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Pacific Drilling files for bankruptcy

Written by  OE Staff Monday, 13 November 2017 10:49

Pacific Drilling has filed for Chapter 11 bankruptcy "to pursue a comprehensive restructuring" of its approximately US$3 billion in outstanding funded debt.

The international drilling contractor reported on 12 November that it planned to continue its global operations as usual and to pay all obligations incurred during its Chapter 11 case in full, subject to court approval.

Pacific Drilling is entering Chapter 11 with about $350 million of cash and cash equivalents as of 30 September 2017 and seven of the world’s most advanced high-specification drillships, said Paul Reese, the company’s CEO, in a statement. “Throughout the Chapter 11 process, we anticipate using our strong cash position to meet all ongoing obligations to our employees, customers, vendors, suppliers and others.”

The company also reported a net loss for 3Q 2017 of $157.5 million, compared to a net loss of $138.1 million, for Q2 2017, and net income of $0.2 million for Q3 2016.

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