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Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A.

Pacific Drilling S.A. · Feb 25, 2015 · 31 slides

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Slides

  1. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 1
    Credit Suisse 20th Annual Energy Summit Vail, CO February 2325, 2015
  2. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 2
    Committed to being the preferred highspecification floatingrig drilling contractor Only 100% highspecification floater fleet NYSE: PACD Market cap: 840 million(1) Substantial growth and more to come 1Q2011 1Q2015 Number of…
  3. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 3
    Financial performance highlights (m) 320 320 For fullyear 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. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 4
    Strategically positioned for longterm success MARKET DYNAMICS Increasingly challenging offshore drilling activities in all water depths Highspecification drillships meet client demands OPERATIONAL EXCELLENCE Strong operational…
  5. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 5
    The only 100% highspecification 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. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 6
    MARKET What is a highspecification floating rig(6) DYNAMICS Specification Standard Highspecification Hook load (short tons) < 1,000 1,000 + Riser tensioner capacity (kips) < 3,200 3,200 + capability Drilling Mud pump…
  7. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 7
    Newest drillships in demand MARKET DYNAMICS for all water depths Highspec rigs deliver value to clients in all water depths through significantly enhanced drilling efficiency 91% of highspec floaters operate in Industry trends…
  8. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 8
    Dayrate bifurcation between highspec and MARKET DYNAMICS standardspec rigs continues Allin dayrate trend for floating rigs by rig classification index(8) 800 750 700 650 600 Dayrate (K) 550 500 450 400…
  9. Credit Suisse 20th Annual Energy Summit – 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. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 10
    Pacific Drilling highspec fleet leading fleet MARKET DYNAMICS renewal Only 10 highspec floaters available Projected yearend global to work in 2015(10) floater fleet size(11) Rig Classification Index Jan Feb Mar Apr May Jun Jul…
  11. Credit Suisse 20th Annual Energy Summit – 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. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 12
    Strong revenue efficiency drives financial OPERATIONAL results EXCELLENCE Revenue efficiency 80% 85% 90% 95% 100% 60% 4Q14 Keys to success: 55% 2Q14 1. Shortened shakedown to 1 quarter 3Q14 2. Focused employee recruiting and…
  13. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 13
    OPERATIONAL Industryleading 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. Credit Suisse 20th Annual Energy Summit – 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. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 15
    Fleet currently valued below OPERATIONAL EXCELLENCE replacement cost 4,233 4,233 840 Book value of equity: 2.6b Implied 411 average value 8 of rigs: rigs 529m 2,982 Below replacement cost Enterprise value (m)…
  16. Credit Suisse 20th Annual Energy Summit – 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. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 17
    Pacific drilling only company with exclusively FINANCIAL STRENGTH highspec 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. Credit Suisse 20th Annual Energy Summit – 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. Credit Suisse 20th Annual Energy Summit – 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. Credit Suisse 20th Annual Energy Summit – 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. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 21
    Capital allocation strategy FINANCIAL provides flexibility STRENGTH Target net debt range to 3.0 3.5x EBITDA and 4050% net debt to capital Fund Existing Invest in within 5 years Growth Additional In December 2014, commenced…
  22. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 22
    Questions 23
  23. Credit Suisse 20th Annual Energy Summit – 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 8322550502 Email: Investorpacificdrilling.com www.pacificdrilling.com 24
  24. Credit Suisse 20th Annual Energy Summit – 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. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 25
    Balance sheet Appendix PACIFIC DRILLING S.A. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except par value) (unaudited) December 31, 2014 2013 Assets: Cash and cash equivalents 167,794 204,123 Accounts…
  26. Credit Suisse 20th Annual Energy Summit – 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. Credit Suisse 20th Annual Energy Summit – 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. Credit Suisse 20th Annual Energy Summit – 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 nonrecurring costs primarily related to swap termination fees and the…
  29. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 29
    Financial covenants in our credit facilities Appendix postpending 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…
  30. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 30
    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…
  31. Credit Suisse 20th Annual Energy Summit – Pacific Drilling S.A. – slide 31
    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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