Pacific Drilling Emerges from Bankruptcy
Pacific Drilling S.A. has emerged from Chapter 11 bankruptcy after successfully completing its restructuring, the company announced Nov. 19.
Pacific Drilling, which has headquarters in Houston, Texas, raised $1.5 billion in gross proceeds in new capital – which consists of $1 billion of new secured notes and $500 million in equity.
Under the restructuring plan, Pacific Drilling has about $400 million in cash and no debt maturities until late 2023. This puts the company in a position to take advantage of its deepwater drillship fleet ahead of an expected improved offshore drilling services market.
The company also named a new CEO and introduced a new board of directors.
Effective immediately, Bernie Wolford Jr. is Pacific Drilling’s new CEO, succeeding Paul Reese, who served as CEO of the Company since August 2017.
“On behalf of the board and the entire company, I want to thank Paul for his service and contributions to the company, especially during the reorganization,” Board Chairman W. Matt Ralls, said in a company statement. “We wish him the very best in his future endeavors.”
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