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Pacific Drilling gaining deepwater interest

Written by  Thursday, 03 August 2017 10:44

The new Pacific Drilling CEO says that the company is gaining an increased interest in the deepwater sector for 2018, as the company recorded a loss in Q2, amid the possibility of filing for bankruptcy.

The Pacific Bora, from Pacific Drilling.

“Despite a very challenging market which has significantly impacted our revenues, we achieved solid operational performance with a Q2 revenue efficiency of 95.5% and continued strong cost control,” CEO Paul Reese said in the company’s Q2 2017 report. “Lately, we have received an increase in market inquiries for projects in several deepwater regions of the world starting sometime in 2018, which is promising.”

Pacific Drilling suffered from a net loss of US$138.1 million in Q2, compared to a profit of $8.2 million in Q2 2016.

The company also said that it is looking into several alternatives to address its liquidity and capital structure in order to gets its finances stable. However, the steps Pacific Drilling takes may lead to a private restructuring or a negotiated restructuring of its debt under the protection of Chapter 11 of the US Bankruptcy Code, the company said.

“We continue to engage in discussions with our shareholders, the bank lenders and the ad hoc group of holders of our public debt on the terms of a restructuring, although there is currently no consensus as to the form or structure of any restructuring,” Pacific Drilling Chief Financial Officer (CFO) John Boots said.

Earlier this week, Pacific Drilling underwent a management shakeup as Christian J. Beckett stepped down from his positions as CEO and as a member of the board after a 10-year tenure, to pursue other opportunities.

Reese, who was previously the executive VP and CFO was promoted to serve as the CEO. Consequently, Boots, took over Reese’s position.

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