Pacific Drilling (PACD) 6-K Pacific Drilling Announces First Quarter 2012 Results

Exhibit 99.1

Pacific Drilling Announces First Quarter 2012 Results

• Receives Letter of Award for the Pacific Sharav

• Extends the Pacific Scirocco Contract to Two Years

LUXEMBOURG (May 30, 2012) — Pacific Drilling S.A. (NYSE: PACD) today announced net income of $18.3 million or $0.08 per diluted share on revenue of $117.4 million for the three months ended March 31, 2012. In the comparable prior year period, net loss was $10.1 million or $0.07 per diluted share on no revenue, excluding equity and earnings from our joint venture with Transocean, which was divested in March of 2011. As reflected on our March 31, 2011, financial statements, reported net income for the quarter was $9.1 million or $0.06 per diluted share.

CEO Chris Beckett stated, “During the early part of 2012, demand for ultra-deepwater drillships continued to strengthen, as demonstrated by the acceleration in multi-year inquiries and contract awards with increasingly higher dayrates. We expect to see market demand exceed supply well into 2014. In this favorable market context, thePacific Sharav received a letter of award from a major oil company for a long term commitment. We expect to provide more details on this commitment in the coming weeks. These positive market dynamics supported our decision to order a seventh drillship, scheduled for delivery in May 2014.”

Regarding the delivered drillships, Mr. Beckett added, “During the first quarter, thePacific Scirocco and thePacific Mistral started drilling operations in Nigeria and Brazil, respectively.Pacific Scirocco exceeded our expected efficiency, and our client, Total, has elected to extend the initial term of their contract to two years. We consider this a strong vote of confidence in our company’s performance from a leading deepwater operator.Pacific Mistral started its contract with Petrobras in February 2012, and after its start-up phase, we anticipate the rig will perform in line with our other two operating vessels. ThePacific Bora, in operation since August 2011, continued to deliver revenue

efficiency above expectations in line with its 2011 performance. ThePacific Santa Ana, our fourth drillship, recently arrived in the U.S. Gulf of Mexico to start its five-year contract with Chevron. We are extremely proud ofPacific Santa Ana, the first drillship custom-built to perform dual gradient drilling services. Dual gradient drilling, an exciting new technology championed by Chevron, is expected to change the way deepwater wells are drilled, providing a safer more efficient technique than conventional methods, according to a May 2011 report sponsored by the U.S. Bureau of Ocean Energy Management, Regulation and Enforcement.”

Operational Commentary

Contract drilling revenue for the first quarter of 2012 was $117.4 million including recognition of $19.3 million of deferred revenue for mobilization, contract preparation and asset upgrades. Through March 31, 2012, our operating fleet of three rigs achieved an average revenue efficiency of 88.9%^(a). During its first 55 days of operations, Pacific Mistral suffered several days of unplanned downtime due to subsea equipment design issues.Pacific Bora andPacific Scirocco delivered revenue efficiency levels in excess of industry expectation of 90% for a newbuild’s first six months of operations despite similar equipment issues. We have now upgraded all of our blowout preventers (BOP) to fully address this design weakness, with the complete support of the original equipment manufacturer. The BOP issues experienced during the quarter reduced our average quarterly revenue efficiency by more than 5%.Pacific Santa Ana began recognizing revenue on May 4, 2012, after receiving U.S. customs clearance and meeting other required criteria.

Contract drilling expenses for the first quarter of 2012 were $64.9 million, including $14.7 million in amortization of deferred mobilization costs and $5.2 million in shore-based and other support costs. Rig operating expenses forPacific Mistral andPacific Scirocco were adversely affected by the start-up costs inherent to the first few months of operations for a new drillship including incremental costs for the upgrade of our BOPs. General and administrative expenses for the first quarter of 2012 totaled $12.4 million and, as anticipated, included approximately $2.1 million in legal fees related to our $1.8 billion credit facility. These expenses were incurred to increase flexibility in the use of our funds and remove some inefficiencies from our corporate structure that should result in cost savings going forward.

First quarter 2012 results also included a pre-tax gain of $23.7 million in loss of hire insurance recovery as a result of previously disclosed claims relating to repairs and upgrades toPacific Scirocco.

