CFO of Drilling Contractor resigns after less than a year

Jim Harris, CFO of Pacific Drilling, has resigned, effective September 14, 2020. No reason was given for his departure and no new CFO has yet been appointed.

Pacific Drilling operates seven deepwater drill ships, though only four are under contract. Technically, it has its corporate offices in Luxembourg, however its operational headquarters are in west Houston.



The company filed for bankruptcy in November 2017. It emerged from Chapter 11 a year later and its shares were relisted on the NYSE in December 2018.

The company currently has $1.1 billion of gross debt, however no principal payments are due until 20123. It has $280 million of cash on hand, though it burned through $50 million in the first quarter of 2020. It currently has a market capitalization of $47 million.

Mr Harris was only appointed CFO in July 2019. He replaced John Boots who had been promoted to CFO in August 2017. Prior to joining Pacific, Mr Harris was the CFO of Forum Energy Technologies between 2005 and 2018.

SEC filing – Pacific Drilling Harris resignation

 

 

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