Business Wire

Pacific Drilling Announces NYSE Trading Suspension and Notice of Delisting

Share

Pacific Drilling S.A. (NYSE: PACD) announced today that it has received notice from the New York Stock Exchange (“NYSE”), that as a result of the filing of its voluntary petition for reorganization (the “Plan of Reorganization”) under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, and in accordance with Section 802.01D of the NYSE Listed Company Manual, the NYSE has commenced proceedings to delist Pacific Drilling’s common shares from the NYSE. The NYSE also indefinitely suspended trading of Pacific Drilling’s common shares effective November 2, 2020.

The NYSE will apply to the Securities and Exchange Commission (“SEC”) to delist the Company’s common shares upon completion of all applicable procedures. In reaching its determination, the NYSE noted the uncertainty as to the ultimate effect of the bankruptcy process on the value of the Company’s common shares. The NYSE also noted that holders of the common shares will receive no recovery under the prearranged Plan of Reorganization.

Pacific Drilling does not intend to appeal the determination and, therefore, it is expected that the common shares will be delisted.

The Company’s common shares will commence trading in the over-the-counter (“OTC”) market on the Pink Open Market on Tuesday, November 3, 2020. The Company’s NYSE ticker symbol “PACD” will be discontinued and its OTC ticker symbol will be “PACDQ.”

This transition to the OTC market does not affect the Company's business operations and will not change its obligation in the near-term to file periodic and certain other reports with the SEC under applicable federal securities laws. However, in addition to providing that holders of the Company’s commons shares will receive no recovery for their shares, the Plan of Reorganization also calls for the Company to suspend its SEC reporting obligations either before or shortly after its emergence from the Chapter 11 proceedings. Until completion of the Chapter 11 proceedings, shareholders will continue to own their Company common shares and commencing November 3, 2020 will be able to trade them on the Pink Open Market. However, due to the risks and uncertainties resulting from the Chapter 11 proceedings, trading in the Company’s common shares during the pendency of the Chapter 11 proceedings poses substantial risks.

About Pacific Drilling

With our best-in-class drillships and highly experienced team, Pacific Drilling is committed to exceeding our customers’ expectations by delivering the safest, most efficient and reliable deepwater drilling services in the industry. 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 the Chapter 11 proceedings and the Plan of Reorganization, please visit our website at www.pacificdrilling.com/Restructuring.

Forward-Looking Statements

Certain statements and information contained in this press release constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are generally identifiable by their use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our ability to,” “may,” “plan,” “potential,” “predict,” “project,” “projected,” “should,” “will,” “would”, or other similar words which are not generally historical in nature. The forward-looking statements speak only as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Our forward-looking statements express our current expectations or forecasts of possible future results or events, including the potential outcome of the Chapter 11 proceedings; the future impact of the COVID-19 pandemic on our business, future financial and operational performance and cash balances; our future liquidity position and future efforts to improve our liquidity position; revenue efficiency levels; market outlook; forecasts of trends; future client contract opportunities; future contract dayrates; our business strategies and plans or objectives of management; estimated duration of client contracts; backlog; expected capital expenditures; projected costs and savings; expectations regarding the outcome of the ongoing bankruptcy proceedings of our two subsidiaries against whom the arbitration award related to the drillship known as the Pacific Zonda in favor of Samsung Heavy Industries Co. Ltd. (“SHI”) was rendered and the potential impact of the arbitration tribunal’s decision on our future operations, financial position, results of operations and liquidity.

Although we believe that the assumptions and expectations reflected in our forward-looking statements are reasonable and made in good faith, these statements are not guarantees, and actual future results may differ materially due to a variety of factors. These statements are subject to a number of risks and uncertainties and are based on a number of judgments and assumptions as of the date such statements are made about future events, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in such statements due to a variety of factors, including if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect.

