Shelf Drilling, Ltd. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2021
November 10, 2021 at 03:12 am EST
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Shelf Drilling, Ltd. reported earnings results for the third quarter and nine months ended September 30, 2021. For the third quarter, the company reported sales was USD 126.83 million compared to USD 125.11 million a year ago. Revenue was USD 130.26 million compared to USD 127.45 million a year ago. Net loss was USD 22.39 million compared to USD 7.68 million a year ago. Basic loss per share from continuing operations was USD 0.16 compared to USD 0.06 a year ago. Diluted loss per share from continuing operations was USD 0.16 compared to USD 0.06 a year ago.
For the nine months, sales was USD 382.18 million compared to USD 452.65 million a year ago. Revenue was USD 390.51 million compared to USD 463.83 million a year ago. Net loss was USD 61.4 million compared to USD 184.47 million a year ago. Basic loss per share from continuing operations was USD 0.45 compared to USD 1.36 a year ago. Diluted loss per share from continuing operations was USD 0.45 compared to USD 1.36 a year ago.
Shelf Drilling Ltd is a United Arab Emirates-based entity which is primarily engaged in providing water offshore contractor services. The Company's 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 Company's subsidiaries include Shelf Drilling (Egypt) Limited, Shelf Drilling Holdings, Ltd. (SDHL) among others. The Company's customers are national oil companies (NOCs), international oil companies (IOCs) and independent oil and natural gas companies, who contract the rigs for varying durations.