Pacific Drilling S.A. today announced revenue of $260.8 million for the three months ended June 30, 2014, as compared to revenue of $225.6 million for first-quarter 2014 and $176.8 million for second-quarter 2013, the company said in its press release.
Net income for second-quarter 2014 was $49.9 million or $0.23 per diluted share, compared to net income of $22.2 million or $0.10 per diluted share for first-quarter 2014. Net income excluding charges(d) related to our debt refinancing for second-quarter 2013 was $21.0 million or $0.10 per diluted share.
CEO Chris Beckett said, "Despite the challenging market conditions, this quarter was the best in our company’s history. We continue to deliver exceptional financial results driven by our outstanding operational performance and ongoing fleet growth.”
“Pacific Drilling’s third quarter is off to a good start, as well,” Beckett added. “In July, our fleet achieved average revenue efficiency in excess of 96 percent. We agreed terms for Pacific Bora’s two-year extension, and expect the new rate to go into effect Aug. 26. The Pacific Sharav is currently mobilizing, and we expect it to be ready for Gulf of Mexico operations by the end of this month. Negotiations for the extension of Pacific Mistral are ongoing, and we are progressing on a direct negotiation for Pacific Meltem.”
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific Drilling is a fast-growing company that is committed to becoming the industry’s preferred ultra-deepwater drilling contractor. Pacific Drilling’s fleet of eight ultra-deepwater drillships will represent one of the youngest and most technologically advanced fleets in the world. The company currently operates five drillships under customer contract, has one drillship mobilizing to begin its drilling operations under client contract, and has two drillships under construction at Samsung Heavy Industries.
