Pacific Drilling (PACD) Misses Q1 EPS by 4c, Revenues Beat

Pacific Drilling (NYSE: PACD) reported Q1 EPS of ($1.12), $0.04 worse than the analyst estimate of ($1.08). Revenue for the quarter came in at $65.92 million versus the consensus estimate of $65.67 million.

• Pacific Khamsin contracted by Equinor for work in the Gulf of Mexico
• Delivered revenue efficiency of 98.1% for the first quarter

“Our strong operational performance, reflected by 98.1% revenue efficiency for the quarter, and focus on spend management, delivered improved results and positive EBITDA for the quarter. We continue to make changes in our supply chain and maintenance processes that meaningfully reduce our operating costs while delivering safe, reliable and efficient operations,” said CEO Bernie Wolford.

“While the market remains challenging, we are encouraged by the upturn in utilization within the sector and continued improvement in demand as indicated by tender activity and direct discussions with clients. We are ideally positioned to benefit from this increasing demand for our available 6th and 7th generation drillships.”

“The contract with Equinor for the Pacific Khamsin is a clear acknowledgement of our record of delivering exceptional performance. Having capable and experienced crews maintaining our smart-stacked rigs supported by a strong technical team committed to performance will allow us to deliver the 7th generation Pacific Khamsin drillship in a ready to work condition with economy and efficiency. Additionally, our integrated service experience will play a key role in providing Equinor with a package of services in support of their success.”

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

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