Important factors that could cause actual results to differ materially from our expectations include: the potential outcome of our Chapter 11 proceedings; evolving risks from the COVID-19 outbreak and resulting significant disruption in international economies, and international financial and oil markets, including a substantial decline in the price of oil during 2020, which if sustained would continue to have a material adverse effect on our financial condition, results of operations and cash flow; changes in actual and forecasted worldwide oil and gas supply and demand and prices, and the related impact on demand for our services; the offshore drilling market, including changes in capital expenditures by our clients; rig availability and supply of, and demand for, high-specification drillships and other drilling rigs competing with our fleet; our ability to enter into and negotiate favorable terms for new drilling contracts or extensions of existing drilling contracts; our ability to successfully negotiate and consummate definitive contracts and satisfy other customary conditions with respect to letters of intent and letters of award that the Company receives for our drillships; actual contract commencement dates; possible cancellation, renegotiation, termination or suspension of drilling contracts as a result of mechanical difficulties, performance, market changes or other reasons; costs related to stacking of rigs and costs to reactivate a stacked rig; downtime and other risks associated with offshore rig operations, including unscheduled repairs or maintenance, relocations, severe weather or hurricanes or accidents; our small fleet and reliance on a limited number of clients; the outcome of our subsidiaries’ bankruptcy proceedings and any actions that SHI or others may take in the bankruptcy or other proceedings against the Company and our subsidiaries; our ability to continue as a going concern; our ability to obtain Bankruptcy Court approval with respect to motions or other requests made to the Bankruptcy Court in the Chapter 11 proceedings; our ability to confirm and consummate the prearranged Plan of Reorganization; the effects of the Chapter 11 proceedings on our operations and agreements, including our relationships with employees, regulatory authorities, customers, suppliers, banks and other financing sources, insurance companies and other third parties; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 proceedings; risks associated with third-party motions in the Chapter 11 proceedings, which may interfere with our ability to confirm and consummate the prearranged Plan of Reorganization; increased advisory costs to execute the prearranged Plan of Reorganization; the potential adverse effects of the Chapter 11 proceedings on our liquidity, results of operations, or business prospects; increased administrative and legal costs related to the Chapter 11 proceedings and other litigation and the inherent risks involved in a bankruptcy process; the potential effects of the delisting of our common shares from trading on the NYSE, including how long our common shares will trade on the OTC market; the potential effects of the anticipated suspension by the Company of its SEC reporting obligations; and the other risk factors described in our 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 12, 2020, as updated by our Quarterly Reports on Form 10-Q as filed with the SEC on May 8, 2020 and August 7, 2020 and subsequent filings with the SEC. These documents are available through our website at www.pacificdrilling.com or through the SEC’s website at www.sec.gov.

Contact information

Investor Contact:
James Harris
Pacific Drilling S.A.
+713 334 6662
Investor@pacificdrilling.com

Media Contact:
Amy L. Roddy
Pacific Drilling S.A.
+713 334 6662
Media@pacificdrilling.com

About Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Thales Reinvents the Way Identity Documents Are Checked With Its Double-Sided ID Card Reader3.12.2020 08:00:00 CETPress release

Thales showcases the world’s only double-sided ID card reader, the first to be able to examine ID cards or driving licenses in the cloud1 in less than four seconds. The design of the intelligent reader allows to speed up the process, while guaranteeing a high security level, and offering cost benefits to the operators. It simplifies the process of ID verification and offers a touchless check, which is all the more important in the Covid-19 era. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201202005045/en/ (Photo: Thales) The https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.thalesgroup.com%2Fen%2Fmarkets%2Fdigital-identity-and-security%2Fgovernment%2Fdocument-readers%2Fcr5400i&esheet=52337006&newsitemid=20201202005045&lan=en-US&anchor=Thales+Gemalto+Intelligent+Double-sided+ID+Card+Reader+CR5400i&index=1&md5=04bb2b3201d5fd5c98713db5a3d2e507 Thales Gemalto Intelligent Double-sided ID Card ReaderCR5400ien

Global Electronic Toll Collection and Road Usage Charging market to reach €490 billion in 20302.12.2020 17:06:00 CETPress release

As the UK government just announced it is considering Road Usage Charging (RUC) as a funding solution for its road network, RUC schemes are being pushed ahead around the world. In the US, Asia, Africa and Oceania, electronic tolling is becoming crucial to bridge financing gaps and substitute declining gas tax receipts. PTOLEMUS Consulting Group forecasts that 874 million global subscriptions in ETC/RUC schemes will be active by 2030, collecting over €490 billion every year by 2030. PTOLEMUS’ Electronic Tolling Global Study is the 3rd edition of its highly popular Electronic Tolling series of reports, and represents the most comprehensive review of the global ETC/RUC market to-date, including 950 pages of insights, data, analyses and forecasts. PTOLEMUS expects the global ETC/RUC market to grow at 13% CAGR to 2030, driven by multiple factors including: environmental policy, economic development, interoperability schemes and growth of cashless payments, propelled by COVID-19. Dr Andrew J

