Highlights Third Quarter of 2022
-
Total operating revenues of $107.9 million, an increase of $2.6 million or 2% compared to the second quarter of 2022.
-
Net loss of $54.9 million, a decrease in loss of $110.4 million compared to the second quarter of 2022.
-
Cash and cash equivalents of $279.0 million at the end of the third quarter of 2022, an increase of $249.3 million from the end of the second quarter of 2022.
-
Adjusted EBITDA of $43.9 million, an increase of $6.9 million or 19% compared to the second quarter of 2022.
-
Entered into a sales agreement to sell three newbuild rigs under order from Keppel FELS Shipyard.
-
Completed equity offering for gross proceeds of $274.9 million associated with the refinancing of our secured debt to 2025.
Subsequent events
-
Year to date in 2022, we have been awarded 22 new contracts, extensions, exercised options and letters of awards ("LOAs") representing 11,350 days, or 31 years, and $1.36 billion of potential revenue (including JVs in Mexico on a 100% basis).
-
Completed agreements with our secured creditors to refinance all our secured debt maturing in 2023 to 2025.
-
Secured long term contracts until the end of 2025 for five of the Company's jack-up rigs operating in Mexico for a combined contract value of $715 million, including upfront cash payments of $33 million in total.
-
Completed the sale of the premium jack-up rig "Gyme" on November 15, 2022.
-
The premium jack-up rigs "Arabia I" and "Arabia II" commenced their maiden contracts with Saudi Aramco in late October 2022.
CEO, Patrick Schorn commented:
"Third quarter performance showed a robust improvement in earnings while revenue has been relatively flat versus the second quarter due to several rigs changing customer. The focus of the operational team has been to further streamline our operating costs which has been a contributor to a solid increase in Adjusted EBITDA quarter on quarter. During the third quarter we have also completed the activation and contract preparation of the newbuild rigs "Arabia I" and "Arabia II" and I am pleased to announce that these rigs have successfully started operating for Saudi Aramco earlier in the fourth quarter. With these additional rigs coming into operation, we expect fourth quarter revenue to be well over 25% higher in comparison with the third quarter.
More Here
Join our mailing list here
We are #1 on Google and Bing for the "Largest Mobile Energy Network"
Come join our community!
Download the Rig Lynx app here
Comments (0)