Offshore driller Pacific Drilling Co. expects to emerge from bankruptcy by the end of the year after the U.S. Bankruptcy Court for the Southern District of Texas confirmed the company’s proposed reorganization plan.

“The Court’s confirmation of our plan represents an important milestone in our progress towards emergence by year-end with a fully de-levered balance sheet and the capacity to deliver world class drilling services with our fleet of 6th and 7th generation drillships,” CEO Bernie G. Wolford said.

Pacific Drilling, which has seven deepwater drillships, announced the bankruptcy on Oct. 30. 

The company cited both the global health crisis caused by coronavirus and the failure to reach international agreement on oil production cuts as leading to a disruption in...