Pacific Drilling (PACD) 6-K Current report (foreign)

Exhibit 99.2

Settlement Communication / Subject to F.R.E. 408 backstopped by QP at agreed fixed price by interested creditors on same terms as QP (converts to warrants of a qualifying public buyer, * Subject to board approval. Company Proposal (9/6/17) Ad Hoc Group Counter (9/26/17) Company Proposal* (10/13/17) Debt Equitization  100% of 2017 SSN  100% of 2018 TLB  100% of 2020 SSN  ~55% of SSCF (~$361 million)  $300 million remains outstanding (“Residual SSCF”)  100% of 2017 SSN  100% of 2018 TLB  100% of 2020 SSN  Assumption of full SSCF agreed, subject to raising $200 million in two equity rights offerings  $100 million offering to stockholders  $100 million offering to creditors backstopped  If creditors do not wish to backstop rights offering at fixed price, the $100 million is raised without a backstop at market clearing price. If the resulting subscription price is lower than the fixed price for stockholders, the price to stockholders (and backstop price) is adjusted to match.  Backstop consideration paid in stock Maturity Extension  RCF from 6/3/18 to 2023  Residual SSCF from 5/31/19 to 2024  RCF from 6/3/18 to 2023  SSCF from 5/31/19 to 2024  Agreed, subject to discussions with RCF and SSCF Equity to Existing Equity  17.5% of reorganized equity pre-warrants and pre-MIP  2.75% of reorganized equity pre-warrants and pre-MIP  10% in total (subject to dilution), including any structuring fees for QP but excluding backstop fees Warrants to Existing Equity  Exercisable for 10% ownership of reorganizedcompany on a fully diluted basis  Strike price reflects recovery of creditors (Ad Hoc Group and SSCF) of par plus accrued interest through the petition date  Tenor: not addressed  Exercisable for 10% ownership of reorganizedcompany on a fully diluted basis  Strike price reflects recovery of Ad Hoc Group of par plus accrued interest through the petition date  Tenor: 4 years  Amount and strike price agreed  Tenor: 7 years with change of control protection otherwise Black-Scholes) Governance  QP to nominate two of the seven directors  Equitizing creditors to nominate all directors  Five member board, with one director appointed by existing board, two by equitizing creditors and one by each of the two largest backstop parties MIP  MIP terms TBD  MIP terms TBD  MIP terms TBD