Pacific Drilling Provides Notice of Extraordinary General Meeting of Shareholders and Anticipated Emergence Date
Pacific Drilling S.A. (OTC: PACDQ) (“Pacific Drilling” or the “Company”)
announced today that it has provided a Notice of Extraordinary General
Meeting of Shareholders and Proxy Statement (the “Notice”) for an
Extraordinary General Meeting to be held on November 19, 2018.
The Notice is being distributed to the Company’s common shareholders of
record as of September 28, 2018 in advance of the Extraordinary General
Meeting, which will be held on November 19, 2018, at 10:00 a.m. (Central
European Time) at the Company’s registered office, located at 8-10
Avenue de la Gare, L-1610 Luxembourg.
The Notice is available on the Company website at www.pacificdrilling.com
in the “Events & Presentations” subsection of the “Investor Relations”
section.
The Company anticipates that promptly following the Extraordinary
General Meeting on November 19, 2018 and satisfaction or waiver of all
conditions precedent to the effectiveness of the Company’s Modified
Fourth Amended Joint Plan of Reorganization, the Company will emerge
from its Chapter 11 proceedings.
About Pacific Drilling
With its best-in-class drillships and highly experienced team, Pacific
Drilling is committed to becoming the industry’s preferred
high-specification, deepwater drilling contractor. Pacific Drilling’s
fleet of seven drillships represents one of the youngest and most
technologically advanced fleets in the world. Pacific Drilling has its
principal offices in Luxembourg and Houston. For more information about
Pacific Drilling, including our current Fleet Status, please visit our
website at www.pacificdrilling.com.
Disclosure Regarding Forward-Looking Statements
Certain statements and information contained herein constitute
“forward-looking statements” within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995, and
are generally identifiable by the use of words such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “our
ability to,” “may,” “plan,” “predict,” “project,” “potential,”
“projected,” “should,” “will,” “would,” or other similar words, which
are generally not historical in nature. The forward-looking statements
speak only as of the date hereof, and 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.
Our forward-looking statements express our current expectations or
forecasts of possible future results or events, including our future
financial and operational performance and cash balances; revenue
efficiency levels; market outlook; forecasts of trends; future client
contract opportunities; contract dayrates; business strategies and plans
and objectives of management; estimated duration of client contracts;
backlog; expected capital expenditures; projected costs and savings; the
potential impact of our Chapter 11 proceedings on our future operations
and ability to finance our business; our ability to complete the
restructuring transactions contemplated by our Plan; and the potential
effective date of the Plan.
Although we believe that the assumptions and expectations reflected in
our forward-looking statements are reasonable and made in good faith,
these statements are not guarantees, and actual future results may
differ materially due to a variety of factors. These statements are
subject to a number of risks and uncertainties and are based on a number
of judgments and assumptions as of the date such statements are made
about future events, many of which are beyond our control. Actual events
and results may differ materially from those anticipated, estimated,
projected or implied by us in such statements due to a variety of
factors, including if one or more of these risks or uncertainties
materialize, or if our underlying assumptions prove incorrect.
Important factors that could cause actual results to differ materially
from our expectations include: the global oil and gas market and its
impact on demand for our services; the offshore drilling market,
including reduced capital expenditures by our clients; changes in
worldwide oil and gas supply and demand; rig availability and supply and
demand for high specification drillships and other drilling rigs
competing with our fleet; costs related to stacking of rigs; our ability
to enter into and negotiate favorable terms for new drilling contracts
or extensions; our ability to successfully negotiate and consummate
definitive contracts and satisfy other customary conditions with respect
to letters of intent and letters of award that we receive for our
drillships; our substantial level of indebtedness; possible
cancellation, renegotiation, termination or suspension of drilling
contracts as a result of mechanical difficulties, performance, market
changes or other reasons; our ability to execute our business plan and
continue as a going concern in the long term; our ability to satisfy all
conditions to the effectiveness of the Plan and to consummate our Plan
in accordance with the terms of the Plan; the effects of our Chapter 11
proceedings on our future operations and agreements, including our
relationships with employees, regulatory authorities, clients,
suppliers, banks and other financing sources, insurance companies and
other third parties; the potential adverse effects of our Chapter 11
proceedings on our future liquidity, results of operations, or business
prospects; the outcome of pending litigation and arbitration matters;
increased advisory costs including administrative and legal costs to
complete our Plan and other litigation; the cost, availability and
access to capital and financial markets, including the ability to secure
new financing after the effective date of our Plan; and the other risk
factors described in our 2017 Annual Report on Form 20-F and our Reports
on Form 6-K. These documents are available through our website at www.pacificdrilling.com
or through the SEC’s website at www.sec.gov.
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