DOFSQ - Pacific Drilling - With Only One Rig Left In Operation Investors Need To Prepare For Another Debt Restructuring
Note:
I have previously covered Pacific Drilling (NYSE:PACD), so investors should view this as an update to my earlier articles on the company.
Earlier this month junior offshore driller Pacific Drilling reported Q1/2020 results and provided an updated fleet status report both of which have already been discussed by fellow contributor Vladimir Zernov.
In short, the company continues to bleed material amounts of cash with negative free cash flow of $52.7 million for the quarter.
After drawing down the entire $50 million available under its recently signed revolving credit facility, the company