Pacific Drilling Q3 Profit Down

(RTTNews) - Pacific Drilling S.A. (PACD) reported that its net income for third-quarter 2015 declined to $41.0 million or $0.19 per share, from $48.1 million or $0.22 per share in third-quarter 2014. Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.

CEO Chris Beckett said, "Unfortunately, our strong performance in the third quarter was overshadowed by the tragic loss of a team member on the Pacific Santa Ana on October 20, 2015. Our heartfelt condolences go out to the family of our colleague and those members of our Pacific Drilling family closely associated with him."

For fiscal year 2015, the company expects EBITDA to be in the range of $575 million - $600 million.

Contract drilling revenue for third-quarter declined to $260.18 million, from $279.64 million in the prior year. Wall Street expected revenues of $271.40 million for the quarter.