Continental Structural Plastics Perfects Carbon Fiber RTM Process, Launches Production Programs2.12.2020 16:27:00 CETPress release

After winning a JEC Innovation Award in 2016 for its Lincoln MKS Decklid Concept – a TCA Ultra Lite® outer panel and a carbon fiber RTM prototype inner – Continental Structural Plastics (CSP) has fine-tuned its carbon fiber RTM (CF-RTM) process to the point that a premium automaker will be using the technology for closures on future vehicle platforms. These doors will feature both inner and outer panels as well as structural reinforcements molded using CSP’s advanced CF-RTM process. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201202005708/en/ The new carbon fiber RTM press installed at the CSP facility in Palmela, Portugal, will soon be running the company's first commercial applications of this technology. (Photo: Business Wire) When CSP set up its Center of Excellence for Lightweight Technologies and Carbon Fiber Processes in Pouancé, France, in 2013, the goal was to develop processes to make the use of carbon fiber in

Pricefx Reimagines Pricing Software with Groundbreaking Product Enhancements2.12.2020 15:30:00 CETPress release

Pricefx, the global leader in cloud-native pricing software, today announced the new face of its pricing platform. Unity UI is a sleek, dynamic new look for all of Pricefx’s industry-leading pricing modules. The company has also launched PriceOptimizer AI, a next-generation price optimization solution powered by transparent and predictive machine learning and multi-agent AI. Finally, Pricefx introduced new Accelerators, pre-defined solution building blocks that quickly and easily incorporate best practice functionality. With these new enhancements, Pricefx is now more streamlined, powerful and agile than ever before. Now, businesses using Pricefx can get more done and price more effectively with fewer clicks. “2020 revealed the critical importance of pricing in a digital-first world and Pricefx invested heavily in developing and refining our pricing platform to ensure that businesses around the world can successfully use our software to build a path to growth,” said Marcin Cichon, CEO

Soar the Skies with Demon Avenger in New MapleStory M Update2.12.2020 15:00:00 CETPress release

Starting today, Maplers can take to the sky with the new warrior class, Demon Avenger, in Nexon’s free-to-play mobile MMORPG, MapleStory M! This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201202005043/en/ MapleStory M (Graphic: Business Wire) Soaring through the battlefield with Demon Wings, the Demon Avenger joins the fray with an Exceed System that deals excessive damage. Using HP to cast skills, the Demon Avenger can easily recover using various healing abilities, including Blood Pact, in the midst of battle. A selection of limited-time events are also available, including: Demon Avenger Celebratory Log-in Reward Event: Players logging in from today through December 7, 2020 will receive a special gift to help their character level up once per account. Demon Avenger Growth Support Event: Until January 11, 2021, players who reach a certain level will receive additional in-game items useful for a specific character’s level-up

Uber, Rivian, JetBlue, Cabify, and Boom Supersonic Sign The Climate Pledge2.12.2020 15:00:00 CETPress release

Today, during Web Summit 2020, Amazon (NASDAQ: AMZN) and Global Optimism announced that Boom Supersonic, Cabify, JetBlue, Rivian, and Uberhave joined The Climate Pledge, a commitment to be net-zero carbon by 2040—a decade ahead of the Paris Agreement’s goal of 2050. Signatories to The Climate Pledge agree to: Measure and report greenhouse gas emissions on a regular basis; Implement decarbonization strategies in line with the Paris Agreement through real business changes and innovations, including efficiency improvements, renewable energy, materials reductions, and other carbon-emission elimination strategies; Neutralize any remaining emissions with additional, quantifiable, real, permanent, and socially beneficial offsets to achieve net-zero annual carbon emissions by 2040. “By signing The Climate Pledge, companies around the world are making a bold commitment to help protect our planet from the devastating impacts of climate change,” said Jeff Bezos, Amazon founder and CEO. “The trans