PACD - Pacific Drilling Shareholders Are Set To Be Wiped Out While The Company Will Try To Save Itself As A Business
Pacific Drilling (PACD) has recently reported its second-quarter results, providing a chance to see how things are going at the company, which may become an M&A target during the current restructuring season.
It reported revenues of $38.9 million and net loss of $87.4 million. During the quarter, the company had negative operating cash flow of $26.5 million. Not surprisingly, its cash position deteriorated from $274 million at the end of the first quarter to $246 million at the end of the second quarter.
Due to the poor outlook for the offshore drilling market