Pacific Drilling announces Q4 and FY2012 results
Pacific Drilling S.A. announced revenue of $191.9 million and net income of $16.5 million or $0.08 per diluted share for the three months ended December 31, 2012. This compares to revenue of $172.0 million and a net loss of $2.0 million or $0.01 per diluted share for the three months ended September 30, 2012. In the fourth quarter of 2011, the company had revenue of $48.4 million and net income of $11.6 million or $0.05 per diluted share.
For the year ended December 31, 2012, net income was $34.0 million or $0.16 per diluted share on revenue of $638.1 million, as compared to a prior year net loss of $2.9 million or $0.01 per diluted share on revenue of $65.4 million. Financial results for 2011 included earnings of $19.1 million from the joint venture with Transocean, which we divested on March 30, 2011.
CEO Chris Beckett commented, “The fourth quarter represents significant growth in our profitability on the back of a strong performance by our fleet of operating drillships. The fleet outperformed our revenue efficiency targets and cost expectations due to the substantial improvement in rig uptime since all our rigs have completed their respective shakedown periods.”
Contract drilling revenue for the fourth quarter of 2012 was $191.9 million, including recognition of $26.5 million of deferred revenue for mobilization, contract preparation and asset upgrades, as compared to third quarter contract drilling revenue of $172.0 million, including deferred revenue of $26.0 million. During the three months ended December 31, 2012, our operating fleet of four drillships achieved an average revenue efficiency of 94.6%(a). Contract drilling revenue for the year ended December 31, 2012, was $638.1 million, including recognition of $95.8 million of deferred revenue. For the full year 2012, our operating fleet of four drillships achieved an average revenue efficiency of 88.0%. Our rigs operated for a combined 43 rig-months during 2012, which included a total of 20 initial ramp-up months. Following their 6 month shakedown periods, the average revenue efficiency of our rigs has exceeded 95%.
Pacific Drilling is a fast growing company that is committed to becoming the industry’s preferred ultra-deepwater drilling contractor. Pacific Drilling’s fleet of eight ultra-deepwater drillships will represent one of the youngest and most technologically advanced fleets in the world. The company currently operates four drillships under customer contract, and has four drillships under construction at Samsung, two of which are under customer contract.
