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INVESTOR PRESENTATION – Pacific Drilling S.A.

Pacific Drilling S.A. · May 6, 2014 · 28 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 Investor Presentation GROWTH May 6, 2014
  2. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 2
    Committed to Being the Preferred Ultra-Deepwater Driller Most capable floater fleet in the industry Exclusively focused on ultra-deepwater NYSE: PACD Market Cap: 2.1 Billion(1) Substantial growth and more to come 1Q2011 2Q2014…
  3. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 3
    Financial Performance Highlights (m) 200 For the full year of 2013: 180 Total revenue of 745.6 million 160 Adjusted EBITDA(3) of 358.1 million 140 Adjusted EBITDA margin(4) of 48% 120 Revenue efficiency(5) of 93.5% 100 Net…
  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
    Strategy Designed to Deliver Strategy for Shareholders Shareholder Returns Robust, Measured Growth Operational and Financial Excellence Targeted Geographies Management System Financial Discipline Passionate People…
  6. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 6
    New Rigs Should Receive Higher Strategy Asset Values and Multiples Greater Cash Adjusted for Implied Newer Rigs Enjoy Higher Utilization Rates Flow Potential Utilization EBITDA Throughout Cycle and (m) (m) Multiple (6) Floater…
  7. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 7
    Strategy Most Modern and Capable Floater Fleet Average Floater Rig Capability and Age (7) More Modern Vantage 2015 Seadrill 2012 Ocean Rig 2008 2004 Average Year Built 2001 Ensco Atwood 1997 Noble 1994 1990…
  8. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 8
    The Only 100% Modern, Exclusively Strategy Ultra-Deepwater Fleet Percentage of Fleet Composition by Rig Capability and Type(7) 9% 16% 16% 9% 33% 48% 61% 64% 44% 27% 62% 100% 10% 82% 7% 18% 16% 20% 42% 33% 11% 12% 22% 8%…
  9. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 9
    Clients Demand Newest Drillships Strategy For All Water Depths Advanced Rigs Deliver Value to Clients in All Water Depths through Significantly Enhanced Drilling Efficiency 88% of UDW Rigs Operate in Industry Trends Less Than…
  10. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 10
    Dayrate Bifurcation Between High-Spec and Strategy Low-Spec Rigs Has Increased Dayrate Trend for Floating Rigs By Rig Specification Index(9) 700 650 600 Dayrate (K) 550 500 450 400 350 Jan-12 Apr-12…
  11. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 11
    Demand for UDW Rigs Exceeds the Supply of Strategy Newest Generation Rigs Beyond 2016 (10) Supply and Demand Forecast Current Projections (Previous Years Projection) 216 193 204 (190) 11 176 166 (178) 153 (175) 11 (156) 67 139…
  12. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 12
    Excellence Exceptional Safety Performance LTIF 3.0 Pacific Bora and Pacific Scirocco 2.44 2.5 achieved 3 years without an LTI and 1 year without a recordable incident 1.95 1.88 1.79 2.0 Pacific Mistral achieved 2 years…
  13. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 13
    Operational Excellence Delivering Excellence Strong Performance 100% 240.0 Improvement Driven By: 90% 220.0 1. Preventive maintenance 80% 200.0 programs 2. Planning of maintenance to 70% 180.0 coincide with between well…
  14. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 14
    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 PACD Peer Offshore Driller Average…
  15. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 15
    Excellence Contract Coverage Provides Visibility Days Contracted As Percentage of Days Available for 2014 and 2015(11) 100% 99% 91% 86% 85% 84% 82% 78% 78% 74% 70% 68% 68% 62% 60% 55% 51% 52% Ocean Rig Pacific Seadrill…
  16. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 16
    Fewer Than 2.4 Rig Years Available Excellence Through 2015 Contract Status as of May 1, 2014 2014 2015 2016 Chevron Nigeria, 475k/d Commitment for 2 year extension, conditional upon client's Pacific Bora 3 year contract partner…
  17. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 17
    PACD Offers Superior Growth Potential: Growth Consensus Forecasts Projected Consensus Projected EBITDA CAGR 2013-2015 = 52% EBITDA Growth 250 PACD 200 GOOG AMZN 150 Big 3 Avg Peer Avg 100 2013 2014 2015 NOTES:…
  18. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 18
    Growth Drivers of Additional Revenue Growth +100% Historic Projected +64% +14% +100% 2.8x +5% +2% Additional Growth Start-up of Historic Projected Fleet Confirmed Further Construction First 4 Rigs Revenue Revenue…
  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) 700 600 500 400 600 300 350 200 230 100 2013 Actual 2014 2015 NOTES: Projected cashflow…
  20. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 20
    Recommended Distribution Aligns with Our Capital Allocation Strategy Board will recommend to shareholders distributions up to Fund Existing Invest in 152 Million in the aggregate in Growth Additional Profile Growth 2015 Target…
  21. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 21
    Our Current Priorities and Potential Catalysts Drilling contracts Pacific Mistral extension Pacific Meltem maiden 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 3050 Post Oak Blvd 1500 Houston, Texas USA Phone: +1 832-255-0502 Email: Investorpacificdrilling.com www.pacificdrilling.com 23
  23. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 23
    Footnotes 1. Closing stock price of 9.65 as of May 5, 2014 and 217m shares outstanding. 2. As of May 1, 2014. Includes signed commitment for two-year extension on the Pacific Bora, which remains subject to approval from our clients…
  24. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 24
    Income Statement Appendix PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Three Months Ended March 31, December 31, March 31, 2014 2013…
  25. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 25
    Balance Sheet Appendix PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except par value) March 31, December 31, 2014 2013 (unaudited) Assets: Cash and cash…
  26. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 26
    Cash Flow Statement Appendix PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three Months Ended March 31, December 31, March 31, 2014 2013 2013 Cash flow from…
  27. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 27
    EBITDA Reconciliation Appendix EBITDA is defined as earnings before interest, taxes, depreciation and amortization. EBITDA does not represent and should not be considered an alternative to net income, operating income, cash flow from…
  28. INVESTOR PRESENTATION – Pacific Drilling S.A. – slide 28
    Debt Financing Overview as of March 31, 2014 Appendix Benefits of Current Debt Structure Locked in historically low interest rates (5.2% on average for 5.5 years) Improved parent company liquidity Long-term solution for working…

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