Delaware (State or other jurisdiction of incorporation) |
1-13289 (Commission File Number) |
76-0069030 (I.R.S. Employer Identification No.) |
5847 San Felipe, Suite 3300 | ||
Houston, Texas (Address of principal executive offices) |
77057 (Zip Code) |
99.1 | Press release issued by Pride dated February 17, 2011. |
2
PRIDE INTERNATIONAL, INC. |
||||
By: | /s/ Brady K. Long | |||
Brady K. Long | ||||
Vice PresidentGeneral Counsel & Secretary | ||||
3
No. | Description | |
99.1
|
Press release issued by Pride dated February 17, 2011. |
4
FOR IMMEDIATE RELEASE
|
Analyst Contact: | Jeffrey L. Chastain | ||
(713) 917-2020 | ||||
Media Contact: | Kate Perez | |||
(713) 917-2343 |
Three Months Ended | ||||||||
December 31, | ||||||||
2010 | 2009 | |||||||
REVENUES |
||||||||
Revenues, excluding reimbursable revenues |
$ | 392.2 | $ | 310.4 | ||||
Reimbursable revenues |
8.6 | 6.3 | ||||||
400.8 | 316.7 | |||||||
COSTS AND EXPENSES |
||||||||
Operating costs, excluding depreciation and amortization |
240.1 | 212.3 | ||||||
Reimbursable costs |
8.0 | 5.7 | ||||||
Depreciation and amortization |
50.6 | 40.7 | ||||||
General and administrative, excluding depreciation and amortization |
26.2 | 25.2 | ||||||
Department of Justice and Securities and Exchange Commission fines |
| 56.2 | ||||||
Loss on sales of assets, net |
0.3 | 0.1 | ||||||
325.2 | 340.2 | |||||||
EARNINGS FROM OPERATIONS |
75.6 | (23.5 | ) | |||||
OTHER INCOME (EXPENSE), NET |
||||||||
Interest expense, net of amounts capitalized |
(6.8 | ) | | |||||
Interest income |
0.7 | 0.4 | ||||||
Other income (expense), net |
(1.6 | ) | (0.9 | ) | ||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
67.9 | (24.0 | ) | |||||
INCOME TAXES |
(5.7 | ) | 0.8 | |||||
INCOME FROM CONTINUING OPERATIONS, NET OF TAX |
62.2 | (23.2 | ) | |||||
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX |
(10.1 | ) | (9.6 | ) | ||||
NET INCOME |
$ | 52.1 | $ | (32.8 | ) | |||
BASIC EARNINGS PER SHARE: |
||||||||
Income from continuing operations attributable to common
shareholders |
$ | 0.35 | $ | (0.13 | ) | |||
Loss from discontinued operations |
(0.06 | ) | (0.06 | ) | ||||
Net income |
$ | 0.29 | $ | (0.19 | ) | |||
DILUTED EARNINGS PER SHARE: |
||||||||
Income from continuing operations attributable to common
shareholders |
$ | 0.35 | $ | (0.13 | ) | |||
Loss from discontinued operations |
(0.06 | ) | (0.06 | ) | ||||
Net income |
$ | 0.29 | $ | (0.19 | ) | |||
SHARES USED IN PER SHARE CALCULATIONS |
||||||||
Basic |
175.8 | 174.4 | ||||||
Diluted |
176.5 | 174.4 |
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
REVENUES |
||||||||||||
Revenues, excluding reimbursable revenues |
$ | 1,431.5 | $ | 1,563.5 | $ | 1,664.7 | ||||||
Reimbursable revenues |
28.6 | 30.7 | 37.9 | |||||||||
1,460.1 | 1,594.2 | 1,702.6 | ||||||||||
COSTS AND EXPENSES |
||||||||||||
Operating costs, excluding depreciation and amortization |
871.9 | 828.3 | 766.5 | |||||||||
Reimbursable costs |
24.9 | 27.3 | 34.9 | |||||||||
Depreciation and amortization |
184.0 | 159.0 | 147.3 | |||||||||
General and administrative, excluding depreciation and amortization |
