Offshore driller Pacific Drilling has announced that it has emerged from chapter 11 after successfully completing restructuring transactions the company filed as part of its reorganisation plans, submitted in July.
The company has raised $1.5bn in new capital, consisting of $1bn of new secured notes and $500m of equity.
Additionally, the company has appointed Matt Ralls as chairman and Bernie Wolford as chief executive officer of the company.
“The plan has strengthened the company’s balance sheet by significantly reducing its leverage and enhancing its liquidity, with approximately $400m in cash upon emergence and no debt maturities until late 2023, positioning the company to take advantage of its dedicated, high-specification deepwater drillship fleet in anticipation of an improving market for offshore drilling services,” the company said in a release.
Pacific Drilling currently operates a fleet of seven drillships.