Pacific Drilling’s third quarter profit plummets

Image: Pacific Drilling
Image: Pacific Drilling

Pacific Drilling, an offshore drilling contractor, on Sunday posted a drop in its third quarter 2015 profit versus the one made a year ago, and in the previous quarter of 2015. 

In its 3Q 2015 report, the drilling contractor posted a net income of $41 million in the third quarter 2015, compared to net income of $47.1 million for second quarter 2015, and net income of $48.1 million for third quarter 2014.

CEO Chris Beckett said, “Our fleet delivered yet another strong financial quarter with a record cash flow from operations of $154 million on the back of a strong EBITDA of $148 million from our fleet of five operating and two smart-stacked drillships.

Beckett reminded of Pacific Drilling’s decision to abolish the deal it had with the South Korean shipyard, Samsung Heavy Industries: “On October 29, 2015 we exercised our right to rescind the construction contract for the Pacific Zonda due to Samsung’s failure to timely deliver a vessel that substantially met the criteria required for completion of the vessel in accordance with the construction contract and its specifications. We will be seeking a refund of the installment payments we made of approximately $181 million.”

Beckett continued, “Unfortunately, our strong performance in the third quarter was overshadowed by the tragic loss of a team member on the Pacific Santa Ana on October 20, 2015. Our heartfelt condolences go out to the family of our colleague and those members of our Pacific Drilling family closely associated with him.”

Pacific Drilling’s contract drilling revenue for third-quarter 2015 was $260.2 million, which included $21.7 million of deferred revenue amortization, compared to the third quarter 2014 revenues of $279.64 million. The company has also recorded a drop when compared to second-quarter 2015 and the contract drilling revenue of $273.9 million, which included $21.5 million of deferred revenue amortization.

Contract drilling revenue decreased quarter over quarter as a result of time lost due to required repairs to the Pacific Khamsin blowout preventer during July and August, Pacific Drilling said in its 3Q report.

According to the company, during the three months ended September 30, 2015, Pacific Drilling’s operating fleet achieved average revenue efficiency of 90.8 percent.

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply