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Highlights First Quarter of 2023
· Total operating revenues of $172.0 million, an increase of $23.4 million or
16% compared to the fourth quarter of 2022.
· Income before taxes of $7.9 million, an increase of $26.4 million compared
to $18.5 million in the fourth quarter of 2022.
· Net loss of $7.4 million, a decrease in loss of $13.9 million compared to
the fourth quarter of 2022.
· Cash and cash equivalents of $90.3 million at the end of the first quarter
of 2023.
· Adjusted EBITDA of $72.4 million, an increase of $17.3 million or 31%
compared to the fourth quarter of 2022.
· Total contract revenue backlog as at March 31, 2023 was $1.64 billion, a
more than three time increase compared to March 31, 2022 (including rigs in the
Mexican JV on a 100% basis).
· Raised $400 million of gross proceeds through the issuance of $250 million
unsecured convertible bonds due in 2028 and $150 million senior secured bonds
due in 2026, primarily used to refinance the existing $350 million convertible
bonds due in May 2023.
Subsequent events
· In April, the Company increased the $150 million DNB loan facility by $25
million, and entered into a facility with DNB to provide guarantees and letters
of credit of up to $25 million.
· In 2023 YTD, we have been awarded eight new contracts, extensions, exercised
options and letters of awards representing 1,797 days and $253 million of
potential revenue, of which 1,075 days and $177 million relate to four new
contracts and LOAs awarded this year. This includes a binding LOA, not
previously announced, for “Ran”.
CEO, Patrick Schorn commented:
"The first quarter of 2023 continued the positive trend experienced over the
last several quarters, with an increase of revenue of 16% quarter on quarter,
and a further increase in Adjusted EBITDA of 31% to $72.4 million. Q1 2023 is
also the first quarter where we generated positive income before income taxes.
We reaffirm our previously communicated guidance of Adjusted EBITDA of $360-$400
million for 2023, and while we expect a similar performance in the second
quarter of 2023 to the first quarter of 2023, we expect further increases in the
third and fourth quarters of 2023, as our two remaining stacked rigs are being
activated and will commence their respective contracts in the Middle East and
Mexico.
The first quarter has evidenced our continued ability to add backlog at market
leading rates, confirming the tight supply of jack-up drilling rigs in the
market. At the same time, we see positive prospects for continuing work for our
rigs that are finishing their contracts at the end of this year, both with
current customers, as well as in new geographies with new clients.
In February 2023, we completed the issuance of our $250 million unsecured
convertible bonds maturing in 2028 and our $150 million senior secured bonds
maturing in 2026, enabling us to fully repay our $350 million convertible bonds
due in May 2023. This marks the final step of refinancing our debt that was due
to mature in 2023, and we now have no significant debt maturities prior to 2025.
We expect the improving market, coupled with the positive prospect of access to
the debt market at attractive rates, will enable a global refinancing of the
Company, and ultimately accommodate dividend distributions to shareholders."
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208
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