2

Financial Commentary

Pacific Drilling’s liquidity position was strengthened significantly following two recent financial transactions. In February 2012, the company placed $300 million in senior unsecured bonds with international institutional investors to support the financing of our seventh drillship and our working capital requirements. Our cash balances on March 31, 2012, stood at $627 million, including $358 million of restricted cash related primarily to our project financing facility and collateral for our bonds and lines of credit. On April 19, 2012, we closed on two credit facilities totaling approximately $200 million, under which letters of credit for the same amount were issued to support the Nigeria temporary importation bonds forPacific Bora andPacific Scirocco. As a result of securing these facilities, we were able to release approximately $126 million of cash collateral from our restricted cash balance.

During the first quarter of 2012, we invested $102 million in the construction of the fleet, including the initial payment for our seventh drillship. We estimate the remaining capital expenditures for our committed drillships at $1.6 billion.

Footnotes

^(a)  Revenue efficiency is defined as actual contractual dayrate revenue (excludes mobilization fees, upgrade reimbursements and other revenue sources) divided by the maximum amount of contractual dayrate revenue that could have been earned during such period.

Conference Call

Pacific Drilling will conduct a conference call at 9:00 a.m. U.S. Central Daylight Time on Thursday, May 31, 2012, to discuss first quarter 2012 results. To participate, dial +1 719-325-2111 or 1-800-211-3767 and refer to confirmation code 2258049 approximately five to ten minutes prior to the scheduled start time of the call. The call will also be broadcast live over the Internet in a listen-only mode and can be accessed by a link posted in the “Events & Presentations” subsection of the “Investor Relations” section of the company’s website, www.pacificdrilling.com.

An audio replay of the conference call will be available after 12:00 p.m. U.S. Central Daylight Time on Thursday, May 31, 2012, by dialing +1 719-457-0820 or 1-888-203-1112 and using access code 2258049. A replay of the call will also be available on the company’s website.

3

About Pacific Drilling

With its best-in-class drillships and highly experienced team, Pacific Drilling is a fast growing company that is committed to becoming the industry’s preferred ultra-deepwater drilling contractor. Pacific Drilling’s fleet of seven ultra-deepwater drillships will represent one of the youngest and most technologically advanced fleets in the world. The company currently operates four recently delivered drillships and has two additional drillships under construction and one on order at Samsung. For more information about Pacific Drilling, including our current Fleet Status, please visit our website atwww.pacificdrilling.com.

Forward-Looking Statements

Statements regarding information affecting company performance such as the estimated duration of client contracts, contract dayrate amounts, future contract commencement dates and locations, backlog, timing and delivery of newbuilds, capital expenditures, growth opportunities, market outlook, revenue efficiency and other statements that are not historical facts in this press release are forward-looking statements and are subject to certain risks, uncertainties and assumptions and consequently actual results may differ materially from those indicated or implied by such forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any of them in light of new information, future events or otherwise.

Contact: Amy Roddy

Pacific Drilling Services, Inc.

+1 832 255 0502

Investor@pacificdrilling.com

4

PACIFIC DRILLING S.A. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands, except par value and share amounts)

	March 31,			December 31,
	2012			2011
	(unaudited)
Assets:
Cash and cash equivalents	$	269,344		$	107,278
Restricted cash		149,195			168,681
Accounts receivable		241,975			62,578
Materials and supplies		44,543			42,986
Deferred financing costs		16,605			15,124
Current portion of deferred mobilization costs		63,801			54,523
Prepaid expenses and other current assets		14,930			10,376
Total current assets		800,393			461,546
Property and equipment, net		3,509,933			3,436,010
Restricted cash		208,287			208,287
Deferred financing costs		32,922			32,386
Other assets		72,501			46,060
Total assets	$	4,624,036		$	4,184,289
Liabilities and shareholders’ equity:
Accounts payable	$	26,044		$	26,845
Accrued expenses		35,738			39,095
Current portion of long-term debt		218,750			218,750
Accrued interest payable		18,754			12,099
Derivative liabilities, current		21,549			20,466
Current portion of deferred revenue		86,866			28,829
Total current liabilities		407,701			346,084
Long-term debt, net of current maturities		1,756,250			1,456,250
Deferred revenue		126,918			73,110
Other long-term liabilities		42,923			34,772
Total long-term liabilities		1,926,091			1,564,132
Commitments and contingencies
Shareholders’ equity:
Common shares, $0.01 par value, 5,000,000,000 shares authorized, 224,100,000 shares issued and 216,900,000 shares outstanding as of March 31, 2012 and December 31, 2011, respectively		2,169			2,169
Additional paid-in capital		2,345,149			2,344,226
Accumulated other comprehensive loss		(63,381	)		(60,284	)
Retained earnings (accumulated deficit)		6,307			(12,038	)
Total shareholders’ equity		2,290,244			2,274,073
Total liabilities and shareholders’ equity	$	4,624,036		$	4,184,289

