Pacific Drilling shareholders approve up to $152M in 2015 distributions

Pacific Drilling S.A. shareholders approved distributions to shareholders in 2015 of up to $152 million in the aggregate at the company’s 2014 Annual General Meeting yesterday.

The approved proposal provides for cash distributions to start with an initial payment expected in the first quarter of 2015. The subsequent timing, amount and form of the distributions will be subject to the discretion of the company’s Board of Directors. Shareholders also approved all other proposals at the meeting.

The payments of cash distributions will take into account numerous factors, including but not limited to, committed and projected capital expenditures, targeted growth and performance expectations, and restrictions imposed under existing debt agreements and any future debt financing agreements. Additionally, the declaration of any distribution remains subject to the requirements of Luxembourg law.

Pacific Drilling is an ultra-deepwater drilling contractor with one of the youngest drillship fleets in the world. The company currently operates five drillships under customer contract and has three drillships under construction at Samsung, one of which is under customer contract.