Pacific Drilling Not Looking to Sell Itself, CEO Says
This article is for subscribers only.
Pacific Drilling SA, the deepwater oil driller controlled by Israeli billionaire Idan Ofer, said it’s not looking to sell itself despite gaining notice as a takeover candidate during an oil-market crash.
The $442 million company, which has lost almost 80 percent of its value since oil prices began falling in June 2014, owns a fleet of seven ultra-deepwater drillships with five of them under contract and an eighth being built. Rig owners around the world are suffering as new vessels enter the market even as customers cut activity to survive a yearlong crude downturn.