Pacific Drilling Successfully Emerges from Chapter 11 Proceedings
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Pacific Drilling S.A. and certain of its affiliated chapter 11 debtors have emerged from bankruptcy after successfully completing restructuring transactions pursuant to their chapter 11 plan of reorganization.
In connection with emergence from bankruptcy, the company raised $1.5 billion in gross proceeds in new capital, consisting of $1.0 billion of new secured notes and $500 million of equity.
The plan has strengthened the company’s balance sheet by significantly reducing its leverage and enhancing its liquidity, with approximately $400 million in cash upon emergence and no debt maturities until late 2023, positioning the company to take advantage of its dedicated, high-specification deepwater drillship fleet in anticipation of an improving market for offshore drilling services.
A newly constituted board of directors of the company was appointed, consisting of W. Matt Ralls (chairman), Bernie G. Wolford Jr. and David Weinstein as class A directors and Daniel Han, Donald Platner and Kiran Ramineni as class B directors.
In addition, the company has appointed Bernie G. Wolford Jr. as chief executive officer of the company, effective immediately. Wolford succeeds Paul T. Reese, who served as chief executive officer of the company since August 2017.
Prior to joining the company, Bernie Wolford served as senior vice president - operations of Noble Corporation since February 2012 and vice president - operational excellence from March 2010 to February 2012. Wolford began his career in the offshore drilling industry with Transworld Drilling Company in 1981, which was subsequently acquired by Noble.
“On behalf of the board and the entire company, I want to thank Paul for his service and contributions to the company, especially during the reorganization. We wish him the very best in his future endeavors,” said W. Matt Ralls, chairman of the company’s board of directors.
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific Drilling is committed to becoming the industry’s preferred high-specification, deepwater drilling contractor. Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced fleets in the world. Pacific Drilling has its principal offices in Luxembourg and Houston.
To stop by Pacific Drilling’s website, CLICK HERE
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