Pacific Drilling announces Q3 2013 results
Pacific Drilling S.A. today announced revenue of $193.2 million for the three months ended September 30, 2013, as compared to revenue of $176.8 million for the second quarter of 2013 and $172.0 million for the third quarter of 2012, the company said in its press release.
Net income for the third quarter of 2013 was $30.3 million or $0.14 per diluted share, an increase of $9.3 million, representing a 44% improvement over prior quarter net income excluding charges(d). Net loss for the third quarter of the prior year was $2.0 million or $0.01 per diluted share.
CEO Chris Beckett commented, “Pacific Drilling achieved industry leading operational and financial results during the third quarter. After four consecutive quarters of strong performance, I am particularly pleased to see our strategic focus on operational excellence in the ultra-deepwater market using the most modern assets begin to deliver the anticipated benefits. I am also excited about the recent delivery of the Pacific Khamsin, and look forward to the drillship joining our operating fleet, which we expect to occur at the beginning of December. I am proud of our team’s efforts in achieving these exceptional results during the quarter, and know that they will continue to focus on the challenges ahead as we continue to grow the fleet.”
Regarding the market for ultra-deepwater drillships, Mr. Beckett continued, "As we have predicted for some time, our customers continue to demonstrate their preference for the most capable assets. Dayrate bifurcation has become more pronounced and vintage rigs are being replaced by the newest assets. We believe this trend will persist throughout 2014 and beyond. Tendering activity for high specification drillships remains robust, and we continue to see demand for modern ultra-deepwater rigs exceed forecast supply over the next several years. With the attractive market backdrop, coupled with our strong operating performance, we are finalizing the terms of a contract extension for the Pacific Bora, continuing discussions regarding the contract extension of the Pacific Mistral and further advancing our negotiations on the Pacific Meltem, one of the few remaining newbuilds with 2014 availability.”
