Pacific Drilling (PACD) Reports Q4 Loss of $0.37

Pacific Drilling (NYSE: PACD) reported Q4 EPS of ($0.37). Revenue for the quarter came in at $59.6 million.

Pacific Drilling CEO Bernie Wolford commented, “Although market conditions continue to be challenging, we delivered exceptional operational performance with 99.8% revenue efficiency for the quarter. The Pacific Drilling team continues to be recognized by world-class clients for our ability to deliver industry-leading operational performance. Pacific Bora’s work in Nigeria was extended by Nigerian Agip Exploration Limited, a subsidiary of Eni, Pacific Sharav’s work in the U.S. Gulf of Mexico was extended by Chevron and Pacific Santa Ana secured new work with Total E&P Senegal in Senegal. Although current dayrates remain challenging, we see an increase in contracting activity compared to 2018. We remain focused on securing additional backlog for our currently operating fleet of three rigs and believe we will have several opportunities to contract one of our smart-stacked rigs before year-end.”

Mr. Wolford continued, “Following our emergence from Chapter 11 on November 19, our leadership team placed heightened emphasis on cost control and G&A process optimization while ensuring that we continue to deliver the level of high-quality drilling services for which Pacific Drilling has become recognized in our industry. Cost reductions as a result of the organizational and process changes made will extend the benefits of our recapitalization and result in better margins as the market for deepwater drilling services improves.”

For earnings history and earnings-related data on Pacific Drilling (PACD) click here.

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