Document:

Pledge Agreement, dated as of November 29, 2011

 Exhibit 4.8 
 LETTER OF CREDIT PLEDGE FORM 
 PLEDGE AGREEMENT 

PLEDGE AGREEMENT, dated as of November 29, 2011 between PACIFIC DRILLING (GIBRALTAR) LTD, a corporation
organized and existing under the laws of Gibraltar (together with its successors and permitted assigns, the “Pledgor”), and CITIBANK, N.A. (together with its successors and assigns, the “Bank”). 

PRELIMINARY STATEMENTS: 
 (1) The Pledgor has deposited the amount of $56,000,000 in a special non-interest bearing cash collateral account (the “Account”) with the Bank at its office at 399 Park Avenue, New York,
New York 10022, Account No. xxxx in the name of Citibank N.A. FBO Pacific Drilling Operations Ltd/Rig II but under the sole control and dominion of the Bank and subject to the terms of this Agreement. 

(2) The Bank has been requested to issue, and after the date hereof may be requested to issue (it being understood that any future
issuances are at the sole discretion of the Bank), one or more of its irrevocable letters of credit listed on Schedule A attached hereto and made a part hereof, which Schedule A may be amended, supplemented or otherwise modified from time to time
pursuant to the terms hereof (each such letter of credit, as amended or otherwise modified from time to time, a “Letter of Credit”) for the benefit of the beneficiaries listed on Schedule A, in the face amounts listed on Schedule A,
and for the account of the Pledgor pursuant to one or more Applications and Agreements for Standby Letters of Credit listed on Schedule A (together with any related instruments and documents, as the same may be amended, supplemented or otherwise
modified from time to time, the “Applications”). 
 (3) It is a condition precedent to the issuance of the
Letters of Credit that the Pledgor shall have made the pledge contemplated by this Agreement. The Pledgor will derive substantial direct and indirect benefit from the transactions contemplated by the Letters of Credit. 

NOW THEREFORE, in consideration of the premises and in order to induce the Bank to issue the Letters of Credit, the Pledgor hereby agrees
as follows: 
 SECTION 1. Pledge. The Pledgor hereby pledges to the Bank, and grants to the Bank a security interest in
and express right of setoff against, all of the right, title and interest of the Pledgor in, to and under the following property, whether now owned or existing or hereafter from time to time acquired or coming into existence (collectively, the
“Collateral”): 
 (a) the Account, all funds held therein or credited thereto, all rights to renew or withdraw
the same, and all certificates and instruments, if any, from time to time representing or evidencing the Account; 
 (b) any
notes, deposit accounts, certificates of deposit or instruments evidencing the Account or any funds held in or credited to the Account or otherwise carried in the Account; 
 (c) any financial assets (as defined in Section 8-102(a)(9) of the Uniform Commercial Code in effect in the State of New York from time to time (the “Code”)) or investment property arising
out of the investment of any funds held in or credited to the Account or otherwise carried in the Account and any security entitlement (as defined in Section 8-102(a)(17) of the Code) with respect to such financial assets or investment
property; 
 (d) any interest, dividends, cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of the then existing Collateral; and 
 (e) all proceeds of any
and all of the foregoing Collateral. 
 The Pledgor and the Bank agree that the Bank shall have sole control and dominion over the Collateral.

 SECTION 2. Security for Obligations. This Agreement secures the payment of
(a) all obligations of the Pledgor now or hereafter existing under and in connection with each Application, whether for reimbursement of amounts drawn under any Letter of Credit, interest, fees, expenses or otherwise, and (b) all
obligations of the Pledgor now or hereafter existing under this Agreement (all such obligations of the Pledgor being collectively the “Obligations”). 
 SECTION 3. Delivery of Collateral. All certificates or instruments, if any, representing or evidencing the Collateral or any portion thereof shall be delivered to and held by or on behalf of the
Bank pursuant hereto and shall be in suitable form for transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Bank. The Bank shall have the right,
at any time in its discretion and without notice to the Pledgor, to transfer to or register in the name of the Bank or any of its nominees any or all of the Collateral. In addition, the Bank shall have the right at any time to exchange certificates
or instruments representing or evidencing Collateral for certificates or instruments of smaller or larger denominations. 

SECTION 4. Maintaining the Account. So long as any Letter of Credit shall remain outstanding or any amount shall remain unpaid
under an Application, the Pledgor will maintain the Account with the Bank; and it shall be a term and condition of the Account, notwithstanding any term or condition to the contrary in any other agreement relating to the Account, that: 

(a) the Bank will have sole control and dominion over the Account and any security entitlement relating to the Collateral; 

(b) all financial assets (other than cash) credited to the Account will be registered in the name of the Bank, indorsed to the Bank or in
blank or credited to a security account (as defined in Section 8-501 of the Code) maintained in the name of the Bank, and in no case will any such financial asset be registered in the Pledgor’s name, payable to its order or specially
indorsed to the Pledgor unless further indorsed to the Bank or in blank; 
 (c) all interest on the Account, distributions in
respect of any financial assets credited to the Account and all other proceeds of the Collateral will be deposited and held in the Account; and 
 (d) except as otherwise provided by the provisions of Section 6 and Section 13, no amount (including interest on the Account or distributions in respect of any financial assets credited to the
Account or other proceeds of any Collateral) will be paid or released to or for the account of, or withdrawn by or for the account of, the Pledgor or any other person or entity from the Account. 

