Pacific Drilling Delivers Another Solid Quarter, CEO Says (USA)

Pacific Drilling S.A. announced revenue of $175.0 million and net income of $15.1 million or $0.07 per diluted share for the three months ended March 31, 2013.

In the prior year period, excluding loss of hire insurance recovery of $23.7 million, net loss was $5.3 million or $0.02 per diluted share on revenue of $117.4 million. As reflected on the March 31, 2012, financial statements, reported net income for the quarter was $18.3 million or $0.08 per diluted share.

CEO Chris Beckett commented, “We delivered another solid quarter driven by strong operational uptime and our continued focus on drilling expenses. I’m encouraged to report that, excluding planned BOP maintenance, our fleet delivered revenue efficiency in excess of the fourth quarter’s outstanding results.”

Regarding the state of the offshore drilling market, Beckett continued, “The market for deepwater drillships remains healthy with a steady stream of announcements during the month of April. This continued market strength bodes well for the Pacific Meltem and our eighth rig, the Pacific Zonda.”

[mappress]

Press Release, May 7, 2013