Pacific Drilling Files for Chapter 11 Bankruptcy in New York

Offshore drilling contractor Pacific Drilling announced on Sunday that it has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Southern District of New York. The company said it intends to use the Chapter 11 process to pursue a comprehensive restructuring of its approximate $3 billion in outstanding debt amid the unprecedented and prolonged … [Read more...]

Pacific Drilling Delisted from New York Stock Exchange

Shares of Pacific Drilling have been suspended from trading on the New York Stock Exchange due to the ultra-deepwater drilling company's failure to maintain the minimum-required market capitalization. Starting Wednesday, common shares of Pacific Drilling commenced trading in the over-the-counter market known as the "Pink Sheets". Pacific Drilling issued a statement … [Read more...]

Pacific Drilling Cancels Drillship Order at Samsung Heavy

  Luxembourg-based Pacific Drilling (NYSE:PACD) says it has rescinded a construction contract for the ultra-deepwater drillship Pacific Zonda at Samsung Heavy Industries over the shipyards failure to deliver the rig on time. Pacific Drilling says it exercised its right to cancel order because the delayed delivery fails to meet the criteria set out in the construction … [Read more...]

Fatal Accident Reported on Pacific Santa Ana Drillship in Gulf of Mexico

  The U.S. Bureau of Safety and Environmental Enforcement said Tuesday it was responding to a report of a death on the Pacific Santa Ana in the Gulf of Mexico off the coast of Louisiana. Pacific Santa Ana was beginning drilling operations for Chevron approximately 200 miles south of Lake Charles, LA, in 4,800 feet of water when the incident occurred. … [Read more...]

Pacific Drilling Emerges as Deepwater Takeover Target

By Dinesh Nair, David Wethe and Brooke Sutherland (Bloomberg) -- Pacific Drilling SA, an offshore oil-rig contractor, is gaining notice as a takeover candidate. The $786 million company, controlled by Israeli billionaire Idan Ofer, operates some of the newest, most sophisticated rigs for drilling in water more than 2 miles (3.2 kilometers) deep. The year-long rout in … [Read more...]