On Wednesday, March 11, 2020, ultra-deepwater drilling specialist Pacific Drilling S.A. (PACD) announced its fourth quarter 2020 earnings results. At first glance, these results were rather disappointing as the company failed to meet its analysts' estimates in terms of either top-line revenues or bottom-line earnings. A closer look at the actual earnings report does indeed reveal a great deal of disappointment here despite a few bright spots. We have seen a few bright spots in the industry this year, but it does continue to be very weak, and we certainly see this reflected in the