The Account shall be subject to such applicable laws, and such applicable regulations of the Board of Governors of the Federal Reserve System and of any
other appropriate banking or governmental authority, as may now or hereafter be in effect. The parties acknowledge and agree that the Account is a “deposit account” with respect to any cash credited to the Account and is a “securities
account” with respect to any financial assets (other than cash) credited to the Account, and that the Bank is a “securities intermediary” (as defined in Section 8-102(14) of the Code) with respect to such securities account.

 SECTION 5. Investing of Amounts in the Account. If requested by the Pledgor, the Bank may, subject to the provisions
of Section 6 and Section 13, from time to time (a) invest amounts on deposit in the Account in sweep investments offered by the Bank or such deposit accounts, certificates of deposit, bankers’ acceptances, debt instruments,
investment property or financial assets as the Pledgor may select and the Bank may approve in its discretion and (b) invest interest paid on the property referred to in clause (a) above, and reinvest other proceeds of any such property
which may mature or be sold, in each case in sweep investments offered by the Bank or such deposit accounts, certificates of deposit, bankers’ acceptances, debt instruments, investment property or financial assets as the Pledgor may select and
the Bank may approve. Interest and proceeds that are not invested or reinvested as provided above will be deposited and held in the Account. The Bank and the Pledgor agree that all property (other than cash) referred to in this Section 5 and
carried in the Account shall be treated as financial assets under Article 8 of the Code. 

  
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 SECTION 6. Release of Amounts. So long as no Event of Default (as defined in any
Application, an “Event of Default”) or event which, with the giving of notice or the lapse of time, or both, would become an Event of Default shall have occurred and be continuing, the Bank will pay and release to the Pledgor or at its
order, at the request of the Pledgor, accrued interest due and payable on the Account and income in respect of financial assets credited to the Account (other than income constituting a return of the principal thereof, whether upon sale, redemption
or maturity). 
 SECTION 7. Representations and Warranties. The Pledgor represents and warrants as follows: 

(a) The Pledgor is the legal and beneficial owner of the Collateral free and clear of any lien, security interest, option or other charge
or encumbrance except for the security interest created by this Agreement. 
 (b) The pledge of the Collateral pursuant to this
Agreement creates a valid and perfected first priority security interest in the Collateral, securing the payment of the Obligations. 
 (c) No consent of any other person or entity and no authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required (i) for the
pledge by the Pledgor of the Collateral pursuant to this Agreement or for the execution, delivery or performance of this Agreement by the Pledgor, (ii) for the perfection or maintenance of the security interest created hereby (including the
first priority nature of such security interest) or (iii) for the exercise by the Bank of its rights and remedies hereunder. 
 (d) There are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived. 
 (e) The Pledgor is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization. 

(f) The execution, delivery and performance by the Pledgor of this Agreement and the transactions contemplated hereby are within the
Pledgor’s corporate powers, have been duly authorized by all necessary corporate action, and do not (i) contravene the Pledgor’s charter or by-laws, (ii) violate any law, rule, regulation, order, writ, judgment, injunction,
decree, determination or award, or (iii) conflict with or result in the breach of, or constitute a default under, any material contract binding on or affecting the Pledgor or any of its properties. This Agreement has been duly executed and
delivered by the Pledgor. 
 (g) This Agreement is the legal, valid and binding obligation of the Pledgor, enforceable against
the Pledgor in accordance with its terms. 
 SECTION 8. Delivery of Opinions, Etc.; Further Assurances. (a) The
Pledgor agrees to promptly provide the following to the Bank, each in form and substance satisfactory to the Bank: (i) a counterpart of this Agreement duly executed by the Pledgor and the Bank; and (ii) opinion(s) from counsel to the
Pledgor as to such matters as the Bank may reasonably request. 
 (b) The Pledgor agrees that at any time and from time to time,
at the expense of the Pledgor, the Pledgor will promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that the Bank may reasonably request, in order to perfect and
protect any security interest granted or purported to be granted hereby or to enable the Bank to exercise and enforce its rights and remedies hereunder with respect to any Collateral. 

SECTION 9. Transfers and Other Liens. The Pledgor agrees that it will not (a) sell, assign (by operation of law or
otherwise), or otherwise dispose of, or grant any option with respect to, any of the Collateral, or (b) create or permit to exist any lien, security interest, option or other charge or encumbrance upon or with respect to any of the Collateral,
except for the security interest under this Agreement, or (c) file, authorize or permit to be on file, in any jurisdiction, any financing statement with respect to the Collateral in which the Bank is not named as the sole secured party.

  
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 SECTION 10. Bank Appointed Attorney-in-Fact. The Pledgor hereby appoints the Bank the
Pledgor’s attorney-in-fact, with full authority in the place and stead of the Pledgor and in the name of the Pledgor or otherwise, from time to time in the Bank’s discretion to take any action and to execute any instrument which the Bank
may deem necessary or advisable to accomplish the purposes of this Agreement, including without limitation, to receive, indorse and collect all instruments made payable to the Pledgor representing any interest payment, dividend or other distribution
in respect of the Collateral or any part thereof and to give full discharge for the same. 
 SECTION 11. Bank May
Perform. If the Pledgor fails to perform any agreement contained herein, the Bank may itself perform, or cause performance of, such agreement, and the expenses of the Bank incurred in connection therewith shall be payable by the Pledgor under
Section 14. 
 SECTION 12. The Bank’s Duties. The powers conferred on the Bank hereunder are solely to protect
its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Bank shall have no
duty as to any Collateral, including as to (a) the investment or reinvestment of the Collateral (except as provided in Section 5), (b) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or
other matters relative to any Collateral, whether or not the Bank has or is deemed to have knowledge of such matters, or (c) the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any
Collateral. The Bank shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which the Bank accords its own property.