103.9 | 110.5 | 126.7 | |||||||||
Department of Justice and Securities and Exchange Commission fines |
| 56.2 | | |||||||||
Loss (gain) on sales of assets, net |
0.2 | (0.4 | ) | 0.1 | ||||||||
1,184.9 | 1,180.9 | 1,075.5 | ||||||||||
EARNINGS FROM OPERATIONS |
275.2 | 413.3 | 627.1 | |||||||||
OTHER INCOME (EXPENSE), NET |
||||||||||||
Interest expense, net of amounts capitalized |
(13.4 | ) | (0.1 | ) | (20.0 | ) | ||||||
Refinancing charges |
(16.7 | ) | | (2.3 | ) | |||||||
Interest income |
2.9 | 3.0 | 16.8 | |||||||||
Other income (expense), net |
4.0 | (4.1 | ) | 20.6 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
252.0 | 412.1 | 642.2 | |||||||||
INCOME TAXES |
(8.6 | ) | (71.8 | ) | (133.5 | ) | ||||||
INCOME FROM CONTINUING OPERATIONS, NET OF TAX |
243.4 | 340.3 | 508.7 | |||||||||
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX |
(24.3 | ) | (54.5 | ) | 342.4 | |||||||
NET INCOME |
$ | 219.1 | $ | 285.8 | $ | 851.1 | ||||||
BASIC EARNINGS PER SHARE: |
||||||||||||
Income from continuing operations attributable to common shareholders |
$ | 1.37 | $ | 1.93 | $ | 2.95 | ||||||
Income (loss) from discontinued operations |
(0.14 | ) | (0.31 | ) | 1.99 | |||||||
Net income |
$ | 1.23 | $ | 1.62 | $ | 4.94 | ||||||
DILUTED EARNINGS PER SHARE: |
||||||||||||
Income from continuing operations attributable to common shareholders |
$ | 1.37 | $ | 1.92 | $ | 2.89 | ||||||
Income (loss) from discontinued operations |
(0.14 | ) | (0.31 | ) | 1.94 | |||||||
Net income |
$ | 1.23 | $ | 1.61 | $ | 4.83 | ||||||
SHARES USED IN PER SHARE CALCULATIONS |
||||||||||||
Basic |
175.6 | 173.7 | 170.6 | |||||||||
Diluted |
176.2 | 174.0 | 175.2 |
December 31, | ||||||||
2010 | 2009 | |||||||
ASSETS |
||||||||
CURRENT ASSETS: |
||||||||
Cash and cash equivalents |
$ | 485.0 | $ | 763.1 | ||||
Trade receivables, net |
200.3 | 211.9 | ||||||
Deferred income taxes |
10.1 | 21.6 | ||||||
Other current assets |
127.3 | 167.6 | ||||||
Total current assets |
822.7 | 1,164.2 | ||||||
PROPERTY AND EQUIPMENT |
7,337.0 | 6,091.0 | ||||||
Less: accumulated depreciation |
1,375.8 | 1,200.7 | ||||||
Property and equipment, net |
5,961.2 | 4,890.3 | ||||||
OTHER ASSETS, NET |
87.8 | 88.4 | ||||||
Total assets |
$ | 6,871.7 | $ | 6,142.9 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
CURRENT LIABILITIES: |
||||||||
Current portion of long-term debt |
$ | 30.3 | $ | 30.3 | ||||
Accounts payable |
112.3 | 132.4 | ||||||
Accrued expenses and other current liabilities |
217.0 | 339.7 | ||||||
Total current liabilities |
359.6 | 502.4 | ||||||
OTHER LONG-TERM LIABILITIES |
101.5 | 118.3 | ||||||
LONG-TERM DEBT, NET OF CURRENT PORTION |
1,833.4 | 1,161.7 | ||||||
DEFERRED INCOME TAXES |
60.9 | 102.7 | ||||||
STOCKHOLDERS EQUITY: |
||||||||
Preferred stock |
| | ||||||
Common stock |
1.8 | 1.8 | ||||||
Paid-in capital |
2,103.0 | 2,058.7 | ||||||
Treasury stock, at cost |
(21.8 | ) | (16.4 | ) | ||||
Retained earnings |
2,429.9 | 2,210.8 | ||||||
Accumulated other comprehensive income |
3.4 | 2.9 | ||||||
Total stockholders equity |
4,516.3 | 4,257.8 | ||||||
Total liabilities and stockholders equity |
