Pacific Drilling: Still Struggling to Gain Momentum
The longtime promises of Pacific Drilling's (NYSE: PACD ) ultra-deepwater drillships continue to get investors nowhere fast. The stock went public at the end of 2011 to quickly jump to the $10 level. Pacific Drilling has gone virtually nowhere over the last couple of years as it builds its fleet.
Pacific Drilling is focused on providing global ultra-deepwater drilling services to the oil and natural gas industry through the use of high-specification drillships. The company took delivery of its first drilling ship at the end of 2010 and now operates five ships with three more under construction.
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