Pacific Drilling Announces Successful Completion of Balance-Sheet Restructuring and Emergence from Chapter 11 Process LUXEMBOURG--(Business Wire)--Pacific Drilling S.A. (the “Company”) announced today that the Company and each of its debtor affiliates have emerged from the Chapter 11 process, signaling the successful completion of the Company’s balance-sheet restructuring and the implementation of the Modified First Amended Joint Plan of Reorganization of Pacific Drilling S.A. and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the “Plan”) confirmed by the United States Bankruptcy Court for the Southern District of Texas on December 21, 2020. Pursuant to the Plan, all of the Company’s outstanding common shares were deemed to have no value and will receive no recovery. In accordance with the restructuring transactions contemplated by the Plan, upon emergence, the Company has a new parent company, Pacific Drilling Company LLC, a Cayman Islands limited liability company (the “reorganized Company”), the equity of which is owned by former creditors of the Company and its debtor affiliates.