Shelf Drilling, Ltd. Reports Earnings Results for the Second Quarter Ended June 30, 2021
August 12, 2021 at 04:06 am EDT
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Shelf Drilling, Ltd. announced earnings results for the second quarter ended June 30, 2021. For the second quarter, the company announced total revenue was USD 130.510 million compared to USD 155.017 million a year ago. Operating income was USD 8.366 million compared to USD 33.884 million a year ago. Net loss was USD 22.639 million compared to net income of USD 8.106 million a year ago. Basic loss per share from continuing operations was USD 0.17 compared to basic earnings per share from continuing operations of USD 0.06 a year ago. For the half year, total revenue was USD 260.247 million compared to USD 336.385 million a year ago. Operating income was USD 29.564 million compared to operating loss of USD 122.238 million a year ago. Net loss was USD 39.013 million compared to USD 176.794 million a year ago. Basic loss per share from continuing operations was USD 0.29 compared to USD 1.3 a year ago.
Shelf Drilling Ltd is a United Arab Emirates-based entity which is primarily engaged in providing water offshore contractor services. The Companyâs services include providing equipment for the drilling, completion, maintenance and decommissioning of oil and natural gas wells. It focuses on shallow water operations in depths of approximately up to 375 feet and fleet consists of 30 independent-leg cantilever (ILC) jack-up rigs. The Company has one reportable segment which is Contract Services it includes rigs comprising fleet operation in a single market. The Companyâs subsidiaries include Shelf Drilling (Egypt) Limited, Shelf Drilling Holdings, Ltd. (SDHL) among others. The Companyâs customers are national oil companies (NOCs), international oil companies (IOCs) and independent oil and natural gas companies, who contract the rigs for varying durations.
SHELF DRILLING, LTD. 