 SECTION 13. Remedies upon Default. If any Event of Default shall have occurred and be continuing, then the Bank may
take one or both of the following actions: 
 (a) The Bank may, without notice to the Pledgor except as required by law and at
any time or from time to time, charge, setoff and otherwise apply all or any part of the Account against the Obligations or any part thereof. 
 (b) The Bank may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party on default
under the Code (whether or not the Code applies to the affected Collateral). 
 SECTION 14. Expenses. The Pledgor will
upon demand pay to the Bank the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and of any experts and agents, which the Bank may incur in connection with (a) the administration of this
Agreement, (b) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral, (c) the exercise, enforcement or preservation of any of the rights of the Bank hereunder or (d) the
occurrence of any Event of Default or the failure by the Pledgor to perform or observe any of the provisions hereof. 
 SECTION
15. Security Interest Absolute. All rights of the Bank and security interests hereunder, and all obligations of the Pledgor hereunder, shall be absolute and unconditional irrespective of: 

(i) any lack of validity or enforceability of any Letter of Credit, any Application or any other agreement or instrument relating thereto;

 (ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any
other amendment or waiver of or consent to departure from any Letter of Credit or any Application, including without limitation, any increase in the Obligations resulting from the extension of additional credit to the Pledgor or any of its
subsidiaries or otherwise; 
 (iii) any taking, exchange, release or non-perfection of any other collateral, or any taking,
release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Obligations; 

  
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 (iv) any manner of application of collateral, or proceeds thereof, to all or any of the
Obligations, or any manner of sale or other disposition of any collateral for all or any of the Obligations or any other assets of the Pledgor or its subsidiaries; 
 (v) any change, restructuring or termination of the corporate structure of the Pledgor or any of its subsidiaries; or 
 (vi) any other circumstance which might otherwise constitute a defense available to, or a discharge of, the Pledgor. 
 SECTION 16. Amendments, Etc. No amendment or waiver of any provision of this Agreement, and no consent to any departure by the Pledgor herefrom, shall in any event be effective unless the same
shall be in writing and signed by the Bank, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 
 SECTION 17. Addresses for Notices. All notices and other communications provided for hereunder shall be in writing (including faxes) and mailed, telecopied or delivered to it, if to the Pledgor,
sent care of Pacific Drilling Services, Inc at 3050 Post Oak Blvd., Suite 1500, Houston, TX 77056, and if to the Bank, at its address at Citibank, N.A., 388 Greenwich Street, New York, New York 10013, Attention: Robert Malleck, or, as
to either party, at such other address as shall be designated by such party in a written notice to the other party. All such notices and other communications shall, when mailed or faxed, be effective when deposited in the mails or faxed,
respectively. 
 SECTION 18. Continuing Security Interest. This Agreement shall create a continuing security interest in
the Collateral and shall (a) remain in full force and effect until the payment in full of the Obligations and all other amounts payable under this Agreement and the expiry of all Letters of Credit, (b) be binding upon the Pledgor, its
successors and assigns, and (c) inure to the benefit of, and be enforceable by, the Bank and its respective successors, transferees and assigns. Upon the payment in full of the Obligations and all other amounts payable under this Agreement and
the expiry of all Letters of Credit, the security interest granted hereby shall terminate and all rights to the Collateral shall revert to the Pledgor. Upon any such termination, the Bank will, at the Pledgor’s expense, return to the Pledgor
such of the Collateral as shall not have been sold or otherwise applied pursuant to the terms hereof and execute and deliver to the Pledgor such documents as the Pledgor shall reasonably request to evidence such termination. 

SECTION 19. Governing Law; Terms. This Agreement shall be governed by and construed in accordance with the law of the State of New
York. Unless otherwise defined herein or in any Application, terms defined in Article 8 and Article 9 of the Code are used herein as therein defined. The parties agree that New York is the “bank’s jurisdiction” (as defined in
Section 9-304 of the Code) and the “securities intermediary’s jurisdiction” (as defined in Section 8-110 of the Code) with respect to the Bank for all purposes under this Agreement and under the Code. 

SECTION 20. Consent to Jurisdiction 
 The Pledgor hereby irrevocably and unconditionally (i) submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court sitting in New York City,
and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, (ii) agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York State
court or, to the extent permitted by law, in such Federal court, (iii) waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding, (iv) consents to the
service of any and all process in any such action or proceeding by the mailing of copies of such process to CT Corporation at 111 Eighth Avenue, New York, NY 10011, United States of America, or in any other manner permitted by applicable law, and
(v) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this

  
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Agreement will affect the Bank’s right to serve legal process in any other manner permitted by law or affect the Bank’s right to bring any action or proceeding relating to this
Agreement or the transactions contemplated hereby against the Pledgor or its property in the courts of any jurisdiction. To the extent that the Pledgor has or hereafter may acquire any immunity from jurisdiction of any court or from set-off or any
legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Pledgor hereby irrevocably waives such immunity in respect of its
obligations under this Agreement. 
 SECTION 21. WAIVER OF JURY TRIAL. EACH OF THE PLEDGOR AND THE BANK IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE BANK’S ACTIONS IN THE NEGOTIATION, ADMINISTRATION OR ENFORCEMENT
HEREOF. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their duly
authorized officers as of the date first written above. 
  

