 Investors Presentation January 2012 Exhibit 99.1 |
 Disclaimer • This presentation contains statements that express opinions, expectations, beliefs, plans, objectives, assumptions or projections of Pacific Drilling S.A. (the “Company” or “Pacific”) regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of our strategies, financing plans and growth opportunities. In some cases, we have identified such forward-looking statements with typical conditional words such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” “may,” “will,” “would, “could” or “should,” the negative of these terms or other comparable terminology. These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on our current expectations and projections about future events. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances that may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of our control and could cause our actual results and experience to differ materially from those we thought would occur. The forward-looking statements included in this presentation are made only as of the date hereof. We do not undertake, and specifically decline, any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments. • This presentation shall not constitute an offer to sell or a solicitation of an offer to buy the Company’s common shares. 2 |
 Who is Pacific Drilling? 3 Committed to becoming the preferred ultra- deepwater drilling contractor Pure-Play UDW Drillship Asset Base 2 Dedication to Operational Excellence 3 Financial Strength 4 Focus on the Growing UDW Market 1 Commitment to Shareholder Value Creation 5 |
 4 Committed to becoming the preferred ultra- deepwater drilling contractor Pure-Play UDW Drillship Asset Base 2 Dedication to Operational Excellence 3 Financial Strength 4 Focus on the Growing UDW Market 1 Commitment to Shareholder Value Creation 5 |
 A Global Growth Market Areas With Active Ultra-deepwater Rig Programs In 2012 5 Focus on the Growing UDW Market Core Areas • • Attractive fiscal terms • Lower Tertiary ultra-deep wells • • Pre-salt success • Light oil & gas • • Long-lead time developments Emerging Areas • • Israel, Egypt and Libya • • Entry by IOCs • • Similar geology to US GOM • • East Africa, S.China Sea, Malaysia, Black Sea, Atlantic Canada/Greenland Core areas Emerging areas US Gulf of Mexico Brazil West Africa Mediterranean India Mexico Under-explored Regions |
 Increasing Deepwater Drilling Activity Wells Drilled in Deep Water (1) Increased Deepwater Production… …Driven by an Increasing Number of Wells 6 Focus on the Growing UDW Market Source: Wood Mackenzie Global Oil Supply Tool, Macro Oils Service, Global Deepwater Production, June 2011; Wall Street Research Global Deepwater Production (DW Share of Total Global Production) Deepwater Production (MMbpd) (1) Datamonitor defines deepwater as >1,500 ft (427 m) in the US and >500 m (1,640 ft) internationally Source: Datamonitor, Wall Street Research +14% CAGR 2010 2009 2008 2007 2006 2005 2010 +8% CAGR 2009 2008 2007 2006 2005 Deepwater Wells 5.7 5.3 4.6 4.2 3.8 3.0 631 545 565 560 470 438 |
 Industry Requires New Rigs With Advanced Capabilities Source: ODS-Petrodata for floater age Challenges of remote drilling sites Drilling deeper and with longer offsets Greater drilling efficiency to reduce total well costs Advances in well construction More demanding downhole environments, e.g. high pressure & temperature drilling Increasingly demanding regulatory climate 1 2 3 4 5 6 7 Over 40% Of Floaters Greater than 20 Years Old Focus on the Growing UDW Market Industry Trends …Supports ”bifurcation” in the market due to increased willingness to pay for newer, higher spec rigs Rig Age in Years |
