Pacific Drilling S.A. announced unaudited consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company announced a net loss of $2.5 million or $0.01 per diluted share, compared to a net loss of $13.6 million or $0.06 per diluted share for fourth-quarter 2015 and net income of $51.7 million or $0.24 per diluted share for first-quarter 2015. EBITDA for first-quarter 2016 was $112.9 million, compared to Adjusted EBITDA(a) of $149.8 million for fourth-quarter 2015. During first-quarter 2016, cash flow from operations was $86.7 million. Capital expenditures for the three months ended March 31, 2016 were $28.6 million and primarily consisted of the purchases of fleet spare equipment committed to in prior years to support operations. Contract drilling revenue for first-quarter 2016 was $205.4 million, which included $12.7 million of deferred revenue amortization, compared to fourth-quarter 2015 contract drilling revenue of $267.6 million, which included $20.4 million of deferred revenue amortization. Contract drilling revenue decreased in the first-quarter primarily as a result of the Pacific Khamsin being idle during first-quarter 2016. Operating income was $43,203,000 compared to $92,285,000 a year ago. Loss before income taxes was $658,000 compared to income of $53,525,000 a year ago. Net debt as of March 31, 2016 was $2.68 billion.

The company's expectation for full year 2016 tax, as a percentage of revenue, is approximately 3%.