			
	PACIFIC DRILLING (GIBRALTAR) LTD
		
	By:	 	/s/ Christian J. Beckett
	Name:	 	Christian J. Beckett
	Title:	 	Director

  

			
	CITIBANK, N.A.
		
	By:	 	/s/ Authorized Representative
	Name:	 	
	Title:	 	

  
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 SCHEDULE A (as of November 29, 2011) 

(of Pledge Agreement dated as of November 29, 2011 between Pacific Drilling Gibraltar Limited and 

Citibank, N.A.) 
  

							
	 [Letters of

Credit]
	  	[Beneficiaries]	  	[Face Amounts]	  	[Applications and
Agreements for
Standby Letters of
Credit]
		  	CITIBANK NIGERIA
LIMITED	  	$56,000,000	  	

  
 7Letter of Credit Reimbursement Agreement, dated as of December 6, 2011

 Exhibit 4.9 
 LETTER OF CREDIT REIMBURSEMENT AGREEMENT 
 LETTER OF CREDIT REIMBURSEMENT AGREEMENT, dated December 6, 2011 (as amended, supplemented or otherwise modified from time to time, this “Agreement”), between PACIFIC INTERNATIONAL DRILLING
WEST AFRICA LIMITED (the “Applicant”), a corporation organized and existing under the laws of [Nigeria], and STANDARD CHARTERED BANK (the “Bank”), a bank organized and existing under the laws of England and Wales. 

W I T N E S S E T H : 
 WHEREAS, from time to time, the Applicant may request the Bank, at its sole and absolute discretion, to issue one or more letters of credit (each a “Letter of Credit”) substantially in
accordance with the documentary or standby letter of credit application (each an “Application”) submitted pursuant hereto, 
 NOW, THEREFORE, in consideration of the premises and in order to induce the Bank to issue the Letters of Credit, each of the Applicant and the Bank hereby agrees as follows: 

1. Reimbursement Obligation. The Applicant will pay to the Bank, on demand in the case of sight drafts, and, in the case of time drafts, on the
same day as the Bank makes payment thereunder, at the Bank’s office, in immediately available funds, the amount required to pay each Instrument plus interest thereon from the date of the Bank’s payment of such Instrument to the date of
reimbursement at a rate per annum equal to the Base Rate plus 2% payable on demand. As used herein, (a) “Instrument” means any draft, receipt, acceptance, teletransmission (including but not limited to telex or cable) or other written
demand for payment under any Credit; and (b) “Base Rate” shall mean the annual rate of interest most recently established by the Bank at its principal office in New York, NY as its reference rate, which reference rate may be only one,
and not necessarily the lowest, of the Bank’s base rates of interest. 
 2. Commissions and Fees. The Applicant shall pay to the
Bank such fees and commissions to be mutually agreed to in writing on or prior to the date of issuance of the Letter of Credit. Such fees and commissions shall be payable upon issuance of the Letter of Credit or such later date as shall be agreed to
by the Bank and shall be non-refundable. Such fees and commissions shall be payable upon issuance of each Letter of Credit or such later date as shall be agreed to by the Bank and shall be non-refundable. 

3. Amendment; No Waiver. In the event of any amendment, change or modification, with the consent of the Applicant, relevant to any Letter of
Credit or any Instrument or document called for thereunder, including waiver of noncompliance of any such Instruments or documents with the terms of such Letter of Credit, this Agreement shall be binding upon Applicant with regard to each and every
Letter of Credit as so amended, changed or modified, and to any action taken by the Bank or any of its correspondents relative thereto. No amendment, change, modification or waiver to which the Bank has consented shall be deemed to mean that the
Bank will consent or has consented to any other or subsequent request to amend, change, modify or waive any term of any Letter of Credit or of this Agreement. The Bank shall not be deemed to have waived any of its rights hereunder, unless the Bank
shall have signed such waiver in writing. No such waiver, unless expressly stated therein, shall be effective as to any transaction which occurs subsequent to the date of such waiver, nor as to any continuance of a breach after such waiver. The
Applicant expressly recognizes and acknowledges that, notwithstanding anything to the contrary herein, the Bank does not waive, and in no event shall be deemed to have waived, any applicable common law or statutory rights of setoff or any other
right generally available to creditors. 
 4. Designation Of Subsidiaries And Affiliates As Account Parties. Notwithstanding any other
provisions to the contrary set forth herein, a Letter of Credit issued hereunder may contain a statement to the effect that such credit 

  
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is issued for the account of any subsidiary or affiliate of the Applicant providing that notwithstanding such statement, the Applicant shall be the actual account party for all purposes of this
Agreement for such Letter of Credit and such statement shall not affect the Applicants’s reimbursement obligations hereunder with respect to such Credit. 
 5. Conditions Precedent. This Agreement shall be effective upon the Bank’s receipt of the following in form and substance satisfactory to the Bank: 

 

	 	(a)	this Agreement, duly executed by the Applicant; 

  

