Pacific Drilling SA, Luxembourg, stung by lingering problems in the deepwater oil and gas industry, raised the possibility of bankruptcy in its report of second-quarter financial results.
In a press statement, the company said it is “evaluating various alternatives to address its liquidity and capital structure, which may include a private restructuring or a negotiated restructuring of its debt under protection of Chapter 11 of the US Bankruptcy Code.”
It reported a net loss of $138.1 million in the second quarter, compared to net income of $8.2 million in the second quarter of 2016.
The company owns seven high-specification drillships.
Paul Reese, who recently replaced Chris Beckett as chief executive officer, noted signs of an upturn.
“Lately, we have received an increase in market inquiries for projects in several deepwater regions of the world starting sometime in 2018, which is promising,” he said.
