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Investor Presentation – Pacific Drilling S.A.

Pacific Drilling S.A. · Mar 23, 2015 · 32 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
    Investor Presentation March 23, 2015
  2. Investor Presentation – Pacific Drilling S.A. – slide 2
    Committed to being the preferred high-specification floating-rig drilling contractor Only 100% high-specification floater fleet NYSE: PACD Market cap: 800 million(1) Substantial growth and more to come 1Q2011 1Q2015 Number of…
  3. Investor Presentation – Pacific Drilling S.A. – slide 3
    Financial performance highlights (m) 320 320 For full-year 2014: 280 280 Total revenue of 1.09 billion 240 240 EBITDA(3) of 563.3 million 200 200 EBITDA margin(4) of 51.9% 160 160 Revenue efficiency(5) of 93.1% 120 120 Net…
  4. Investor Presentation – Pacific Drilling S.A. – slide 4
    Strategically positioned for long-term success MARKET DYNAMICS Increasingly challenging offshore drilling activities in all water depths High-specification drillships meet client demands OPERATIONAL EXCELLENCE Strong operational…
  5. Investor Presentation – Pacific Drilling S.A. – slide 5
    The only 100% high-specification MARKET DYNAMICS floater fleet Percentage of fleet composition by rig capability and type(6) 8% 18% 15% 8% 38% 43% 48% 60% 37% 16% 88% 61% 100% 11% 23% 84% 8% 20% 16% 17% 41% 38% 12% 13%…
  6. Investor Presentation – Pacific Drilling S.A. – slide 6
    MARKET What is a high-specification floating rig(6) DYNAMICS Specification Standard High-specification Hook load (short tons) < 1,000 1,000 + Riser tensioner capacity (kips) < 3,200 3,200 + capability Drilling Mud pump…
  7. Investor Presentation – Pacific Drilling S.A. – slide 7
    Newest drillships in demand MARKET DYNAMICS for all water depths High-spec rigs deliver value to clients in all water depths through significantly enhanced drilling efficiency 91% of high-spec floaters operate in Industry trends…
  8. Investor Presentation – Pacific Drilling S.A. – slide 8
    Dayrate bifurcation between high-spec and MARKET standard-spec rigs continues DYNAMICS All-in dayrate trend for floating rigs by rig classification index(8) 800 750 700 650 600 Dayrate (K) 550 500 450 400…
  9. Investor Presentation – Pacific Drilling S.A. – slide 9
    MARKET Rig capabilities drive fleet utilization DYNAMICS Floater utilization since 1985 by build cycle(9) 100 90 80 Utilization % 70 Year delivered
  10. Investor Presentation – Pacific Drilling S.A. – slide 10
    Pacific Drilling high-spec fleet leading fleet MARKET renewal DYNAMICS Only 8 high-spec floaters available Projected year-end global to work in 2015(10) floater fleet size(11) Rig Classification Index Jan Feb Mar Apr May Jun Jul…
  11. Investor Presentation – Pacific Drilling S.A. – slide 11
    OPERATIONAL Exceptional safety performance EXCELLENCE LTIF 3.0 Achievements in 2014: 2.44 Pacific Bora achieved 4 years 2.5 without an LTI and 2 years without a recordable incident 1.95 1.88 Pacific Scirocco achieved 3…
  12. Investor Presentation – Pacific Drilling S.A. – slide 12
    Strong revenue efficiency drives financial OPERATIONAL results EXCELLENCE Revenue efficiency 80% 85% 90% 95% 100% 60% Keys to success: 4Q14 55% 2Q14 1. Shortened shakedown to 1 quarter 3Q14 2. Focused employee recruiting and…
  13. Investor Presentation – Pacific Drilling S.A. – slide 13
    OPERATIONAL Industry-leading adjusted EBITDA margins EXCELLENCE Range of adjusted EBITDA/revenue for offshore drillers 65% 60% 55% 50% 45% 40% 35% 30% 25% 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q…
  14. Investor Presentation – Pacific Drilling S.A. – slide 14
    Stock performance disconnected from OPERATIONAL EXCELLENCE financial performance over the past year 13 200 6 12 180 11 160 10 140 Adjusted EBITDA ( m) 9 120 Stock Price () 8 100 7 80 6 60 5 1 40 4 20 3 0…
  15. Investor Presentation – Pacific Drilling S.A. – slide 15
    Fleet currently valued below OPERATIONAL replacement cost EXCELLENCE 4,193 4,193 800 Book value of equity: 2.6b Implied 411 average value 8 of rigs: rigs 524m 2,982 Below replacement cost Enterprise value (m) Implied…
  16. Investor Presentation – Pacific Drilling S.A. – slide 16