	 	(b)	a good standing certificate for the Applicant from the Secretary of State (or similar, applicable governmental authority) of its state of incorporation dated as of a
recent date; 

  

	 	(c)	a copy of the articles of incorporation or comparable organizational document of the Applicant, duly certified by the Secretary of State (or similar, applicable
governmental authority) of its state of incorporation dated as of a recent date; 

  

	 	(d)	a copy of the by-laws or comparable organizational document of the Applicant, duly certified by the Applicant’s Secretary or Assistant Secretary as in full force
and effect; 

  

	 	(e)	a copy of the Applicant’s resolutions certified by the Secretary or Assistant Secretary of the Applicant authorizing the Applicant to execute this Agreement, and
evidencing the authority of the officer(s) named therein to sign this Agreement; 

  

	 	(f)	a certificate of incumbency and specimen signatures of the authorized signers of this Agreement; and 

 

	 	(g)	and such other documents as the Bank shall reasonably require. 

 6. Representations & Warranties. The Applicant hereby represents and warrants to the Bank that: 
  

	 	(a)	it (i) is a corporation duly organized and validly existing under the laws of the jurisdiction of its incorporation, (ii) is duly qualified to transact
business and in good standing in all jurisdictions where such qualification is necessary, and (iii) has the legal right and corporate power and authority to execute and deliver this Agreement and all documents, instruments and agreements
related thereto and perform the transactions and agreements contemplated thereby; 

  

	 	(b)	no consent or authorization of, approval by, notice to, filing with or other act by or in respect of, any governmental authority or any other person is required in
connection with the execution, delivery, performance, validity or enforceability of this Agreement; 

  

	 	(c)	the execution, delivery and performance of this Agreement have been duly authorized by all necessary corporate action; 

 

	 	(d)	this Agreement has been duly executed and delivered by the Applicant, and constitutes the legal, valid and binding obligations of the Applicant enforceable in
accordance with its respective terms except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable
principles (whether enforcement is sought by proceedings in equity or at law); 

  

	 	(e)	it is not in default under any material agreement to which it is a party or by which its assets or properties are bound and the execution and delivery of, and its
performance under this Agreement does not and will not contravene any requirement of law, nor result in a breach or default under any agreement to which it is a party or by which its assets or properties are bound; 

 

	 	(f)	the recent financial statements, which have previously furnished to the Bank, fairly present the consolidated financial condition of Pacific Drilling S.A. (the
“Parent”) and its respective subsidiaries and affiliates, as of their date and the results of operations for the periods ended on such date, and are prepared in accordance with generally accepted accounting principles consistently applied;

  
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	 	(g)	there is no pending or threatened action or proceeding affecting the Applicant before any court, governmental agency or arbitrator, which (if adversely determined)
could materially adversely affect the Applicant’s financial condition or operations or result in loss, cost, liability or expense having a material adverse effect on Applicant and there is no governmental investigation or proceeding pending
with respect to or affecting the Applicant that could reasonably be expected to have a material adverse effect on Applicant; and 

  

	 	(h)	the Applicant is in compliance with the requirements of all applicable laws, rules, regulations and orders of any governmental authority relating to its business as
presently conducted or contemplated, including, without limitation, all licensing and approval requirements, the Employee Retirement Income Security Act of 1974, as amended, and the Internal Revenue Code of 1986, as amended, except for such
noncompliance which could not reasonably be expected to result in a material adverse effect. 

 Each written request for the
issuance of a Letter of Credit hereunder shall constitute a representation and warranty by the Applicant that the representations and warranties set forth herein are true and correct on and as of the date of such request or issuance, before and
after giving effect thereto as if made on such date. 
 7. Covenants. The Applicant hereby covenants that while any Letter of Credit is
outstanding hereunder, it shall: 
  

	 	(a)	furnish the Bank (i) as soon as available and in any event within 120 days after the close of each of the fiscal year of the Parent, with the Parent’s
consolidated and consolidating financial reports audited (in the case of the consolidated reports) by independent certified public accountants in form and substance satisfactory to the Bank as of the end of such period including balance sheets and
related profit and loss and surplus statements and statements of cash flows, (ii) as soon as available and in any event within 60 days after the close of each quarter, with the Parent’s unaudited, consolidated financial reports in form and
substance satisfactory to the Bank as of the end of such period including balance sheets and related profit and loss and surplus statements and statements of cash flows; and (iii) with such other information respecting the condition or
operations, financial or otherwise, of the Parent or any subsidiaries or affiliates as the Bank may from time to time reasonably request; 

  

	 	(b)	preserve its existence as a corporation, maintain its properties in good repair, working order and condition, and conduct its business substantially as it is being
conducted now; and 

  

	 	(c)	comply in all material respects with applicable law; 

  

	 	(d)	take all action necessary to insure that its obligations hereunder rank and will continue to rank at least pari passu in respect of priority of payment with its highest
ranking indebtedness; 

  

	 	(e)	promptly notify the Bank of any material adverse change in the condition or operations of the Applicant, financial or otherwise; and 

 

	 	(f)	not merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or a series of transactions) all or substantially
all of the Applicant’s assets (whether now owned or hereafter acquired) to any person or entity, or permit any of the Applicant’s subsidiaries to do so, except that any of the Applicant’s subsidiaries may merge into or consolidate
with another of its subsidiaries and except that any of the Applicant’s subsidiaries may merge into or dispose of assets to it. 

