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, 2016

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.


Title of each class

    

Name of each exchange on which registered

Common shares, $0.01 par value per share

 

New York Stock Exchange

 

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. None.

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, 2016, there were 21,183,852 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, or a non-accelerated filer. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):




Large accelerated filer  ☐

 

Accelerated filer  ☐

 

Non-accelerated filer  ☒

 

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  ☒

 

 



 

 

 


TABLE OF CONTENTS


 

    

Page

FORWARD-LOOKING STATEMENTS  

 



PART I  

 



ITEM 1.        IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS  

 



ITEM 2.       OFFER STATISTICS AND EXPECTED TIMETABLE  

 



ITEM 3.       KEY INFORMATION  

 



A. SELECTED FINANCIAL DATA  

 



B. CAPITALIZATION AND INDEBTEDNESS  

 



C. REASONS FOR THE OFFER AND USE OF PROCEEDS  

 



D. RISK FACTORS  

 



ITEM 4.       INFORMATION ON THE COMPANY  

 

18 


A. HISTORY AND DEVELOPMENT OF THE COMPANY  

 

18 


B. BUSINESS OVERVIEW  

 

19 


C. ORGANIZATIONAL STRUCTURE  

 

25 


D. PROPERTY, PLANT AND EQUIPMENT  

 

26 


ITEM 4A.    UNRESOLVED STAFF COMMENTS  

 

26 


ITEM 5.       OPERATING AND FINANCIAL REVIEW AND PROSPECTS  

 

26 


A. OPERATING RESULTS  

 

26 


B. LIQUIDITY AND CAPITAL RESOURCES  

 

34 


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

 

39 


D. TREND INFORMATION  

 

39 


E. OFF-BALANCE SHEET ARRANGEMENTS  

 

40 


F. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS  

 

41 


G. SAFE HARBOR  

 

41 


ITEM 6.       DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES  

 

42 


A. DIRECTORS AND SENIOR MANAGEMENT  

 

42 


B. COMPENSATION  

 

46 


C. BOARD PRACTICES  

 

48 


D. EMPLOYEES  

 

50 


E. SHARE OWNERSHIP  

 

51 


ITEM 7.        MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS  

 

52 


A. MAJOR SHAREHOLDERS  

 

52 


B. RELATED PARTY TRANSACTIONS  

 

52 


C. INTERESTS OF EXPERTS AND COUNSEL  

 

52 


ITEM 8.       FINANCIAL INFORMATION  

 

52 


A. CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION  

 

52 


B. SIGNIFICANT CHANGES  

 

53 


ITEM 9.       THE OFFER AND LISTING  

 

54 


A. OFFER AND LISTING DETAILS  

 

54 


B. PLAN OF DISTRIBUTION  

 

55 


C. MARKETS  

 

55 


D. SELLING SHAREHOLDERS  

 

55 


E. DILUTION  

 

55 


F. EXPENSES OF THE ISSUE  

 

55 


ITEM 10.    ADDITIONAL INFORMATION  

 

55 


A. SHARE CAPITAL  

 

55 


B. MEMORANDUM AND ARTICLES OF ASSOCIATION  

 

55 


C. MATERIAL CONTRACTS  

 

59 


D. EXCHANGE CONTROLS  

 

59 


E. TAXATION  

 

59 


F. DIVIDENDS AND PAYING AGENTS  

 

65 


G. STATEMENT BY EXPERTS  

 

65 


H. DOCUMENTS ON DISPLAY  

 

66 


I. SUBSIDIARY INFORMATION  

 

66 

2
 

 
 


 

 

Page

ITEM 11.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  

 

66 


ITEM 12.    DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES  

 

66 


A. DEBT SECURITIES  

 

66 


B. WARRANTS AND RIGHTS  

 

66 


C. OTHER SECURITIES  

 

66 


D. AMERICAN DEPOSITORY SHARES  

 

67 


PART II  

 

67 


ITEM 13.    DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES  

 

67 


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

 

67 


ITEM 15.    CONTROLS AND PROCEDURES  

 

67 


ITEM 16.    RESERVED  

 

69 


ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT  

 

69 


ITEM 16B. CODE OF ETHICS  

 

69 


ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES  

 

69 


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

 

70 


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

 

70 


ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT  

 

70 


ITEM 16G. CORPORATE GOVERNANCE  

 

70 


ITEM 16H. MINE SAFETY DISCLOSURE  

 

71 


PART III  

 

72 


ITEM 17.   FINANCIAL STATEMENTS  

 

72 


ITEM 18.   FINANCIAL STATEMENTS  

 

72 


ITEM 19.   EXHIBITS  

 

73 


 

 


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, “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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