 Rising Dayrates for UDW Drillships (>7,500 Ft) (1) (2) (3) High Utilization of UDW Drillships (>7,500 Ft) Fixture Dayrates ($K/Day) Continued High Utilization With Strong Market Growth 8 Focus on the Growing UDW Market Number of Drillships (>7,500 ft) Utilization (%) Total Available Total Contracted Utilization (%) Recession Period Fixture Dayrates Trendline Recession Period 0 200 400 600 800 2003 2004 2005 2006 2007 2008 2009 2010 2011 2003 2004 2005 2006 2007 2008 2009 2010 2011 0 10 20 30 40 50 60 70 80 90 100 110 10 20 30 40 50 (1) Includes only dayrates by fixture date; does not include options, sublets, single-well contracts and cancelled contracts (2) Fixture dayrates represent dayrates contractually agreed upon by the operator and service provider, and can be agreed upon significantly ahead of actual starting date (3) Trendline calculated from regression analysis Source: ODS-Petrodata (RigPoint Data as of October 7, 2011); Recession data sourced from OECD Statistics Quarterly GDP Data |
 Committed to becoming the preferred ultra- deepwater drilling contractor Pure-Play UDW Drillship Asset Base 2 Dedication to Operational Excellence 3 Financial Strength 4 Focus on the Growing UDW Market 1 Commitment to Shareholder Value Creation 5 9 |
 Pacific Drilling: Most Modern, Pure Play UDW Fleet More Modern Deeper Water Pure-Play UDW Drillship Asset Base 10 Average Water Depth (Ft.) Songa Fred Olsen Energy Diamond Offshore North Atlantic Drilling Noble Transocean Seadrill Ocean Rig Ensco Note: Area of bubble represents total enterprise value of company as of 9/26/2011; includes only publicly traded drillers with active ultra-deepwater fleets Note: U.S.-listed drillers of the above include Diamond Offshore (DO), Ensco (ESV), Noble (NE), Ocean Rig (ORIG), Seadrill (SDRL), and Transocean (RIG) Source: Based on public company disclosure and Capital IQ; average water depth and average year built for deepwater fleet including assets under construction; September 2011 |
 Fleet of Six Premium Latest Generation Drillships 11 Pure-Play UDW Drillship Asset Base Consistent, Proven Design & Drilling Package Fleet-wide Water Depth Capability 10-12,000 Ft. Dual Derricks with 1000-1250ST Hook Loads 2x Single plus Offline & 4x Dual Load Path Rigs 200 POB accommodation, 22,000ST Displacement Up to 40,000ft Drilling Depth with 6 Ram BOPs 3 Rigs DGD-Capable (1) Pacific Santa Ana Delivered 2011 Pacific Khamsin 2013 Pacific Sharav 2013 Pacific Mistral Delivered 2011 Pacific Bora Delivered 2010 Pacific Scirocco Delivered 2011 (1) “DGD-Capable” rigs require the addition of client provided sub-sea equipment to deliver DGD Services |
 • Removes the effect of mud weight in the riser column • Especially important in deeper water and wellbores (e.g. Gulf of Mexico or pre-salt Brazil) Offshore Magazine (May 1 , 2010) "It's easier, safer, better for the environment, less expensive, the risks decrease, and the outcomes are more predictable. I think it will be the way we drill deepwater wells in the future.“ -Chevron N. America Value to Operators A Proven Well Construction Advance Value to Pacific Drilling • Only drilling contractor with knowledge and equipment to provide Dual Gradient Drilling in Ultra-deepwater • Anticipate long-term competitive advantage • Cost to upgrade existing rigs is prohibitively expensive Commercializing Proven Technology - Dual Gradient Drilling 12 Source Graphic: Scientific Drilling, July 6, 2008 Pure-Play UDW Drillship Asset Base Drilling and hydrostatic pressure profiles for varying mud weights Drilling mud hydrostatic pressure Formation fracture pressure Formation pore pressure st |
 13 Committed to becoming the preferred ultra- deepwater drilling contractor Pure-Play UDW Drillship Asset Base 2 Dedication to Operational Excellence 3 Financial Strength 4 Focus on the Growing UDW Market 1 Commitment to Shareholder Value Creation 5 |
 Experienced And Respected Leadership Team Bob MacChesney, Chief Operating Officer 31 years of experience in oil services Previously held leadership positions with Transocean and predecessor companies Cees Van Diemen, Sr. VP Operations 35 years of experience in oil services Previously held leadership positions with Noble and predecessor companies • Technical expertise • Long-term client relationships • Extensive public company experience • International experience • Functional depth throughout organization Chris Beckett, CEO 21 years of experience in oil services Previously held leadership positions with Transocean, McKinsey and Schlumberger William Restrepo, Chief Financial Officer 26 years of experience in oil services Previously CFO at Smith International and Seitel and held leadership positions with Schlumberger Dedication to Operational Excellence 14 |