 8. Agreements and Acknowledgments; Indemnification. 
  

	 	(a)	 The Applicant agrees that none of the Bank, its affiliates, subsidiaries, or its correspondents shall be responsible for: (i) failure of any
Instrument to bear any reference to any Letter of Credit, or inadequate reference in any Instrument to the relevant Letter of Credit, or failure of documents (other than documents expressly required to be presented under the relevant Letter of
Credit) to accompany any Instrument at negotiation, or failure of any person to note the amount of any Instrument on the reverse of the relevant Letter of Credit, or to surrender or to take up any Letter of Credit or to forward

  
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documents apart from Instruments as required by the terms of the relevant Letter of Credit, each of which provisions, if contained in any Letter of Credit itself, may be waived by the Bank; or
(ii) errors, omissions, interruptions or delays in transmissions, or delivery of any messages, by mail, facsimile, telex, cable, telegraph, wireless or other teletransmission or by oral instructions; (iii) the existence, character,
quality, quantity, condition, packing, value or delivery of any property purporting to be represented by documents; (iv) any difference in character, quality, quantity, condition, packing, value or delivery of such property from that expressed
in documents, (v) any breach of contract between the Applicant and any beneficiary of a Letter of Credit or any other party or any dispute as to the use which may be made of any Letter of Credit or funds obtained thereunder by any beneficiary
of a Letter of Credit or other party; (vi) the validity, sufficiency, or genuineness of any Instrument or other document; and (vii) the time, place, manner or order in which shipment is made. 

 

	 	(b)	The Bank shall not be responsible for any act, error, neglect or default, omission, insolvency or failure in business of its correspondents. 

 

	 	(c)	The occurrence of any one or more of the contingencies or events referred to in the U.C.P. or in the preceding clauses of paragraphs 8(a) and (b) shall not affect,
impair, or prevent the vesting of any of the Bank’s rights or powers hereunder or the Applicant’s obligation to make payment. 

  

	 	(d)	The Applicant will promptly examine: (i) each Letter of Credit (and of any amendments thereto) sent to it by the Bank; and (ii) all Instruments and documents
delivered to it from time to time. In the event of any claim of noncompliance with the Applicant’s instructions or other irregularity, the Applicant will immediately notify the Bank thereof in writing, the Applicant being conclusively deemed to
have waived any such claim against the Bank unless such notice is given as provided herein. 

  

	 	(e)	The Applicant will comply with all governmental exchange regulations now or hereafter applicable to any Letter of Credit or any Instrument or payments related thereto
and will pay Bank, on demand, in United States currency, such amount as Bank may be or may have been required to expend on account of such regulations. 

  

	 	(f)	Any action, inaction or omission on the part of the Bank or any of its correspondents under or in connection with any Letter of Credit or the relevant Instruments,
documents or property, if in good faith, shall be binding upon the Applicant and shall not place the Bank or any of its correspondents under any liability to the Applicant. The Applicant agrees to hold the Bank, its officers, directors, employees,
agents and other representatives, each affiliate and subsidiary of Bank, and the correspondents of any of them indemnified and harmless from and against any and all claims, costs, loss, liability or damage, including reasonable fees of the
Bank’s counsel (whether such counsel is employed in-house or retained from outside) howsoever arising from or in connection with any Letter of Credit, including without limitation, any such claim, cost, loss, liability or damage arising out of
any transfer, sale, delivery, surrender or endorsement of any document at any time(s) held by the Bank or any of its affiliates or subsidiaries, or held for the account of any of them by any correspondent of any of them, or arising out of any action
for injunctive or other judicial or administrative relief and affecting, directly or indirectly, the Bank or such affiliate or subsidiary. 

 9. Licenses, Insurance. The Applicant will procure promptly any necessary import, export or other licenses for the import, export, or shipping of any and all property shipped under or pursuant to
or in connection with any Letter of Credit, and will comply with all foreign and domestic governmental regulations in regard to the shipment of such property or the financing thereof, and will furnish such certificates in that respect as the Bank
may at any time(s) require. The Applicant hereby warrants that the importation of any property covered by any Letter of Credit (if any) does not contravene any law or regulation of the United States government or any state. The Applicant will keep
all such property adequately covered by insurance in amounts, against risks and with companies satisfactory to the Bank, and, in the event that a reimbursement obligation under this Agreement is secured, will assign the relevant insurance policies
to Bank, and will make any loss or adjustment payable under any such policy, if any, payable to the Bank, at its option, and will furnish the Bank, on its demand, with 

  
 4 

 
evidence of acceptance by the insurers of any such assignment. The Applicant will furnish the Bank upon request evidence of compliance with the foregoing. Should the insurance on any such
property for any reason be unsatisfactory to the Bank, the Bank may, at the Applicant’s expense, obtain insurance satisfactory to the Bank. 
 10. Obligations Due and Payable. Any and all obligations and liabilities of the Applicant to the Bank, whether now existing or hereafter incurred (including the future obligation to pay hereunder),
shall become due and payable forthwith, upon demand by the Bank, without presentment, protest, demand or further notice of any kind, and the Applicant shall pay to the Bank the aggregate amount of all undrawn Letters of Credit then outstanding,
which funds shall be held by the Bank as cash collateral for the Applicant’s obligations to the Bank hereunder and then applied by the Bank to reimburse the Bank for all drawings under such Credits. 

