Pacific Drilling S.A. (NYSE:PACD) Q2 2020 Earnings Conference Call - Final Transcript

Aug 07, 2020 • 11:00 am ET


Pacific Drilling S.A. (NYSE:PACD) Q2 2020 Earnings Conference Call - Final Transcript


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Hello and welcome to the Pacific Drilling Second Quarter 2020 Earnings Call. My name is Dan and I will be your coordinator for today's event. [Operator Instructions]

I will now hand you over to your host Lisa Buchanan to begin today's conference. Thank you.

Lisa Buchanan

Thank you, Dan and welcome everyone to Pacific Drilling's second quarter 2020 earnings call. Before I turn the call over to Bernie, I'd like to remind everyone that any statements we make during this call that are not historical in nature are all forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by the use of words such as anticipate, believe, expect, project, or other similar words and include any statements we may make concerning the future impact of the COVID-19 pandemic on our business, our future financial and operational performance, cash balances, and earnings expectations, potential outcome of our discussions with our creditors and evaluation of our alternatives regarding our liquidity outlook and capital structure, and our market outlook including forecast of trends, future client contract opportunities, and day rates.

These statements are not guarantees of future performance and our actual results could differ materially from any forward-looking statements made during this call due to a variety of factors including those described in the Risk Factors section of our 2019 Form 10-K and other filings with the U.S. Securities and Exchange Commission which you can find on our website at You should also note that we use certain non-GAAP financial measures during this call.

You will find the required supplemental disclosure for these measures including the most directly comparable GAAP measure and associated reconciliation in our earnings release which is available on our website. Please note that we will not be taking questions at the conclusion of our prepared remarks today. We refer you to our second quarter 2020 Form 10-Q which we will file with the SEC later today and which you will be able to find on our website.

I will now turn the call over to Bernie Wolford, Chief Executive Officer of Pacific Drilling.

Bernie G. Wolford

Thanks, Lisa and good morning, everyone. Welcome to our second quarter 2020 earnings call. Joining me today in addition to Lisa are Jim Harris, our Chief Financial Officer; and Michael Acuff, Senior Vice President of Commercial. We are conducting this call remotely today as we continue to mitigate the risk of COVID-19 exposures through social distancing. COVID-19 and the associated economic and energy impacts related to measures being taken to limit exposure continue to have severe negative impacts on the demand for our services.

Despite these challenges the Pacific Drilling team continues to respond in an unprecedented manner to deliver safe and efficient services to our clients, protect health, and provide for seamless business continuity. I want to reiterate my appreciation for the dedication and commitment of our office team and rig-based crews who continue to manage significant logistical, travel, and safety