Pacific Drilling IPO raises $46 million

Pacific Drilling S.A. (NYSE:PACD) reports that yesterday it closed its previously announced initial public offering of shares of common stock at a price of $8.25 per share. Pacific Drilling sold a total of 6,000,000 shares, resulting in net proceeds of approximately $46 million after deducting underwriting discounts and commissions. The underwriters have been granted a 30-day over-allotment option to purchase up to an additional 900,000 common shares.

Morgan Stanley and Deutsche Bank Securities acted as joint book-running managers for the offering. DnB NOR Markets, Howard Weil Incorporated, Pareto Securities AS and Simmons & Company International acted as co-managers.

Pacific Drilling is an international ultra-deepwater offshore drilling company. Pacific Drilling’s fleet consists of six ultra-deepwater drillships. The company currently operates three recently delivered drillships, expects delivery of its fourth drillship by end of 2011, and has two additional drillships on order at Samsung to be delivered in 2013.

November 18, 2011