$ | 6,871.7 | $ | 6,142.9 | ||||
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES: |
||||||||||||
Net income |
$ | 219.1 | $ | 285.8 | $ | 851.1 | ||||||
Adjustments to reconcile net income to net cash from operating activities: |
||||||||||||
Gain on sale of Eastern Hemisphere land rigs |
| (5.4 | ) | (6.2 | ) | |||||||
Gain on sale of tender-assist rigs |
| | (121.4 | ) | ||||||||
Gain on sale of Latin America and E&P Services segments |
| | (56.8 | ) | ||||||||
Gain on sale of equity method investment |
| | (11.4 | ) | ||||||||
Depreciation and amortization |
184.0 | 196.5 | 210.8 | |||||||||
Refinancing charges |
12.3 | | | |||||||||
Amortization and write-offs of deferred financing costs |
6.1 | 2.4 | 5.2 | |||||||||
Amortization of deferred contract liabilities |
(45.8 | ) | (53.8 | ) | (59.0 | ) | ||||||
Impairment charges |
| 33.4 | | |||||||||
Gain on sales of assets, net |
(0.1 | ) | (0.4 | ) | (24.0 | ) | ||||||
Deferred income taxes |
(27.8 | ) | (13.2 | ) | 78.1 | |||||||
Excess tax benefits from stock-based compensation |
(2.8 | ) | (1.5 | ) | (7.7 | ) | ||||||
Stock-based compensation |
32.7 | 35.9 | 24.8 | |||||||||
Other, net |
2.2 | 0.9 | 2.2 | |||||||||
Net effect of changes in operating accounts |
(39.4 | ) | 142.8 | (26.9 | ) | |||||||
Change in deferred gain on asset sales and retirements |
| 4.9 | (12.3 | ) | ||||||||
Increase (decrease) in deferred revenue |
(9.6 | ) | 13.8 | (8.7 | ) | |||||||
Decrease (increase) in deferred expense |
(8.7 | ) | (15.0 | ) | 6.3 | |||||||
NET CASH FLOWS FROM OPERATING ACTIVITIES |
322.2 | 627.1 | 844.1 | |||||||||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: |
||||||||||||
Purchases of property and equipment |
(1,253.3 | ) | (994.4 | ) | (984.0 | ) | ||||||
Reduction of cash from spin-off of Seahawk |
| (82.4 | ) | | ||||||||
Proceeds from dispositions of property and equipment |
1.4 | 7.4 | 65.8 | |||||||||
Proceeds from the sale of Eastern Hemisphere land rigs, net |
| 9.6 | 84.9 | |||||||||
Proceeds from sale of tender-assist rigs, net |
| | 210.8 | |||||||||
Proceeds from sale of equity method investment |
| | 15.0 | |||||||||
Proceeds from insurance |
| | 25.0 | |||||||||
NET CASH FLOWS USED IN INVESTING ACTIVITIES |
(1,251.9 | ) | (1,059.8 | ) | (582.5 | ) | ||||||
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: |
||||||||||||
Repayments of borrowings |
(542.6 | ) | (30.3 | ) | (537.2 | ) | ||||||
Proceeds from debt borrowings |
1,200.0 | 498.2 | 68.0 | |||||||||
Debt finance costs |
(17.3 | ) | (6.2 | ) | (2.7 | ) | ||||||
Net proceeds from employee stock transactions |
8.7 | 20.1 | 24.7 | |||||||||
Excess tax benefits from stock-based compensation |
2.8 | 1.5 | 7.7 | |||||||||
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES |
651.6 | 483.3 | (439.5 | ) | ||||||||
Increase (decrease) in cash and cash equivalents |
(278.1 | ) | 50.6 | (177.9 | ) | |||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
763.1 | 712.5 | 890.4 | |||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD |
$ | 485.0 | $ | 763.1 | $ | 712.5 | ||||||
Three Months Ended | ||||||||||||