    FINANCIAL Contract coverage provides stability STRENGTH Full fleet days contracted as percentage of days available for 2015 and 2016(10) 94% 86% 84% 78% 75% 74% 69% 66% 65% 64% 56% 55% 46% 47% 43% 40% 39% 33% 30%…
  17. Investor Presentation – Pacific Drilling S.A. – slide 17
    Pacific drilling only company with exclusively FINANCIAL STRENGTH high-spec floater availability Full fleet days contracted as percentage of days available for 2015 and 2016(10) 100% 100% 97% 94% 85% 83% 86% 84% 78% 68% 75%…
  18. Investor Presentation – Pacific Drilling S.A. – slide 18
    FINANCIAL 2.3 billion contract backlog STRENGTH Contract status as of Feb. 24, 2015 2014 2015 2016 Chevron Nigeria, 586k/d Pacific Bora 2 year extension Total NGA, 495k/d Total Nigeria, 499k/d Pacific Scirocco 1 year…
  19. Investor Presentation – Pacific Drilling S.A. – slide 19
    Cash requirements through end of 2016 FINANCIAL STRENGTH covered Existing facilities provide up to 900 million of undrawn capacity Excess liquidity 1,988 available for discretionary 450 2016 distributions & Projected cash…
  20. Investor Presentation – Pacific Drilling S.A. – slide 20
    Projected positive cash flow through 2016 FINANCIAL STRENGTH with no additional contracts Revenue (m) Costs (m) 1086 1070 560 570 518 690 2014 2015 2016 2014 2015 2016 EBITDA (m) CFFO (m) 563 510 396 370 120 0…
  21. Investor Presentation – Pacific Drilling S.A. – slide 21
    Capital allocation strategy FINANCIAL provides flexibility STRENGTH Target net debt range to 3.0 3.5x EBITDA and 40-50% net debt to capital Fund Existing Invest in within 5 years Growth Additional In December 2014, commenced…
  22. Investor Presentation – Pacific Drilling S.A. – slide 22
    Questions 23
  23. Investor Presentation – Pacific Drilling S.A. – slide 23
    Investor contact Pacific Drilling Amy Roddy VP Investor Relations & Communications 11700 Katy Freeway Suite 175 Houston, Texas 77079 USA Phone: +1 832-255-0502 Email: Investorpacificdrilling.com www.pacificdrilling.com…
  24. Investor Presentation – Pacific Drilling S.A. – slide 24
    Income Statement Appendix PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Statements of Income (in thousands, except per share amounts) (unaudited) Three Months Ended Years Ended December 31, December 31, September…
  25. Investor Presentation – Pacific Drilling S.A. – slide 25
    Balance sheet Appendix PACIFIC DRILLING S.A. AND SUBSIDIARIES Consolidated Balance Sheets (in thousands, except par value) December 31, 2014 2013 Assets: Cash and cash equivalents 167,794 204,123 Accounts receivable 231,027…
  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 Years Ended December 31, December 31, September 30, December 31,…
  27. Investor Presentation – Pacific Drilling S.A. – slide 27
    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, loss of hire insurance, taxes,…
  28. Investor Presentation – Pacific Drilling S.A. – slide 28
    Net income excluding charges reconciliation Appendix During the second quarter of 2013, the company closed a refinancing transaction that resulted in material non-recurring costs primarily related to swap termination fees and the…
  29. Investor Presentation – Pacific Drilling S.A. – slide 29
    Financial covenants in our credit facilities Appendix post-amendment 2013 500M RCF 2014 500M RCF 1B SSCF 100M (including 2013 RCF 100M (including 2013 RCF Liquidity undrawn capacity reduced to undrawn capacity reduced to 50M (cash…
  30. Investor Presentation – Pacific Drilling S.A. – slide 30
    Historical financial covenant calculation: Appendix net debt/adjusted EBITDA 1B SSCF leverage max ratio level is most restrictive covenant 6.0 5.5 5.0 4.5 Ratio 4.0 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 TTM EBITDA…
  31. Investor Presentation – Pacific Drilling S.A. – slide 31
    Unified corporate credit with different Appendix collateral packages Pacific Drilling S.A. (Luxembourg) Public Entity 500M First Out 2013 Secured RCF 2013 Refinancing 750M First Lien Secured Bonds Tranches 750M First Lien Secured…
  32. Investor Presentation – Pacific Drilling S.A. – slide 32
    No funding needs until December 2017, when Appendix 7.25% bonds mature Debt Commitments Raised Outstanding Amortization Maturity Margin/Rate Collateral Vessels 7.25% Sr. Secured Notes 500m 500m Balloon Dec 2017 7.25% fixed Khamsin…

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