31 Dec 2020listing compliance notice▼ BadMajor
PACIFIC DRILLING S.A. suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Dec 2020listing compliance notice▼ BadMajor
PACIFIC DRILLING S.A. suspended its duty to file periodic reports with the SEC.
31 Dec 2020listing compliance notice▼ BadMajor
PACIFIC DRILLING S.A. suspended its duty to file periodic reports with the SEC.
31 Dec 2020listing compliance notice▼ BadMajor
PACIFIC DRILLING S.A. suspended its duty to file periodic reports with the SEC.
31 Dec 2020listing compliance notice▼ BadMajor
PACIFIC DRILLING S.A. suspended its duty to file periodic reports with the SEC.
28 Dec 2020material agreement▼ BadMajor
On December 21, 2020 the bankruptcy court confirmed the company's First Amended Joint Plan of Reorganization, which follows the October restructuring agreement. The parent will hand its subsidiary (Pacific Drilling Company LLC) to First and Second Lien noteholders (91.5% / 8.5% of new equity, plus warrants for second lien holders), the notes are cancelled, and the 75,203,391 existing common shares, found to have no value, get no recovery. The shares will either go to a non-debtor subsidiary of the reorganized company or to an estate representative with the parent then dissolved or liquidated. The plan is not yet effective; the company targets the end of 2020 but gives no assurance.
17 Nov 2020listing compliance notice● NeutralMajor
PACIFIC DRILLING S.A.'s exchange filed to remove a class of its securities from listing.
3 Nov 2020listing compliance notice▼ BadMajor
On November 2, 2020 the NYSE began proceedings to delist the common shares because of the Chapter 11 filing and suspended trading indefinitely. The company does not plan to appeal, and the shares are to trade over-the-counter on the Pink Open Market from November 3 under the symbol PACDQ. This ends the NYSE price-deficiency cure issue (deadline Oct 7, 2020) as a practical matter. The company says shareholders receive no recovery under the plan and that the plan calls for suspending SEC reporting before or shortly after emergence.
2 Nov 2020bankruptcy or receivership▼ BadMajor
On October 30, 2020 the company signed a restructuring support agreement with some First Lien and Second Lien noteholders and began Chapter 11 cases, plus a parallel Cayman Islands proceeding for subsidiary Pacific Drilling Company Limited. First lien holders would get 91.5% of the new equity and second lien holders 8.5% plus 7-year warrants for 15% (strike set at a $750 million equity value); existing shareholders get no recovery and their shares are to be cancelled. It also lines up an up-to-$80 million backstopped exit loan and repays in full the February 2020 $50M Angelo Gordon revolver, and sets a target of the plan taking effect within 61 days of filing. This is the outcome of the debt and liquidity pressures flagged in earlier risk factors.
30 July 2020production update▼ Bad
The company furnished its July 29, 2020 fleet status report. Pacific Bora, Mistral, Scirocco and Sharav are now listed as 'Smart Stacked', and the Petronas Santa Ana contract is on stand-by at 35% of the dayrate up to March 31, 2021 (down from 70% through April 28, 2020). Equinor's third Khamsin well and Murphy Mexico's two-well Sharav contract were cancelled for termination fees, and Sharav has a new Murphy contract in the U.S. Gulf of Mexico for ten firm wells (about 450 days) at a $180,000 dayrate, starting Q2 2021. Pacific Meltem is mobilizing to Las Palmas rather than the U.S. Gulf of Mexico as shown in April.
10 Apr 2020listing compliance notice▼ BadMajor
On April 7, 2020 the NYSE told the company its shares fell below the $1.00 minimum average price (30-trading-day average below $1.00 as of April 6). It has until October 7, 2020 to regain compliance or the NYSE will start suspension and delisting procedures. Shares keep trading as PACD with a '.BC' (below compliance) marker, and the company says its contractual and debt obligations are unaffected.
2 Apr 2020production update▼ Bad
The company furnished its April 2, 2020 fleet status report. It shows Pacific Bora's Eni contract ended April 1, 2020, Pacific Mistral and Pacific Scirocco stacked in Las Palmas, and Petronas giving force majeure notice on the Pacific Santa Ana contract effective March 29, 2020 (paid at 70% of the dayrate). Pacific Meltem is mobilizing to the U.S. Gulf of Mexico. The report's risk factors mention coronavirus, the oil price decline, the Zonda arbitration award in favour of Samsung Heavy Industries, the two subsidiaries' bankruptcy proceedings and possible NYSE delisting.
11 Feb 2020debt financing● NeutralMajor
On February 7, 2020 the company signed a $50 million first lien superpriority revolving credit facility with Angelo, Gordon Energy Servicer, LLC as administrative agent, maturing April 1, 2023. It carries interest at the three-month LIBO rate (1.5% floor) plus 7.5% and ranks ahead of other first lien holders in an enforcement, so it adds a new layer of debt ahead of the existing First Lien Notes due 2023 and Second Lien PIK Notes due 2024. The same filing also says the company applied to the High Court in London for leave to appeal the arbitration award over the Pacific Zonda construction contract (the detail is in a press release not shown in full here).
17 Dec 2018listing compliance notice▲ GoodMajor
the exchange certified PACIFIC DRILLING S.A.'s securities for listing, clearing them to begin trading.
18 Oct 2017listing compliance notice● NeutralMajor
PACIFIC DRILLING S.A.'s exchange filed to remove a class of its securities from listing.
9 Nov 2011listing compliance notice▲ GoodMajor
the New York Stock Exchange certified PACIFIC DRILLING S.A.'s securities for listing, clearing them to begin trading.