United states securities and exchange commission



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UNITED STATES



SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549
FORM 20-F





REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

 

OR




ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2017

OR




TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

OR




SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission file number 001-35345
 

PACIFIC DRILLING S.A.

(Exact name of Registrant as specified in its charter)


Not Applicable

(Translation of Registrant’s name into English)



Luxembourg

(Jurisdiction of incorporation or organization)



8-10, Avenue de la Gare

L-1610 Luxembourg

(Address of principal executive offices)



Lisa Manget Buchanan

Senior Vice President, General Counsel and Secretary

11700 Katy Freeway, Suite 175

Houston, Texas 77079

Phone (832) 255-0519

Fax (832) 201-9883

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)


Securities registered or to be registered pursuant to Section 12(b) of the Act. None.

Securities registered or to be registered pursuant to Section 12(g) of the Act. None.

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.


 

Title of each class

Common shares, $0.01 par value per share

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

As of December 31, 2017, there were 21,338,602 shares outstanding.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes  ☐  No  ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.  Yes  ☐  No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒  No  ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  ☒  No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:




 

 

 

 

 

Large accelerated filer  ☐

 

Accelerated filer  ☐

 

Non-accelerated filer  ☒

Emerging growth company  ☐

 

 

 

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

†  The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:




U.S. GAAP  ☒

    

International Financial Reporting Standards as issued

    

Other  ☐

 

 

by the International Accounting Standards Board  ☐

 

 

 

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.  Item  17  ☐  Item  18  ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐  No  ☒

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.  Yes  ☐  No  ☐

 

 



 

 

 


TABLE OF CONTENTS


 

    

Page

FORWARD-LOOKING STATEMENTS  

 

4

PART I  

 

4

ITEM 1.       IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS  

 

4

ITEM 2.       OFFER STATISTICS AND EXPECTED TIMETABLE  

 

4

ITEM 3.       KEY INFORMATION  

 

4

A. SELECTED FINANCIAL DATA  

 

4

B. CAPITALIZATION AND INDEBTEDNESS  

 

6

C. REASONS FOR THE OFFER AND USE OF PROCEEDS  

 

6

D. RISK FACTORS  

 

6

ITEM 4.       INFORMATION ON THE COMPANY  

 

20

A. HISTORY AND DEVELOPMENT OF THE COMPANY  

 

20

B. BUSINESS OVERVIEW  

 

21

C. ORGANIZATIONAL STRUCTURE  

 

27

D. PROPERTY, PLANT AND EQUIPMENT  

 

28

ITEM 4A.    UNRESOLVED STAFF COMMENTS  

 

28

ITEM 5.       OPERATING AND FINANCIAL REVIEW AND PROSPECTS  

 

28

A. OPERATING RESULTS  

 

28

B. LIQUIDITY AND CAPITAL RESOURCES  

 

38

C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC.  

 

42

D. TREND INFORMATION  

 

43

E. OFF-BALANCE SHEET ARRANGEMENTS  

 

44

F. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS  

 

44

G. SAFE HARBOR  

 

44

ITEM 6.       DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES  

 

44

A. DIRECTORS AND SENIOR MANAGEMENT  

 

44

B. COMPENSATION  

 

49

C. BOARD PRACTICES  

 

51

D. EMPLOYEES  

 

53

E. SHARE OWNERSHIP  

 

54

ITEM 7.        MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS  

 

55

A. MAJOR SHAREHOLDERS  

 

55

B. RELATED PARTY TRANSACTIONS  

 

55

C. INTERESTS OF EXPERTS AND COUNSEL  

 

55

ITEM 8.       FINANCIAL INFORMATION  

 

55

A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION  

 

55

B. SIGNIFICANT CHANGES  

 

56

ITEM 9.       THE OFFER AND LISTING  

 

57

A. OFFER AND LISTING DETAILS  

 

57

B. PLAN OF DISTRIBUTION  

 

58

C. MARKETS  

 

58

D. SELLING SHAREHOLDERS  

 

58

E. DILUTION  

 

58

F. EXPENSES OF THE ISSUE  

 

58

ITEM 10.    ADDITIONAL INFORMATION  

 

58

A. SHARE CAPITAL  

 

58

B. MEMORANDUM AND ARTICLES OF ASSOCIATION  

 

58

C. MATERIAL CONTRACTS  

 

62

D. EXCHANGE CONTROLS  

 

62

E. TAXATION  

 

62

F. DIVIDENDS AND PAYING AGENTS  

 

68

G. STATEMENT BY EXPERTS  

 

68

H. DOCUMENTS ON DISPLAY  

 

69

I. SUBSIDIARY INFORMATION  

 

69

2
 



 
 

 

 

Page

ITEM 11.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  

 

69

ITEM 12.    DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES  

 

69

A. DEBT SECURITIES  

 

69

B. WARRANTS AND RIGHTS  

 

69

C. OTHER SECURITIES  

 

69

D. AMERICAN DEPOSITORY SHARES  

 

70

PART II  

 

70

ITEM 13.    DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES  

 

70

ITEM 14.     MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS  

 

70

ITEM 15.    CONTROLS AND PROCEDURES  

 

70

ITEM 16.    RESERVED  

 

72

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT  

 

72

ITEM 16B. CODE OF ETHICS  

 

72

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES  

 

72

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES  

 

73

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS  

 

73

ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT  

 

73

ITEM 16G. CORPORATE GOVERNANCE  

 

73

ITEM 16H. MINE SAFETY DISCLOSURE  

 

73

PART III  

 

74

ITEM 17.   FINANCIAL STATEMENTS  

 

74

ITEM 18.   FINANCIAL STATEMENTS  

 

74

ITEM 19.   EXHIBITS  

 

75

 

 


3
 

 
FORWARD-LOOKING STATEMENTS

This annual report contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identifiable by their use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “will” and similar terms and phrases, which are not generally historical in nature, including references to assumptions. The assumptions and bases used to make any forward-looking statements, while reasonable and made in good faith, almost always vary from the actual results, and the differences between assumed facts or bases and actual results can be material, depending upon the circumstances.

Any forward-looking statements contained in this annual report should not be relied upon as predictions of future events as no assurance can be given that the expectations expressed in any forward-looking statements will prove to be correct. You should thoroughly read this annual report with the understanding that our actual future results may be materially different from and worse than what we expect. Some important factors that could cause actual results to differ materially from those in the forward-looking statements are, in certain instances, included with such forward-looking statements and Item 3.D., “Risk Factors” in this annual report. Additionally, new risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Readers are cautioned not to place undue reliance on the forward-looking statements contained in this annual report, which represent the best judgment of our management. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


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