5

PACIFIC DRILLING S.A. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(in thousands, except share and per share information) (unaudited)

	Three Months Ended March 31,
	2012			2011
Revenues
Contract drilling	$	117,394		$	—
Costs and expenses
Contract drilling		(64,911	)		—
General and administrative expenses		(12,440	)		(10,513	)
Depreciation expense		(22,642	)		(140	)
		(99,993	)		(10,653	)
Loss of hire insurance recovery		23,671			—
Operating income (loss)		41,072			(10,653	)
Other income (expense)
Equity in earnings of Joint Venture		—			18,955
Interest income from Joint Venture		—			495
Interest expense		(19,280	)		(305	)
Other income		3,010			230
Income before income taxes		24,802			8,722
Income tax (expense) benefit		(6,457	)		372
Net income	$	18,345		$	9,094
Earnings per common share, basic	$	0.08		$	0.06
Weighted average number of common shares, basic		216,900,000			150,000,000
Earnings per common share, diluted	$	0.08		$	0.06
Weighted average number of common shares, diluted		216,902,496			150,000,000

6

PACIFIC DRILLING S.A. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands) (unaudited)

	Three Months Ended March 31,
	2012			2011
Cash flow from operating activities:
Net income	$	18,345		$	9,094
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Interest income from Joint Venture		—			(495	)
Depreciation expense		22,642			140
Equity in earnings of Joint Venture		—			(18,955	)
Amortization of deferred revenue		(19,296	)		—
Amortization of deferred mobilization costs		14,673			—
Amortization of deferred financing costs		2,861			—
Deferred income taxes		418			(431	)
Share-based compensation expense		923			1,726
Changes in operating assets and liabilities:
Accounts receivable		(179,397	)		522
Materials and supplies		(1,557	)		(9,783	)
Prepaid expenses and other assets		(57,364	)		(8,456	)
Accounts payable and accrued expenses		17,639			7,808
Deferred revenue		131,141			39,819
Net cash (used in) provided by operating activities		(48,972	)		20,989
Cash flow from investing activities:
Capital expenditures		(102,115	)		(205,522	)
Decrease (increase) in restricted cash		19,486			(43,072	)
Net cash used in investing activities		(82,629	)		(248,594	)
Cash flow from financing activities:
Proceeds from long-term debt		300,000			84,000
Deferred financing costs		(6,333	)		(3,363	)
Proceeds from related-party loan		—			142,205
Net cash provided by financing activities		293,667			222,842
Increase (decrease) in cash and cash equivalents		162,066			(4,763	)
Cash and cash equivalents, beginning of period		107,278			40,307
Cash and cash equivalents, end of period	$	269,344		$	35,544

7

PACIFIC DRILLING S.A. AND SUBSIDIARIES

Supplementary Data—Reconciliation of Net Income to Pro Forma Net Income (Loss)

(in thousands, except per share information) (unaudited)

	Three Months Ended March 31, 2011
Net income	$	9,094
Pro forma adjustments:
Equity in earnings of Joint Venture (a)		(18,955	)
Interest income from Joint Venture (b)		(495	)
Interest expense (c)		305
Pro forma net loss	$	(10,051	)
Earnings per common share, basic and diluted	$	0.06
Pro forma adjustments per share:
Equity in earnings of Joint Venture (a)		(0.13	)
Interest income from Joint Venture (b)		(0.00	)
Interest expense (c)		0.00
Pro forma loss per common share, basic and diluted	$	(0.07	)

(a) Reflects the pro forma elimination of our equity method share of earnings from Joint Venture.

(b) Reflects the pro forma elimination of interest income on notes receivable from Joint Venture.

(c) Reflects the pro forma elimination of interest expense incurred on a letter of credit agreement with Transocean directly related to the Joint Venture.

8