Pacific Drilling Announces Completion Of Credit Facilities And Release Of Restricted Cash

Pacific Drilling S.A. (NYSE:PACD) announced today that it has closed on two credit facilities totaling approximately $200 million, under which letters of credit for the same amount are issued to support the temporary importation bonds for its ultra-deepwater drillships the Pacific Bora and the Pacific Scirocco. As a result of securing these facilities, the company is able to release approximately $126 million of cash collateral, bringing the company’s total unrestricted cash balance to approximately $400 million and its total cash balance to approximately $630 million as of close of business April 20, 2012.

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 seven ultra-deepwater drillships will represent one of the youngest and most technologically advanced fleets in the world. The company currently operates four recently delivered drillships and has two additional drillships under construction and one on order at Samsung. For more information about Pacific Drilling, including our current Fleet Status, please visit our website at www.pacificdrilling.com.

Copyright Business Wire 2010

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX