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Shelf Drilling North Sea reports on 2022

Rig Lynx
  • By Rig Lynx
  • Mar 20, 2023
  • Category : Current News
  • Views : 488

 

Shelf Drilling North Sea has announced results for the fourth quarter and full year of 2022 ending December 31.

 

David Mullen, Chief Executive Officer, commented:

 

'Following the successful completion in October 2022 of the acquisition of the five high specification harsh environment jack-up rigs, Shelf Drilling North Sea delivered outstanding operating and financial results in our first quarter of operations with operational uptime of 98.0% and adjusted EBITDA of $17.0 million. I would like to thank all our shore-based and offshore employees for their dedication and support during this complex transaction.'

 

Mullen added: 'Our backlog was $233.4 million and our cash position was $52.5 million as of December 31, 2022. Our presence and experience in key markets, combined with our financial strength and demonstrated operational excellence will position us extremely well as the industry is in the early stages of a multi-year upcycle.'

 

Fourth quarter Highlights

 

  • Q4 2022 adjusted revenues of $41.2 million

  • Q4 2022 adjusted EBITDA of $17.0 million, representing an adjusted EBITDA margin of 41%

  • Q4 2022 net income of $11.3 million

 

Capital expenditures and deferred costs for 2022 were $420.8 million, which mainly consisted of the acquisition cost of five premium, harsh environment jack-up rigs in October 2022 (recorded cost of $417.7 million).

 

The Company’s cash and cash equivalents balance at December 31, 2022 was $52.5 million.

 

The Company’s total debt at December 31, 2022 was $238.8 million.

 

Contract backlog was $233.4 million at December 31, 2022 across five contracted rigs.

 

In January 2023, SD Fortress completed contract with TotalEnergies; rig is now available and being marketed for multiple contract opportunities.


Source: Shelf Drilling

 

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