PACIFIC DRILLING S.A.

CIK:0001517342|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Contract drilling	$ 46,415	$ 54,315	$ 174,758	$ 196,646
Revenue, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating expenses	$ 48,429	$ 60,324	$ 196,758	$ 164,874
General and administrative expenses	8,486	8,855	26,376	30,111
Depreciation and amortization expense	26,889	47,734	80,631	165,963
Pre-petition charges	7,278		9,888
Loss from unconsolidated subsidiaries		488		2,512
Total costs and expenses	91,082	117,401	313,653	363,460
Operating loss	(44,667)	(63,086)	(138,895)	(166,814)
Other income (expense)
Interest expense	(26,619)	(24,459)	(78,353)	(72,904)
Write-off of debt premium, net	4,448		4,448
Reorganization items		(24)	(362)	(1,905)
Interest income	194	1,510	1,522	5,147
Other expense	(236)	(409)	(449)	(720)
Loss before income taxes	(66,880)	(86,468)	(212,089)	(237,196)
Income tax expense	3,363	4,315	6,515	11,152
Net loss	$ (70,243)	$ (90,783)	$ (218,604)	$ (248,348)
Loss per common share, basic (in dollars per share)	$ (0.93)	$ (1.21)	$ (2.91)	$ (3.31)
Weighted-average shares outstanding, basic	75,203	75,005	75,195	75,012
Loss per common share, diluted (in dollars per share)	$ (0.93)	$ (1.21)	$ (2.91)	$ (3.31)
Weighted-average shares outstanding, diluted	75,203	75,005	75,195	75,012

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flow from operating activities:
Net loss	$ (218,604)	$ (248,348)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	80,631	165,963
Amortization of deferred revenue	(11,433)	(1,513)
Amortization of deferred costs	20,824	879
Amortization of deferred financing costs	430
Amortization of debt premium, net	(519)	(330)
Interest paid-in-kind	9,237	25,638
Write-off of debt premium, net	(4,448)
Deferred income taxes	1,065	7,157
Share-based compensation expense	5,041	5,076
Loss from unconsolidated subsidiaries		2,512
Changes in operating assets and liabilities:
Accounts receivable	5,093	38,798
Materials and supplies	(1,284)	(3,557)
Deferred costs	(13,968)	(6,329)
Prepaid expenses and other assets	(2,000)	(4,155)
Accounts payable and accrued expenses	25,971	16,729
Deferred revenue	5,482	7,444
Net cash provided by (used in) operating activities	(98,482)	5,964
Cash flow from investing activities:
Capital expenditures	(9,342)	(31,108)
Net cash used in investing activities	(9,342)	(31,108)
Cash flow from financing activities:
Payments for shares issued under share-based compensation plan	(280)	(82)
Proceeds from long-term debt	50,000
Payments for financing costs	(1,818)	(1,215)
Purchases of treasury shares		(652)
Net cash provided by (used in) financing activities	47,902	(1,949)
Net decrease in cash and cash equivalents	(59,922)	(27,093)
Cash, cash equivalents and restricted cash, beginning of period	284,709	389,075
Cash, cash equivalents and restricted cash, end of period	$ 224,787	$ 361,982

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 218,681	$ 278,620
Restricted cash	6,106	6,089
Accounts receivable, net	24,159	29,252
Materials and supplies	45,217	43,933
Deferred costs, current	4,094	16,961
Prepaid expenses and other current assets	19,842	15,732
Total current assets	318,099	390,587
Property and equipment, net	1,766,188	1,842,549
Other assets	26,034	23,423
Total assets	2,110,321	2,256,559
Liabilities and shareholders' equity:
Accounts payable	16,512	24,223
Accrued expenses	26,631	27,924
Long-term debt, current	1,126,391
Accrued interest	50,990	15,703
Deferred revenue, current	1,616	7,567
Total current liabilities	1,222,140	75,417
Long-term debt		1,073,734
Other long-term liabilities	33,432	38,577
Total liabilities	1,255,572	1,187,728
Commitments and contingencies
Shareholders' equity:
Common shares, $0.01 par value per share, 82,500 shares authorized and issued and 75,203 and 75,007 shares outstanding as of September 30, 2020 and December 31, 2019, respectively	752	751
Additional paid-in capital	1,657,202	1,652,681
Treasury shares, at cost	(652)	(652)
Accumulated deficit	(802,553)	(583,949)
Total shareholders' equity	854,749	1,068,831
Total liabilities and shareholders' equity	$ 2,110,321	$ 2,256,559