December 31, | September 30, | December 31, | ||||||||||
2010 | 2010 | 2009 | ||||||||||
Deepwater revenues: |
||||||||||||
Revenues, excluding reimbursables |
$ | 267.3 | $ | 212.1 | $ | 176.0 | ||||||
Reimbursable revenues |
3.7 | 4.1 | 2.1 | |||||||||
Total Deepwater revenues |
271.0 | 216.2 | 178.1 | |||||||||
Midwater revenues: |
||||||||||||
Revenues, excluding reimbursables |
96.8 | 86.1 | 74.0 | |||||||||
Reimbursable revenues |
1.0 | 0.1 | 1.7 | |||||||||
Total Midwater revenues |
97.8 | 86.2 | 75.7 | |||||||||
Independent Leg Jackup revenues: |
||||||||||||
Revenues, excluding reimbursables |
12.5 | 24.5 | 43.2 | |||||||||
Reimbursable revenues |
0.3 | 0.2 | 0.7 | |||||||||
Total Independent Leg Jackup revenues |
12.8 | 24.7 | 43.9 | |||||||||
Other |
19.0 | 19.0 | 17.4 | |||||||||
Corporate |
0.2 | 0.1 | 1.6 | |||||||||
Total revenues |
$ | 400.8 | $ | 346.2 | $ | 316.7 | ||||||
Earnings (loss) from continuing
operations: |
||||||||||||
Deepwater |
$ | 107.4 | $ | 66.9 | $ | 47.4 | ||||||
Midwater |
10.4 | 12.5 | 7.9 | |||||||||
Independent Leg Jackups |
(11.6 | ) | (0.2 | ) | 3.1 | |||||||
Other |
0.1 | 2.1 | 0.9 | |||||||||
Corporate |
(30.7 | ) | (25.3 | ) | (82.8 | ) | ||||||
Total |
$ | 75.6 | $ | 56.0 | $ | (23.5 | ) | |||||
Year Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Deepwater revenues: |
||||||||||||
Revenues, excluding reimbursables |
$ | 916.3 | $ | 810.3 | $ | 874.6 | ||||||
Reimbursable revenues |
14.2 | 12.8 | 7.6 | |||||||||
Total Deepwater revenues |
930.5 | 823.1 | 882.2 | |||||||||
Midwater revenues: |
||||||||||||
Revenues, excluding reimbursables |
365.8 | 412.9 | 419.5 | |||||||||
Reimbursable revenues |
1.7 | 6.5 | 6.0 | |||||||||
Total Midwater revenues |
367.5 | 419.4 | 425.5 | |||||||||
Independent Leg Jackup revenues: |
||||||||||||
Revenues, excluding reimbursables |
89.4 | 264.0 | 273.9 | |||||||||
Reimbursable revenues |
1.3 | 1.3 | 1.3 | |||||||||
Total Independent Leg Jackup revenues |
90.7 | 265.3 | 275.2 | |||||||||
Other |
70.9 | 83.0 | 119.2 | |||||||||
Corporate |
0.5 | 3.4 | 0.5 | |||||||||
Total revenues |
$ | 1,460.1 | $ | 1,594.2 | $ | 1,702.6 | ||||||
Earnings (loss) from continuing
operations: |
||||||||||||
Deepwater |
$ | 344.8 | $ | 348.3 | $ | 454.7 | ||||||
Midwater |
66.5 | 129.0 | 163.6 | |||||||||
Independent Leg Jackups |
(25.1 | ) | 105.4 | 133.2 | ||||||||
Other |
3.8 | 4.8 | 7.8 | |||||||||
Corporate |
(114.8 | ) | (174.2 | ) | (132.2 | ) | ||||||
Total |
$ | 275.2 | $ | 413.3 | $ | 627.1 | ||||||
Q4 2010 | Q3 2010 | Q4 2009 | ||||||||||||||||||||||
Averge Daily | Averge Daily | Averge Daily | ||||||||||||||||||||||
Revenues (1) | Utilization (2) | Revenues (1) | Utilization (2) | Revenues (1) | Utilization (2) | |||||||||||||||||||
Deepwater |
$ | 339,800 | 96 | % | $ | 294,800 | 95 | % | $ | 322,700 | 75 | % | ||||||||||||
Midwater |
$ | 243,300 | 73 | % | $ | 269,800 | 58 | % | $ | 249,100 | 55 | % | ||||||||||||
Jackups
Independent Leg |
$ | 139,400 | 14 | % | $ | 92,400 | 41 | % | $ | 122,500 | 56 | % |
