Pacific Drilling Announces Confirmation of Initial Reorganization Plan; He is expected to leave Chapter 11 by the end of the year

Business Wire

Pacific Drilling SA (OTC: PACDQ) today announced that the United States bankruptcy court for the Southern District of Texas upheld Closely shared A modified reorganization of Pacific Drilling SA and its debtor-related subsidiaries in accordance with the procedure laid down in Chapter 11 of the Bankruptcy Act (“The Plan”) on December 21, 2020.

The court affirmation of our plan marks a milestone in our march towards rebirth by the end of the year with a completely debt free balance sheet and the ability to provide high quality drilling services with our fleet of 6 auger vesselsa E 7a “Jill,” said Bernie G. Wolford, CEO of the company.

Under the confirmed plan, the company will remove leverage from its financial statements, eliminating more than $ 1 billion in covered bonds and will have access to other cash for future work with close to $ 100 million in cash in the fund. A major deferred and secured line of credit of $ 80 million.

Other information about the restructuring procedures and Chapter 11, including the plan, (1) can be found on the company’s website. www.pacificdrilling.com/restructuring, (2) On a site managed by Prime Clerk, http://cases.primeclerk.com/PacificDrilling2020 Or (3) through our restructuring information line: + 1877-930-4314 (toll-free) or +1 347-897-4073 (internationally).

Consultants

Greenhill & Co act as financial advisor, Latham & Watkins LLP and Jones Walker LLP as legal advisors and AlixPartners as company restructuring advisors in relation to the restructuring process.

The original text of this announcement, in the source language, is the official original version. The translations are provided only for the convenience of the reader and must refer to the original text, which is the only text that is legally valid.

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Contacting investors:

James Harris

Pacific Drilling SA

+713 334 6662

[email protected]

Media Contact:

Amy L. Rudi

Pacific Drilling SA

+713 334 6662

[email protected]

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