SHELF DRILLING, LTD. SHELF DRILLING, LTD.
QUARTERLY REPORT
NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020
SHELF DRILLING, LTD.
INDEX TO QUARTERLY REPORT
NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (UNAUDITED)
CONTENTS
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 | ||
RESULTS OF OPERATIONS | 27 | ||
ITEM 3. | 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 |
Page 1 of 42
SHELF DRILLING, LTD.
NINE MONTHS ENDED SEPTEMBER 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 42
SHELF DRILLING, LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||
Revenues | |||||||||||||
Operating revenues........................................ | $ | 126,833 | $ | 125,106 | $ | 382,179 | $ | 452,645 | |||||
Other revenues............................................... | 3,428 | 2,339 | 8,329 | 11,185 | |||||||||
130,261 | 127,445 | 390,508 | 463,830 | ||||||||||
Operating costs and expenses | |||||||||||||
Operating and maintenance........................... | 84,478 | 78,956 | 240,502 | 262,863 | |||||||||
...................................................Depreciation | 16,508 | 16,681 | 48,898 | 53,175 | |||||||||
Amortization of deferred costs...................... | 8,612 | 9,495 | 27,590 | 34,237 | |||||||||
General and administrative............................ | 12,012 | 9,386 | 36,216 | 34,782 | |||||||||
Loss on impairment of assets......................... | - | - | - | 188,017 | |||||||||
Loss / (gain) on disposal of assets.................. | 268 | (5,680) | (645) | (5,613) | |||||||||
121,878 | 108,838 | 352,561 | 567,461 | ||||||||||
Operating income / (loss)............................. | 8,383 | 18,607 | 37,947 | (103,631) | |||||||||
Other (expense) / income, net...................... | |||||||||||||
Interest income............................................... | 8 | 18 | 36 | 162 | |||||||||
Interest expense and financing charges......... | (26,640) | (22,560) | (86,425) | (66,867) | |||||||||
Other, net....................................................... | 136 | (179) | 421 | (54) | |||||||||
(26,496) | (22,721) | (85,968) | (66,759) | ||||||||||
Loss before income taxes............................. | (18,113) | (4,114) | (48,021) | (170,390) | |||||||||
Income tax expense........................................ | 4,276 | 3,565 | 13,381 | 14,083 | |||||||||
Net loss.......................................................... | $ | (22,389) | $ | (7,679) | $ | (61,402) | $ | (184,473) | |||||
Loss per share: | |||||||||||||
Basic and Diluted - Common shares.............. | $ | (0.16) | $ | (0.06) | $ | (0.45) | $ | (1.36) | |||||
Weighted average shares outstanding: | |||||||||||||
Basic and Diluted - Common shares.............. | 136,936 | 136,182 | 136,744 | 136,142 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page 3 of 42
SHELF DRILLING, LTD.
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
Three months ended September 30, | Nine months ended September 30, | ||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||
Net loss........................................................ | $ | (22,389) | $ | (7,679) | $ | (61,402) | $ | (184,473) | |||
Other comprehensive income, net of tax..... | |||||||||||
Change in unrealized losses on | |||||||||||
derivative financial instruments.............. | |||||||||||
Changes in unrealized gains / | |||||||||||
(losses)................................................. | - | 356 | - | (617) | |||||||
Reclassification of net losses from | |||||||||||
other comprehensive income to net | |||||||||||
income.................................................. | - | 85 | - | 405 | |||||||
$ | - | $ | 441 | $ | - | (212) | |||||
Total comprehensive loss.......................... | $ | (22,389) | $ | (7,238) | $ | (61,402) | $ | (184,685) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
Page 4 of 42
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Shelf Drilling Ltd. published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 06:04:03 UTC.
