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    SHLF   KYG236271055

SHELF DRILLING, LTD.

(SHLF)
  Report
Real-time Quote. Real-time Oslo Bors - 11/30 10:27:07 am
5.47 NOK   -0.55%
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Shelf Drilling : June 30 2021 Quarterly Report

08/12/2021 | 01:11am EST

SHELF DRILLING, LTD.

QUARTERLY REPORT

SIX MONTHS ENDED JUNE 30, 2021 AND 2020

SHELF DRILLING, LTD.

INDEX TO QUARTERLY REPORT

SIX MONTHS ENDED JUNE 30, 2021 AND 2020 (UNAUDITED)

CONTENTS

PART I.

FINANCIAL INFORMATION

2

ITEM 1.

FINANCIAL STATEMENTS (UNAUDITED)

2

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS

3

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE

INCOME

4

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS

5

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF EQUITY

6

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

7

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

ITEM 3.

RESULTS OF OPERATIONS

27

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

41

ITEM 4.

CONTROLS AND PROCEDURES

41

PART II.

OTHER INFORMATION

42

ITEM 1.

LEGAL PROCEEDINGS

42

ITEM 1A.

RISK FACTORS

42

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

42

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

42

ITEM 4.

MINE SAFETY DISCLOSURES

42

ITEM 5.

OTHER INFORMATION

42

ITEM 6.

EXHIBITS

42

RESPONSIBILITY STATEMENT

43

Page 1 of 43

SHELF DRILLING, LTD.

SIX MONTHS ENDED JUNE 30, 2021 AND 2020

(UNAUDITED)

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Page 2 of 43

SHELF DRILLING, LTD.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three months ended June 30,

Six months ended June 30,

2021

2020

2021

2020

Revenues

Operating revenues........................................

$

127,986

$

151,629

$

255,346

$

327,539

Other revenues...............................................

2,524

3,388

4,901

8,846

130,510

155,017

260,247

336,385

Operating costs and expenses

Operating and maintenance...........................

81,737

82,927

156,024

183,907

...................................................Depreciation

16,264

16,348

32,390

36,494

Amortization of deferred costs......................

9,720

9,751

18,978

24,742

General and administrative............................

14,562

12,067

24,204

25,396

Loss on impairment of assets........................

-

-

-

188,017

(Gain) / loss on disposal of assets.................

(139)

40

(913)

67

122,144

121,133

230,683

458,623

.............................Operating income / (loss)

8,366

33,884

29,564

(122,238)

......................Other (expense) / income, net

Interest income...............................................

13

27

28

144

Interest expense and financing charges.........

(26,708)

(22,592)

(59,785)

(44,307)

Other, net.......................................................

151

(273)

285

125

(26,544)

(22,838)

(59,472)

(44,038)

(Loss) / income before income taxes...........

(18,178)

11,046

(29,908)

(166,276)

Income tax expense........................................

4,461

2,940

9,105

10,518

Net (loss) / income........................................

$

(22,639)

$

8,106

$

(39,013)

$

(176,794)

(Loss) / earnings per share:

Basic and Diluted - Common shares..............

$

(0.17)

$

0.06

$

(0.29)

$

(1.30)

Weighted average shares outstanding:

Basic and Diluted - Common shares..............

136,817

136,057

136,646

136,121

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Page 3 of 43

SHELF DRILLING, LTD.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

Three months ended June 30,

Six months ended June 30,

2021

2020

2021

2020

......................................Net (loss) / income

$

(22,639)

$

8,106

$

(39,013)

$

(176,794)

Other comprehensive income, net of tax.....

Change in unrealized losses on

derivative financial instruments..............

Changes in unrealized gains /

(losses).................................................

-

73

-

(973)

Reclassification of net losses from

other comprehensive income to net

..................................................income

-

330

-

320

$

-

$

403

$

-

(653)

Total comprehensive (loss) / income........

$

(22,639)

$

8,509

$

(39,013)

$

(177,447)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Page 4 of 43

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Shelf Drilling Ltd. published this content on 12 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2021 05:10:09 UTC.


© Publicnow 2021
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Sales 2021 567 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -2,16x
Yield 2021 -
Capitalization 83,0 M 82,3 M -
Capi. / Sales 2021 0,15x
Capi. / Sales 2022 0,14x
Nbr of Employees 2 149
Free-Float 53,6%
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Managers and Directors
David J. Mullen Chief Executive Officer & Director
Greg O’Brien Chief Financial Officer & Executive Vice President
Ernie L. Danner Independent Chairman
Rishi Srivastava Vice President-Technical Services
William Conrad Hoffman Chief Operating Officer & Executive Vice President
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