Pacific Drilling exits Chapter 11

Rig company Pacific Drilling has now left Chapter 11 in the US following a successful restructuring of the company and appointment of a new CEO.

Photo: Colourbox

Pacific Drilling has now left US Chapter 11 after completing a large-scale restructuring, informs the rig company.

As part of the restructuring, Pacific Drilling has raised USD 1.5 billion in gross proceeds in fresh capital, and the company has paid around USD 1.2 billion on a credit facility. The restructuring plan has a also bolstered Pacific Drilling's balance sheet by reducing debt and strengthening liquidity by some USD 400 million, while loans will not have to be repaid before the end of 2023.

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