contract 2 year extension Total Nigeria,…
  18. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 18
    PACD Offers Superior Growth Potential: Growth Consensus Forecasts Projected Consensus Projected EBITDA CAGR 2013-2015 = 47% EBITDA Growth 225 PACD 200 RDC 175 ORIG 150 ATW Big 3 OFS Avg VTG 125 100 75 2013…
  19. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 19
    Growth in Profitability and Cashflow From Growth 8 Rig Fleet Allows for Distributions Cashflow from Operations Forecast (m) 600 500 400 535 300 365 200 230 100 2013 Actual 2014 2015 NOTES: Projected cashflow…
  20. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 20
    Cash Distribution Aligns with Our Growth Capital Allocation Strategy Shareholders approved distributions up to 152 million in the aggregate Fund Existing Invest in in 2015 Growth Additional Profile Growth Target net debt range to…
  21. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 21
    Our Current Priorities and Potential Catalysts Drilling contracts Pacific Mistral extension Pacific Meltem contract Pacific Zonda contract Continued excellence in operations Initiation of cash distributions 22
  22. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 22
    Investor Contact Pacific Drilling Amy Roddy VP Investor Relations 11700 Katy Freeway Suite 175 Houston, Texas 77079 USA Phone: +1 832-255-0502 Email: Investorpacificdrilling.com www.pacificdrilling.com 23
  23. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 23
    Income Statement Appendix PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, March 31,…
  24. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 24
    Balance Sheet Appendix PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except par value) (unaudited) June 30, March 31, December 31, 2014 2014 2013 Assets: Cash and cash…
  25. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 25
    Cash Flow Statement Appendix PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2014…
  26. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 26
    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, taxes, depreciation and…
  27. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 27
    Debt and Capex Commitments through 2015 742 43 2 490 32 2 397 Interest Debt Amortization Capex 456 155 Maturity 300 109 39 78 44 38 44 72 34 44 44 36 2 21 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 Debt Commitments Signed Raised…

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