Pacific Drilling Shareholders Approve Proposal for 2015 Cash Distributions of up to $152 Million

LUXEMBOURG--()--Pacific Drilling S.A. (NYSE: PACD) shareholders approved distributions to shareholders in 2015 of up to $152 million in the aggregate at the company’s 2014 Annual General Meeting today. The approved proposal provides for cash distributions to commence 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.

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, and has three drillships under construction at Samsung, one of which is under customer contract. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com.

Forward-Looking Statements

Certain statements and information contained in this press release (and oral statements made regarding the subjects of this press release) constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements specifically include statements involving cash distributions to shareholders. These forward-looking statements are based on our current expectations and beliefs, and while management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments will be those that we anticipate. Our forward-looking statements regarding the timing and amount of cash distributions to shareholders (whether of share capital or share premium) are subject the requirements of Luxembourg law, and are dependent on our company realizing projected cash flows, which could be materially impacted by numerous factors, including many factors that are outside of our control. Important factors that could cause actual results to differ materially from those provided in our forward-looking statements contained in this press release include, but are not limited to: our ability to secure and maintain drilling contracts, including possible cancellation or suspension of drilling contracts as a result of mechanical difficulties, performance or other reasons; unplanned downtime and other risks associated with offshore rig operations, including unscheduled repairs or maintenance; risks inherent in shipyard rig construction, repair, maintenance or enhancement; changes in worldwide rig supply and demand, competition and technology; future levels of offshore drilling activity; future client contract opportunities; environmental and other liabilities, risks or losses; governmental regulatory, legislative and permitting requirements affecting drilling operations; governmental action, civil unrest and political and economic uncertainties; and terrorism, piracy and military action.

For additional information regarding known material risk factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 20-F and Current Reports on Form 6-K. These documents are available through our website at www.pacificdrilling.com or through the SEC’s Electronic Data and Analysis Retrieval System at www.sec.gov.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Contacts

Pacific Drilling Services, Inc.
Amy Roddy, +1 832 255 0502
Investor@pacificdrilling.com

Release Summary

Pacific Drilling Shareholders Approve Proposal for 2015 Cash Distributions of up to $152 Million

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Contacts

Pacific Drilling Services, Inc.
Amy Roddy, +1 832 255 0502
Investor@pacificdrilling.com