Pacific Drilling (No_rec, TP: USD) - Solution in place
Pacific Drilling said a settlement between its main shareholder, Quantum Pacific (QP), and its creditors is in place, following mediation. In the restructuring, new equity will be raised at an implied valuation of cUSD170m per UDW drillship, well below the peer group average. The restructuring estimates the group has net debt of cUSD534m (across a fleet of seven UDW drillships), making it one of the most cost-competitive drillers from a breakeven perspective. We have withdrawn our recommendation and target price.Pacific Drilling is an international offshore drilling company committed to providing drilling services to the oil and natural gas industry through the use of high-specification rigs. Co.'s primary business is to contract its high-specification rigs, related equipment and work crews, primarily on a dayrate basis, to drill wells for Co.'s customers. Co. operates five drillships under client contract and has three drillships available. All of Co.'s drillships are self-propelled and dynamically positioned and have large carrying capacity. Co.'s five existing drillships are committed to work in the deepwater regions of the Gulf of Mexico, Brazil and Nigeria.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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