(1) | Average daily revenues are based on total revenues for each type of rig divided by actual days worked by all rigs of that type. Average daily revenues will differ from average contract dayrate due to billing adjustments for any non-productive time, mobilization fees, demobilization fees, performance bonuses and charges to the customer for ancillary services. | |
(2) | Utilization is calculated as the total days worked divided by the total days in the period. |
Year Ended December 31, | ||||||||||||||||||||||||
2010 | 2009 | 2008 | ||||||||||||||||||||||
Averge Daily | Averge Daily | Averge Daily | ||||||||||||||||||||||
Revenues (1) | Utilization (2) | Revenues (1) | Utilization (2) | Revenues (1) | Utilization (2) | |||||||||||||||||||
Deepwater |
$ | 327,300 | 93 | % | $ | 335,100 | 84 | % | $ | 310,100 | 97 | % | ||||||||||||
Midwater |
$ | 261,000 | 64 | % | $ | 258,700 | 74 | % | $ | 249,400 | 78 | % | ||||||||||||
Jackups
Independent Leg |
$ | 101,400 | 35 | % | $ | 123,000 | 84 | % | $ | 121,100 | 89 | % |
(1) | Average daily revenues are based on total revenues for each type of rig divided by actual days worked by all rigs of that type. Average daily revenues will differ from average contract dayrate due to billing adjustments for any non-productive time, mobilization fees, demobilization fees, performance bonuses and charges to the customer for ancillary services. | |
(2) | Utilization is calculated as the total days worked divided by the total days in the period. |
Q4 2010 | Q3 2010 | Q4 2009 | ||||||||||
Deepwater |
||||||||||||
Income from continuing operations |
$ | 107.4 | $ | 66.9 | $ | 47.4 | ||||||
Plus: Total interest expense, net |
| | | |||||||||
Plus: Income tax provision |
| | | |||||||||
Plus: Depreciation and amortization |
29.6 | 24.7 | 19.9 | |||||||||
EBITDA |
137.0 | 91.6 | 67.3 | |||||||||
Midwater |
||||||||||||
Income from continuing operations |
10.4 | 12.5 | 7.9 | |||||||||
Plus: Total interest expense, net |
| | | |||||||||
Plus: Income tax provision |
| | | |||||||||
Plus: Depreciation and amortization |
11.5 | 13.2 | 11.2 | |||||||||
EBITDA |
21.9 | 25.7 | 19.1 | |||||||||
Independent Leg Jackups |
||||||||||||
Income (loss) from continuing operations |
(11.6 | ) | (0.2 | ) | 3.1 | |||||||
Plus: Total interest expense, net |
| | | |||||||||
Plus: Income tax provision |
| | | |||||||||
Plus: Depreciation and amortization |
7.5 | 7.0 | 7.7 | |||||||||
EBITDA |
(4.1 | ) | 6.8 | 10.8 | ||||||||
Other & Corporate |
||||||||||||
Loss from continuing operations |
(44.0 | ) | (36.4 | ) | (81.6 | ) | ||||||
Plus: Total interest expense, net |
6.1 | 5.4 | (0.4 | ) | ||||||||
Plus: Income tax provision |
5.7 | (15.0 | ) | (0.8 | ) | |||||||
Plus: Depreciation and amortization |
2.0 | 1.8 | 1.9 | |||||||||
EBITDA |
(30.2 | ) | (44.2 | ) | (80.9 | ) | ||||||
Total Pride International Inc. |
||||||||||||
Income (loss) from continuing operations |
62.2 | 42.8 | (23.2 | ) | ||||||||
Plus: Total interest expense, net |
6.1 | 5.4 | (0.4 | ) | ||||||||
Plus: Income tax provision |
5.7 | (15.0 | ) | (0.8 | ) | |||||||
Plus: Depreciation and amortization |
50.6 | 46.7 | 40.7 | |||||||||
EBITDA |
$ | 124.6 | $ | 79.9 | $ | 16.3 | ||||||