 15 Pacific Drilling – Executing On Promises To Investors 2006 2007 2008 2009 2010 2011 Development Building the platform Operations & Growth Fully-fledged UDW contractor Formed by the Quantum Pacific Group (QP) Startup Initial investment “Committed To Becoming The Preferred UDW Drilling Contractor” Established management team Initiated construction of 4 drillships Implemented management systems 2 drilling contracts signed 2 drilling contracts signed Dedication to Operational Excellence Closed $600 MM private placement Ordered 2 additional drillships 3 rigs delivered Began drilling operations $1.8 Bn financing secured First rig delivered NYSE listing Built operations support team, over 850 staff to date |
 • Construction and commissioning of 4 drillships at Samsung All rigs delivered on time and on budget No lost time incidents (6.35 million manhours) • Post-delivery phase for Pacific Bora, Pacific Scirocco and Pacific Mistral 1.04 LTIF (1) (total 1.29 million manhours) • Pacific Bora contract commencement on August 26, 2011 First rig to enter Nigeria under new local content regulations Recruitment of 50% local rig crew No recordable incidents Greater than 90% revenue efficiency (2) through December 31, 2011 Delivering Operational Excellence Dedication to Operational Excellence 16 (1) LTIF is Lost Time Incidents (LTI) per million manhours (2) Revenue efficiency is defined as actual contract drilling revenue earned divided by the maximum potential contract drilling revenue for that period. |
 17 Committed to becoming the preferred ultra- deepwater drilling contractor Pure-Play UDW Drillship Asset Base 2 Dedication to Operational Excellence 3 Financial Strength 4 Focus on the Growing UDW Market 1 Commitment to Shareholder Value Creation 5 |
 $2.2 Billion Backlog With Blue Chip Operators (1) As of November 4, 2011; does not include options (2) Includes revenues from contract day rate, mobilization, and client contract upgrade; mobilization and client contract upgrade revenue not dependent on utilization Source: Company’s F-1, Wall Street Research for deepwater developments by operator Financial Strength Contract Day rate Full contract revenue per day 18 Contract Backlog Total, (1) (2) $ MM Average Contract Backlog Revenue Per Day, (2) $ K Blue Chip Partners Percent of total deepwater developments by operator (2008-12E) 34 32 104 78 475 Scirocco 574 470 Bora 553 468 458 Santa Ana 502 Mistral 490 Pacific Drilling customer Other 6% 7% 8% 10% Total (Scirocco) 10% Chevron (Bora, Santa Ana) 11% 40% Others Shell ExxonMobil 8% Petrobras (Mistral) Statoil BP 916 537 210 567 Santa Ana Mistral Scirocco Bora • Strong backlog, with additional potential from options • Contracts with well-capitalized international oil companies • Demonstrated ability to secure premium rates • Proven market acceptance Term Firm years Optional years 3 2 1 4 3 0 5 0 |
 Balanced Mix Of Dayrate Exposure And Contracted Backlog 2011 2012 2013 2014 Chevron Nigeria, $475K/d (2) 3 year contract with two additional one-year options Options for up to 4 years of additional term Total Nigeria, $470K/d (2) 1 year initial Delivery: April 2013 Delivery: September 2013 Chevron USGOM, $467.5K/d (2) 5 year contract through 2017 Petrobras Brazil, $458K/d (2) 3 year contract Rigs Contracted Options Under construction Upgrade, mobilization, and acceptance 19 Financial Strength Pacific Bora Pacific Scirocco Pacific Mistral Pacific Santa Ana Pacific Khamsin Pacific Sharav (1) Fleet status reflected as of December 1, 2011 (2) Daily contract backlog revenue does not include mobilization and client contract upgrade revenues |
