Beskrivning
| Land | Förenade Arabemiraten |
|---|---|
| Lista | Euronext Growth Oslo |
| Sektor | Tjänster |
| Industri | Shipping & Offshore |
2023-11-09 06:40:53
PRESS RELEASE
SHELF DRILLING NORTH SEA REPORTS THIRD QUARTER 2023 RESULTS
Dubai, UAE, November 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 third quarter of 2023 ending
September 30. The results highlights will be presented by audio conference call
on November 9, 2023 at 6:00 pm Dubai time / 3:00 pm Oslo time. Dial-in details
for the call are included in the press release posted on November 1, 2023 and on
page 3 of this release.
David Mullen, Chief Executive Officer, commented: "During the third quarter of
2023, we continued to deliver strong operational performance, including the
successful new contract start-up with the Shelf Drilling Fortress in late
August. Our financial results were adversely impacted by a provision for credit
losses associated with one customer in the UK, and as a result, our quarterly
EBITDA declined to $1 million. The Shelf Drilling Barsk is expected to complete
its existing contract in Norway later this month following a successful campaign
on the Gina Krog platform, prior to commencing the new contract with Equinor in
May 2024. The Shelf Drilling Perseverance is being marketed in multiple
geographies, and we see attractive opportunities for the rig with commencement
dates in mid-2024. Once these two rigs return to service, we expect Shelf
Drilling North Sea to deliver significant improvement in earnings and cash flow
in the second half of 2024."
Third Quarter Highlights
o Q3 2023 adjusted revenues of $32.1 million.
o Q3 2023 adjusted EBITDA of $1.4 million, representing an adjusted EBITDA
margin of 4%.
o Q3 2023 net loss of $6.1 million.
o Q3 2023 capital expenditures and deferred costs totaled $3.2 million.
o The Company's cash and cash equivalents balance at September 30, 2023 was
$46.6 million.
o Contract backlog was $218.5 million at September 30, 2023 across four
contracted rigs.
o In July 2023, the Shelf Drilling Perseverance completed its contract with IOG
in the UK