Pacific Drilling S.A. (NYSE: PACD) (“Pacific Drilling” or the “Company”) newly stated results for the 3rd-quarter of 2k19. Net loss for third-quarter 2k19 was $90.80M or $1.210 for each diluted share, contrast to net loss of $73.60M or $0.980 for each diluted share in second-quarter 2k19.
Third-Quarter 2k19 Operational and Financial Commentary
Third-quarter 2k19 contract drilling revenue was $54.30M, which included $3.10M in reimbursable revenue. This contrast to second-quarter 2k19 contract drilling revenue of $76.40M, which included $3.80M in reimbursable revenue. The decline in revenue resulted mainly from the Pacific Sharav concluding its legacy Chevron five-year contract in late August 2k19 and rolling over to continue working for Chevron at a lower dayrate reflective of the current market. In Addition To, the Pacific Bora accomplished operations with ENI in Nigeria in July 2k19.
Operating costs for third-quarter 2k19 were $60.30M contrast to $52.30M in second-quarter 2k19. The incline in operating costs was mainly because of ramp-up costs as Pacific Khamsin prepares to begin its contract with Equinor in the U.S. Gulf of Mexico. In Addition To, operating costs included reimbursable revenue costs for third-quarter 2k19 of $2.60M contrast to $3.00M in the 2nd-quarter of 2k19.
General and administrative costs for the 3rd-quarter of 2k19 were $8.90M, as contrast to $10.00M for the 2nd-quarter of 2k19.
EBITDA(a) for third-quarter 2k19 was $(14.30)M, contrast to $14.00M in second-quarter 2k19 as a result of the declines to revenue and inclines to operating costs described above.
Capital expenditures for the 3rd-quarter of 2k19 were $9.70M contrast to $3.80M in the 2nd-quarter of 2k19. The incline in capital expenditures was mainly because of payments made to purchase a managed pressure drilling system.