 Solid Capitalization Financial Strength 20 Sources and Uses Through 6 Initial Rigs ($ B) 0.6 0.9 1.7 Sources 4.8 1.6 Future financing for Khamsin & Sharav Existing bank facility Private placement and IPO proceeds Equity contribution from sponsor 1.2 0.4 Uses 4.8 3.2 Liquidity reserve, working capital and restricted cash Capex – Khamsin & Sharav Capex – deliveries and construction orders for initial four drillships 31% 69% <1% Public Investors Management & Board Quantum Pacific Free Float Remaining $769 MM (1) Drawn $956 MM (1) • Full financing in place for initial four rigs • Balanced mix of debt and equity financing • Continuing strong sponsor commitment and alignment with public shareholders (1) Total anticipated drawdown on the $1.8 Bn facility is $1.725 Bn. As of June 30, 2011, $25 MM of the total $956MM draw from the facility has been repaid (Bora debt amortization), leaving outstanding debt of $931 MM and a remaining drawdown of $769 MM. Source: Company F-1 |
 Capitalization Provides Strategic Flexibility 21 Financial Strength Fully Funded Enterprise Value (1) ($ MM) Total Debt (2) 931 Remaining Capex Liability (4) 1,605 Cash (3) 345 Fully Funded Net Debt 2,191 Market Capitalization (5) 2,019 Equity 2,019 Fully Funded Enterprise Value 4,210 Net Debt to Enterprise Value (6) 52% • Strong capitalization can support strategic activities • Implied leverage in line with target range (-) (+) (1) Represents our fully funded enterprise value including future capex liability required to complete the current fleet of six drillships (2) As of June 30, 2011 (3) As of June 30, 2011 and adjusted for estimated IPO net proceeds of $50 MM (including over-allotment net of underwriting fees, discounts and offering expenses) (4) As of June 30, 2011. Net of client contract upgrades; $769 MM of which to be funded by committed debt facility; assumes remaining capex fully funded by debt (5) At closing price on January 6, 2012 of $9.31 per share and total shares outstanding of 216.9M (6) Net debt to enterprise value equals fully funded net debt divided by fully funded enterprise value Source: Company F-1 |
 Attractive $1.8 Billion Financing In Place 22 Financial Strength Debt Level and Repayment Schedule – 4 Rigs ($MM) 218 218 218 1,018 25 1,100 1,000 900 800 700 600 500 400 300 200 100 0 2015-2018 2014 2013 2012 2011 Debt payments Total debt per initial 4 delivered rigs Highlights of Bank Facility • Closed September 2010 • 9 Banks, 2 Export Credit Agencies • 4.95%-5.45% interest rate • 5 year amortizing term loan |
 • Newbuilds Pacific Khamsin and Pacific Sharav valued at $650 MM each • Implied average value per existing rig of $730 MM • Recent transactions imply industry players value active UDW rigs in excess of $850 MM Implied Rig Valuation 23 Financial Strength 1,605 Q2 2011 586 2,019 4,210 Market Cap (1) Remaining Capex (2) Net Debt (2) = Q2 2011 4,210 1,300 2,910 Newbuilds Bora, Scirocco, Mistral, Santa Ana Enterprise Value Rig Values Valuations, $ MM (1) At closing price on January 6, 2012 of $9.31 per share and total shares outstanding of 216.9M (2) As of June 30, 2011 and net debt adjusted for estimated IPO net proceeds of $50 MM Source: Wall Street research, company filings and press releases |
 24 Committed to becoming the preferred ultra- deepwater drilling contractor Pure-Play UDW Drillship Asset Base 2 Dedication to Operational Excellence 3 Financial Strength 4 Focus on the Growing UDW Market 1 Commitment to Shareholder Value Creation 5 |
 Strategic Focus On Shareholder Value Creation 25 Target continued growth – Benefit from strengthening UDW market conditions – Build on leading-edge technology commercialization, e.g. dual gradient drilling – Look for organic growth opportunities and M&A that can deliver shareholder value Corporate and operational excellence – Capitalize on high quality assets in post-Macondo world – Differentiation through management and processes – Committed to best-in-class corporate governance Disciplined financial management – Listed on the NYSE – Committed to returning excess cash to shareholders – Diligently monitoring market to assure appropriate capital structure Committed to becoming the preferred UDW contractor 1 2 3 |
 Who is Pacific Drilling? Committed to becoming the preferred ultra- deepwater drilling contractor Pure-Play UDW Drillship Asset Base 2 Dedication to Operational Excellence 3 Financial Strength 4 Focus on the Growing UDW Market 1 Commitment to Shareholder Value Creation 5 26 |