Financial Data and Key Metrics Changes - The company reported a strong second quarter with technical utilization at 99.6% and economic utilization at 97.8% [4] - Revenue increased by $41 million to $166.5 million for the first six months of the year, with EBITDA rising by 9% to $133 million [4][10] - Total operating expenses were $102 million, an increase of $4 million compared to the first quarter [11] - Adjusted EBITDA for the quarter was $133.2 million, reflecting a 39% increase [12] Business Line Data and Key Metrics Changes - The company secured 14 new contract commitments year-to-date, adding $318 million to the backlog [17] - The average day rate for 2025 is projected at $145, with 84% fleet coverage [20] - The company has seen a significant increase in contract awards, including a multi-rig award in Vietnam and a contract for the Rig Arabia [18][20] Market Data and Key Metrics Changes - The oil and gas sector is facing a complex global environment, with Brent crude prices averaging approximately $68 in Q2 [21] - Global utilization for modern rigs remains above 90%, although day rates are under pressure due to excess capacity [22] - The Mexican government's renewed focus on Pemex is expected to enhance rig demand and contract stability [24] Company Strategy and Development Direction - The company aims to strengthen its capital position and support long-term growth through proactive financing initiatives [5][8] - The focus remains on maximizing asset utilization and capturing incremental work, particularly in Mexico and Southeast Asia [20][24] - The company is positioned to pursue opportunistic transactions and potential M&A activities in the current market environment [41][96] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the operational environment in Mexico, citing government support for vendor payments [36][38] - The company anticipates continued demand growth in Southeast Asia and the Middle East, with a focus on shallow water projects [21][24] - Long-term fundamentals of the jackup market remain compelling, with expected growth in oil and gas demand [26] Other Important Information - A CEO succession plan was announced, with Bruno Morant set to take over as CEO effective September 1 [28][30] - The company has strengthened its balance sheet with a liquidity increase to approximately $425 million [16] Q&A Session Summary Question: Update on Mexico's operational status - Management indicated that the Mexican government's funding initiatives are positive for operational continuity and vendor payments [36][38] Question: Potential M&A activities - The company is exploring opportunistic transactions and is open to both larger corporate M&A and smaller asset purchases [41][96] Question: Status of Pemex accounts receivable - Current outstanding receivables from Pemex are around $60-65 million, with expectations for improved payment flows [57][95] Question: Incremental demand in Saudi Arabia - Management noted ongoing discussions with Aramco regarding rig availability, with expectations for increased demand in the near future [61][64] Question: Exploration opportunities in gas - The company has been involved in gas projects globally, including significant work in the Congo and the North Sea [76][78]