11. Continuing Rights and Obligations. The Bank’s rights hereunder shall continue unimpaired, and the Applicant shall be and remain obligated
in accordance with the terms and provisions hereof, notwithstanding the release and/or substitution of any property which may be held as security hereunder at any time(s), or of any rights or interests therein. No delay, extension of time, renewal,
compromise or other indulgence which may occur or be granted by the Bank, shall impair its rights or powers hereunder. 
 12. Instructions;
No Liability. Instructions (whether by oral, telephone, facsimile, electronic or other means) may be honored by the Bank when received from anyone purporting to be authorized to give such instructions for the Applicant, and the Bank shall have
no obligation to independently verify the due authorization or accuracy of any such instructions. The Applicant agrees to furnish the Bank with written confirmation of each such instruction signed by the person giving such instruction, or other
authorized officer, but the Bank’s responsibility with respect to any instruction shall not be affected by its failure to receive, or the content of, such confirmation. The Bank shall have no responsibility to notify the Applicant of any
discrepancies between the Applicant’s instructions and its written confirmation or its non-receipt of any confirmation. The Bank shall be fully protected in, and shall incur no liability to the Applicant for, acting upon any oral, telephone,
teleprocess or other instruction which the Bank in good faith shall believe to have been given by any authorized person. The Bank also may, at its option, refuse to act on any oral, telephone, teleprocess or other instruction or any part thereof,
without incurring any responsibility for any claim, cost, loss, liability or damage arising out of such refusal. 
 13. Payments. All
payments of any amounts due under or in connection with this Agreement shall be made by the Applicant to the Bank free and clear of, and without deduction or withholding for, any and all present and future taxes, levies, duties or withholdings of
any kind or, if any deduction or withholding from any amount payable hereunder or in connection herewith shall be legally required, such amount shall be increased by the Applicant as may be necessary so that after making all required deductions or
withholdings (including deductions or withholdings applicable to additional amounts payable under this paragraph) the Bank shall receive an amount equal to the amount it would have received had no such deductions or withholdings been required.
Nothing contained herein shall obligate the Applicant to pay any taxes imposed on or measured by the net income of the Bank or franchise taxes imposed on or measured by such net income imposed by the jurisdiction of the Bank’s organization, the
United States of America, or the State or City of New York or any political subdivision thereof, or any taxing authority therein. 
 14.
Yield Protections. In the event of the introduction of, or any change in, any applicable law, rule, regulation or official directive (whether or not having the force of law), or in the interpretation or application thereof by any governmental
authority or central bank after the date hereof which (a) results in an increase in the cost to the Bank of issuing or maintaining, or which reduces the rate of return on capital of the Bank or its holding company as a consequence of its
obligations with respect to, Letters of Credit by reason of reserve, capital adequacy or any other requirements, (b) results in a reduction of amounts otherwise receivable by the Bank from the Applicant of principal, interest or other fees and
charges hereunder, or (c) results in the imposition of any tax (other than tax on the overall net income of the Bank or franchise taxes imposed on or measured by such net income imposed by the jurisdiction of the Bank’s organization, the
United States of America, or the State or City of New York or any political subdivision thereof, or any taxing authority therein), levy, impost, fee, charge, withholding or similar 

  
 5 

 
requirements of any kind, the Applicant will pay to the Bank upon demand from time to time an amount equal to such actual increased cost or reduction in amounts receivable and/or amounts
sufficient to compensate the Bank for such reduction in the rate of return on capital of the Bank or its holding company. 
 15.
Amendments. No modification or waiver of any of the provisions of this Agreement shall be effective unless made in writing, signed by all parties hereto, and only to the extent specifically set forth therein; nor shall any such waiver be
applicable except in the specific instance for which given. 
 16. Jurisdiction; Venue; Waiver of Jury Trial. The Applicant hereby
irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State or federal court of the United States of America sitting in New York City, whether trial or appellate, in any action or
proceeding arising out of, or relating to, this Agreement, or for recognition or enforcement of any judgment in respect thereof, and the Applicant hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in any such New York State court or, to the extent permitted by law, in such federal court and consents that any such action or proceeding may be brought in such courts and waives to the fullest extent
permitted by law any objection or claim that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the
same. The Applicant hereby agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall
affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any jurisdiction. 
 EACH OF THE APPLICANT AND THE BANK HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF, OR RELATING TO, THIS AGREEMENT, ANY LETTER
OF CREDIT OR THE ACTIONS OF THE BANK IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. 
 17.
Agent for Service of Process. The Applicant hereby appoints CT Corporation System (“Agent”), with an office on the date hereof at 111 Eighth Avenue, New York, New York 10011, to act as its authorized agent and attorney-in-fact to
receive on its behalf and its property service of copies of the summons and complaint and any other process that may be served in any such action or proceeding brought in any court in or of the State of New York. Such service may be made personally
by delivering a copy of such process to the Applicant in care of the Agent at the above address, and the Applicant hereby irrevocably authorizes and directs the Agent to accept such service on its behalf and agrees that the failure of the Agent to
give any notice of any such service to the Applicant shall not impair or affect the validity of such service or of any judgment rendered in any action or proceeding based thereon. The Applicant agrees that a final judgment in any suit, action, or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 18.
No Waiver, Assignment, Severability. In addition to its rights hereunder, the Bank shall have all of the rights, privileges, powers and remedies provided by law. The Bank may delay enforcing its rights without losing them. Any waiver of a
right by the Bank shall be in writing and shall not be deemed to be a waiver of any other rights or of the same right at another time. This Agreement may not be assigned by the Applicant without the prior written consent of the Bank. The Bank may
assign or sell participations in all or any part of any Letter of Credit or this Agreement to another entity. The Applicant hereby consents to the dissemination of credit information relating to the Applicant in connection with any proposed
participations by the Bank of any of the rights and obligations hereunder. 
 19. Binding Effect. This Agreement shall be binding upon
and inure to the benefit of the parties hereto, their respective heirs, executors, administrators, successors, assigns, licensees, and any successors by merger, consolidation or other reorganization, without limitation. 

