PACDQ Pacific Drilling S.A.

Pacific Drilling Receives Requisite Consents for Consent Solicitation

LUXEMBOURG--(BUSINESS WIRE)--

Pacific Drilling S.A. (NYSE: PACD) announced today that it has received valid and unrevoked consents from a majority of holders of the 7.250% Senior Secured Notes due 2017 (the “Notes”) issued by its indirect wholly-owned subsidiary, Pacific Drilling V Limited (the “Company”) in its previously announced consent solicitation. The Company intends to enter into definitive documentation to effect the amendment requested in the consent solicitation and to pay the consent fee to consenting Noteholders as soon as reasonably practical.

About Pacific Drilling

With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to becoming the industry’s preferred ultra-deepwater drilling contractor. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. For more information about Pacific Drilling, including its current Fleet Status, please visit www.pacificdrilling.com.

EN
05/10/2016

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PACDQPacific Drilling S.A.

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Reports on Pacific Drilling S.A.

Martin Huseby Karlsen
  • Martin Huseby Karlsen
Free Trial
PACDQ Pacific Drillin...
SDRL SEADRILL LTD ... (+12)

Supportive sale of stranded drillship confirmed

Following recent reports, Samsung confirmed it has sold a stranded drillship to a European client for USD245m. We believe it is the ex-Ocean Rig Crete, one of the most capable drillships that has been ordered (referenced as an 8G drillship). Being Europe-based, we believe a potential buyer could be Stena Drilling (which has an ongoing arbitration appeal with Samsung). From a read-across to listed offshore drillers, we consider it positive from a valuation perspective but negative from a market b...

PACDQ PACIFIC DRILLING S.A.
SDRL SEADRILL LTD
ODL ODFJELL DRILLING
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
AWDR AWILCO DRILLING
DRLCO DRILLING COMPANY OF 1972
NE NOBLE
BORR BORR DRILLING
NODL NORTHERN DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
12/02/21 December 2, 2021 1 EN
Martin Huseby Karlsen
  • Martin Huseby Karlsen
Free Trial
PACDQ Pacific Drillin...
SDRL SEADRILL LTD ... (+12)

Deepwater preferred into 2022e

With Q3 reports due next week, we expect management teams to be upbeat on the deepwater market as we see dayrates establishing at the mid-to-high USD200k level for high-spec UDW rigs. On the other hand, the fragmented jackup market still appears to lack pricing discipline, and despite some incremental demand in the Middle East, we believe there is room for disappointment ahead. We keep Noble and Valaris as our best long ideas, while we remain muted on Transocean.

PACDQ PACIFIC DRILLING S.A.
SDRL SEADRILL LTD
ODL ODFJELL DRILLING
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
AWDR AWILCO DRILLING
DRLCO DRILLING COMPANY OF 1972
NE NOBLE
BORR BORR DRILLING
NODL NORTHERN DRILLING
SHLF SHELF DRILLING LTD.
VAL VALARIS LTD
11/02/21 November 2, 2021 48 EN
Martin Huseby Karlsen
  • Martin Huseby Karlsen
Free Trial
PACDQ Pacific Drillin...
SDRL SEADRILL LTD ... (+12)

Petrobras UDW rig selection

For the Petrobras tender for high-specification UDW rigs, updates suggest that it has made a rig selection. The tender was split into two categories (with and without MPD) and called for a duration of three years with start-up in September 2022. As previously reported, Seadrill had presented the lowest bid in the MPD category, and updates now suggest that two Seadrill UDW 7G drillships, West Tellus and West Carina, have been selected. The rigs were offered at dayrates of USD230k and USD245k, res...

PACDQ PACIFIC DRILLING S.A.
SDRL SEADRILL LTD
E65F VALARIS PLC CLASS A
ODL ODFJELL DRILLING
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
SHLF SHELF DRILLING
NODL NORTHERN DRILLING
A2JAU0 BORR DRILLING
AWDR AWILCO DRILLING
DRLCO MAERSK DRILLING
NE NOBLE
09/23/21 September 23, 2021 3 EN
Martin Huseby Karlsen
  • Martin Huseby Karlsen
Free Trial
PACDQ Pacific Drillin...
SDRL SEADRILL LTD ... (+12)

Back to normal with Petrobras

In the three Petrobras tenders for low-spec UDW rigs that had bids due late last week, things were ‘back to normal’ compared to the solid dayrates in its recent tender for high-spec UDW rigs. Now, local (and Indian) contractors emerged as the low bidders and dayrates offered were mostly in the high USD100k/low USD200k, representing an expected downtick from the recent high-spec tender. Given the low technical specification on these tenders, interest was low from international contractors with on...

PACDQ PACIFIC DRILLING S.A.
SDRL SEADRILL LTD
E65F VALARIS PLC CLASS A
ODL ODFJELL DRILLING
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
SHLF SHELF DRILLING
NODL NORTHERN DRILLING
A2JAU0 BORR DRILLING
AWDR AWILCO DRILLING
DRLCO MAERSK DRILLING
NE NOBLE
08/09/21 August 9, 2021 3 EN
Martin Huseby Karlsen
  • Martin Huseby Karlsen
Free Trial
PACDQ Pacific Drillin...
SDRL SEADRILL LTD ... (+12)

US GoM deepwater heating up

Following our US GoM deepwater market update in May, the positive trend in demand continues, and we expect further contract awards in the coming months. Based on the rollover profile, demand (both renewal and incremental) should be more than sufficient to keep the current fleet of warm rigs working in our view, and we see potential for incremental rigs to enter the region. Clean dayrates (for high-spec drillships) are mostly seen in the USD220k–250k range. Still, we believe higher levels are bei...

PACDQ PACIFIC DRILLING S.A.
SDRL SEADRILL LTD
E65F VALARIS PLC CLASS A
ODL ODFJELL DRILLING
DO DIAMOND OFFSHORE DRILLING INC.
RIGN TRANSOCEAN LTD.
SHLF SHELF DRILLING
NODL NORTHERN DRILLING
A2JAU0 BORR DRILLING
AWDR AWILCO DRILLING
DRLCO MAERSK DRILLING
NE NOBLE
06/23/21 June 23, 2021 2 EN

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