Pacific Drilling S.A. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2016; Provides Tax Rate Guidance for the Full Year 2016
Pacific Drilling S.A. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company announced a net loss of $2.5 million or $0.01 per diluted share, compared to a net loss of $13.6 million or $0.06 per diluted share for fourth-quarter 2015 and net income of $51.7 million or $0.24 per diluted share for first-quarter 2015. EBITDA for first-quarter 2016 was $112.9 million, compared to Adjusted EBITDA(a) of $149.8 million for fourth-quarter 2015. During first-quarter 2016, cash flow from operations was $86.7 million. Capital expenditures for the three months ended March 31, 2016 were $28.6 million and primarily consisted of the purchases of fleet spare equipment committed to in prior years to support operations. Contract drilling revenue for first-quarter 2016 was $205.4 million, which included $12.7 million of deferred revenue amortization, compared to fourth-quarter 2015 contract drilling revenue of $267.6 million, which included $20.4 million of deferred revenue amortization. Contract drilling revenue decreased in the first-quarter primarily as a result of the Pacific Khamsin being idle during first-quarter 2016. Operating income was $43,203,000 compared to $92,285,000 a year ago. Loss before income taxes was $658,000 compared to income of $53,525,000 a year ago. Net debt as of March 31, 2016 was $2.68 billion.
The company's expectation for full year 2016 tax, as a percentage of revenue, is approximately 3%.