  
 6 

 20. Judgment. If for the purposes of obtaining judgment in any court it is necessary to convert a sum
due hereunder in U.S. Dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Bank could
purchase U.S. Dollars with such other currency in New York City on the Business Day (being any day on which commercial banks are open for domestic and international business (including dealings in foreign exchange) in New York City) preceding that
on which final judgment is given. The obligation of the Applicant in respect of any sum due from it to the Bank hereunder shall, notwithstanding any judgment in a currency other than U.S. Dollars, be discharged only to the extent that on the
Business Day following receipt by the Bank of any sum adjudged to be so due in such other currency the Bank may in accordance with normal banking procedures purchase U.S. Dollars with such other currency. If the U.S. Dollars so purchased are less
than the sum originally due to the Bank in U.S. Dollars, the Applicant agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Bank against such loss; and if the U.S. Dollars so purchased exceed the sum originally
due to the Bank in U.S. Dollars, the Bank agrees to remit to the Applicant such excess. 
 21. U.C.P. The Uniform Customs and Practice
for Documentary Credits (1993 revision), International Chamber of Commerce Publication No. 600, or any subsequent revision thereof, shall be binding upon the Applicant and the Bank with respect to the Letter of Credit except to the extent
otherwise expressly agreed, if any. 
 22. USA Patriot Act. The Bank hereby notifies the Borrower that pursuant to the requirements of
the USA Patriot Act of 2001 (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Bank
to idenify the Borrower in accordance with the Act. 
 22. Confidentiality. The Bank agrees that all information provided by the
Applicant in connection with this Agreement will be kept confidential in accordance with our customary procedures except that the Applicant hereby agree that the Bank may disclose such information without liability to: 

 

	 	(a)	the head office of the Bank, any of its subsidiaries or subsidiaries of its holding company, affiliates, representative and branch offices in any jurisdiction (the
“Permitted Parties”); 

  

	 	(b)	the agents and independent contractors of the Permitted Parties who are under a duty of confidentiality to the Permitted Parties who are under a duty of confidentiality
to the Permitted Parties; 

  

	 	(c)	any actual or potential participant or sub-participant in relation to any of the Bank’s rights and/or obligations under any agreement between us, or assignee,
novatee or transferee (or any agent or adviser of any of the foregoing) who are under a duty of confidentiality to the Permitted Parties; 

  

	 	(d)	any rating agency, insurer or insurance broker of, or direct or indirect provider of credit protection to any Permitted Party who are under a duty of confidentiality to
the Permitted Parties; and 

  

	 	(e)	any court or tribunal or regulatory, supervisory, governmental or quasi-governmental authority with jurisdiction over the Permitted Parties. 

  
 7 

 IN WITNESS WHEREOF, the Bank and the Applicant have executed this Agreement as of the day and year first
above written. 
  

													
	 PACIFIC INTERNATIONAL DRILLING
 WEST AFRICA LIMITED, as the Applicant
	 	 STANDARD CHARTERED BANK,
 as the Bank

					
	By:	 	 /s/ Robert F. MacChesney
	 		 	By:	 	 /s/ Andrew Y. NG

		 	Name:	 	Robert F. MacChesney	 		 		 	Name:	 	Andrew Y. NG
		 	Title:	 	Director	 		 		 	Title:	 	Director
					
	By:	 	 /s/ Rotimi Benjamin Ibidapo
	 		 	By:	 	 /s/ Jack Insinga

		 	Name:	 	Rotimi Benjamin Ibidapo	 		 		 	Name:	 	Jack Insinga
		 	Title:	 	Director	 		 		 	Title:	 	Director

  
 8 

 FORM OF APPLICATION 
 <DATE> 
 Standard Chartered Bank 
 1095 Avenue of the Americas 
 New York, New York 10036 

Attn: [                    ] 

Please accept this letter as your authorization to establish a standby letter of credit in favor of <beneficiary> with an initial principal balance
of USD <#########>. The following details apply: 
  

			
	Applicant:	  	<name>
		  	<address>
		  	<address>
		  	<contact>
		
	Beneficiary:	  	<name>
		  	<address>
		  	<address>
		  	<contact>
		
	Tenor:	  	<effective date > to <expiration date>

 Instructions: Please use the attached wording 
 This letter constitutes an Application as defined in the Letter of Credit Reimbursement Agreement dated as of December [    ], 2011 (the “Reimbursement Agreement”) by and
between PACIFIC INTERNATIONAL DRILLING WEST AFRICA LIMITED and STANDARD CHARTERED BANK. 
 Thank you for your assistance in this manner.

 Sincerely, 

[                         
       ] 
  

			
	  

	Name:	 	
	Title:	 	

  
 9

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