Pacific Drilling Closes Initial Public Offering

Pacific Drilling has closed its previously announced initial public offering of shares of common stock at a price of $8.25 per share. Pacific Drilling sold a total of 6,000,000 shares, resulting in net proceeds of approximately $46 million after deducting underwriting discounts and commissions. The underwriters have been granted a 30-day over-allotment option to purchase up to an additional 900,000 common shares.

Morgan Stanley and Deutsche Bank Securities acted as joint book-running managers for the offering. DnB NOR Markets, Howard Weil Incorporated, Pareto Securities AS and Simmons & Company International acted as co-managers.

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