Beskrivning
Land | Förenade Arabemiraten |
---|---|
Lista | Euronext Growth Oslo |
Sektor | Tjänster |
Industri | Shipping & Offshore |
2023-08-09 06:32:22
PRESS RELEASE
SHELF DRILLING NORTH SEA REPORTS SECOND QUARTER 2023 RESULTS
Dubai, UAE, August 9, 2023 - Shelf Drilling (North Sea), Ltd. ("Shelf Drilling
North Sea" and, together with its subsidiaries, the "Company", Euronext Growth
Oslo Exchange: SDNS) announces results for the second quarter of 2023 ending
June 30. The results highlights will be presented by audio conference call on
August 9, 2023 at 6:00 pm Dubai time / 4:00 pm Oslo time. Dial-in details for
the call are included in the press release posted on July 27, 2023 and on page 3
of this release.
David Mullen, Chief Executive Officer, commented: "We delivered outstanding
operating performance again in Q2 2023 with uptime of 99% across the SDNS fleet
of rigs. The Shelf Drilling Barsk successfully completed a rig move in June and
has now commenced operations on the Gina Krog platform under the existing
contract, which is currently estimated to be completed in the fourth quarter.
Our EBITDA generation declined to $5 million in Q2 from $7 million in Q1 due to
a full quarter of idle time on the Shelf Drilling Fortress and lower margin on
the Shelf Drilling Barsk. We recently secured a new contract for the Shelf
Drilling Fortress that is expected to commence in early September. The Shelf
Drilling Perseverance prematurely completed its contract in July 2023 in the UK
and is currently being marketed for multiple contract opportunities inside and
outside of the North Sea region.
We continue to see improving fundamentals in the global jack-up market with
utilization of 94% and increasing activity in several markets. With our
best-in-class operational platform and high-specification, modern fleet, Shelf
Drilling North Sea is strongly positioned to benefit from the current
environment and deliver significant growth in earnings in 2024 and beyond."
Second Quarter Highlights
o Q2 2023 adjusted revenues of $30.3 million.
o Q2 2023 adjusted EBITDA of $5.0 million, representing an adjusted EBITDA
margin of 17%.
o Q2 2023 net loss of $4.4 million.
o Q2 2023 capital expenditures and deferred costs totaled $2.2 million.
o The Company's cash and cash equivalents balance at June 30, 2023 was $52.9
million.
o Contract backlog was $223.0 million at June 30, 2023 across four contracted
rigs.
o In July 2023, the Shelf Drilling Perseverance completed its contract with IOG
in the UK