Pacific Drilling S.A. (PACD) saw its loss widen to $43.04 million, or $2.03 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $13.59 million, or $0.64 a share. Revenue during the quarter plunged 33.50 percent to $177.96 million from $267.60 million in the previous year period. Total expenses were 87.29 percent of quarterly revenues, up from 84.20 percent for the same period last year. That has resulted in a contraction of 309 basis points in operating margin to 12.71 percent.
Operating income for the quarter was $22.62 million, compared with $42.29 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $92.92 million compared with $149.76 million in the prior year period. At the same time, adjusted EBITDA margin contracted 375 basis points in the quarter to 52.22 percent from 55.96 percent in the last year period.
Chief executive officer Chris Beckett said, "Our revenue efficiency and cost management in Q4 continued to prove the strength of our organization and dedication of our entire team to preserving the long-term value of the business. In 2016 we delivered an EBITDA margin of almost 54% while ensuring our idle rigs are maintained in ready to drill status with all maintenance and class surveys up to date."
Operating cash flow drops significantly
Pacific Drilling S.A. has generated cash of $249.10 million from operating activities during the year, down 40.99 percent or $173.04 million, when compared with the last year. The company has spent $52.62 million cash to meet investing activities during the year as against cash outgo of $181.46 million in the last year.
Cash flow from financing activities was $313.66 million for the year as against cash outgo of $292.45 million in the last year period.
Cash and cash equivalents stood at $626.17 million as on Dec. 31, 2016, up 439.65 percent or $510.14 million from $116.03 million on Dec. 31, 2015.
Debt moves up
Pacific Drilling S.A. has witnessed an increase in total debt over the last one year. It stood at $3,145.45 million as on Dec. 31, 2016, up 10.53 percent or $299.78 million from $2,845.67 million on Dec. 31, 2015. Interest coverage ratio deteriorated to 0.44 for the quarter from 0.84 for the same period last year.
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