Acquisition and Contract - Odfjell Drilling has completed the acquisition of the Deepsea Bollsta drilling rig, which includes a drilling contract with Equinor until early 2028, with options for five one-year extensions [1] - The rig will be renamed Deepsea Bergen, with the formal name change set for 2026 [1] Refinancing and Financial Structure - The company has secured long-term funding through a refinancing process, which includes $550 million in term loans and revolving credit facilities, along with a new $650 million bond rated for 5.25 years [2] - The refinancing process has improved pricing, extended maturities to 2031, and retained flexibility through revolving facilities [5] Financial Stability and Earnings Impact - Odfjell Drilling's amortization schedule remains consistent, with an average annual amortization of around $94 million projected over the next five years [3] - The company has no significant debt maturities until 2031, ensuring long-term financial stability [3] - The acquisition was financed entirely through debt and is expected to have an immediate positive impact on earnings [3] Order Backlog and Operational Risk - The acquisition, combined with existing contracts for the Deepsea Nordkapp and Deepsea Aberdeen rigs, boosts the company's secured order backlog by nearly $1 billion since the last reporting period [4] - The company has operated the rig for the past three years and expects minimal operational risk during the integration process [4] Strategic Positioning - Odfjell Drilling has an average of two and a half years of backlog secured across its owned units at attractive day rates, positioning the company well for 2026 [5]

TULSA, Okla.--(BUSINESS WIRE)--The Board of Directors of Helmerich & Payne, Inc. (NYSE: HP) announced today that Chief Executive Officer (CEO) John Lindsay will retire as CEO and director following the Annual Meeting of Stockholders on March 4, 2026. The Board has appointed Raymond John "Trey†Adams, President, to succeed Lindsay as CEO, effective following the Annual Meeting and has nominated Adams to stand for election to the Board at the Annual Meeting. Lindsay will continue serving as a senior advisor ...

HAMILTON, Bermuda, Dec. 9, 2025 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (the "Company") announces today that it has priced its previously announced offering of 21 million common shares at a price of $4.00 per share for total gross proceeds of $84 million (the "Equity Offering").  The Company plans to use the proceeds from the Equity Offering, together with proceeds from a concurrent debt offering, seller financing and, if necessary, available cash, for the potential acquisition of five premium j ...

Core Insights - Unit Corporation sold its drilling division for $119.7 million in cash at the beginning of October, which is expected to enhance its liquidity position significantly [1] - Projections indicate that Unit Corporation could end 2025 with $180 million in cash if no special dividends are declared [1] Company Overview - Unit Corporation operates in the energy sector and has recently made strategic moves to optimize its financial standing [1] - The company is focusing on value opportunities and distressed plays, particularly within the energy sector [1] Analyst Background - Aaron Chow, known as Elephant Analytics, has over 15 years of analytical experience and is recognized as a top-rated analyst on TipRanks [1] - Chow co-founded a mobile gaming company that was acquired by PENN Entertainment, showcasing his expertise in analytical and modeling skills [1]

Group 1 - Unit Corporation sold its drilling division for $119.7 million in cash at the beginning of October [1] - The projected cash balance for Unit Corporation at the end of 2025 is expected to be $180 million if no special dividends are declared [1] - The article highlights the expertise of Aaron Chow, who has over 15 years of analytical experience and focuses on value opportunities and distressed plays in the energy sector [1]

Core Insights - Helmerich & Payne Inc. reported an unexpected fourth-quarter loss, leading to a more than 4% decline in share price despite stronger-than-expected revenue [1] Financial Performance - The company posted an adjusted loss of $0.01 per share for the quarter ended September 30, 2025, missing analyst expectations of $0.21 in earnings [2] - Revenue for the quarter totaled $1.01 billion, exceeding the consensus estimate of $968.58 million [2] - The consolidated net loss amounted to $57 million, or $0.58 per share, primarily due to $56 million in non-recurring charges [2] Segment Performance - North America Solutions generated operating income of $118 million, a decrease from $158 million in the prior quarter, with direct margins of $242 million, equating to $18,620 per day [3] - The International Solutions division recorded an operating loss of $75 million, although this was an improvement from the previous quarter's loss of $167 million [3] Future Outlook - For fiscal 2026, Helmerich & Payne projected gross capital expenditures between $280 million and $320 million, which is below the levels of 2025 [4] - The company repaid $210 million of its $400 million term loan by the end of October and anticipates retiring the remaining balance by the end of the third fiscal quarter of 2026 [4] - For the first quarter of fiscal 2026, the firm expects North America Solutions direct margins to be between $225 million and $250 million, with an average contracted rig count of 138 to 144 rigs [4]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Core Insights - Borr Drilling Limited reported strong third-quarter results, with 23 out of 24 rigs active, demonstrating commercial strength and disciplined execution in a dynamic market [3][6] - Revenue increased by $9.4 million to $277.1 million, a 4% rise compared to the second quarter, while Adjusted EBITDA rose 2% to $135.6 million, maintaining a margin of 48.9% [10] - The company announced contract extensions for three rigs in Mexico and new commitments in the Gulf of America and Angola, enhancing its market presence and customer diversification [4][5] Financial Performance - Total operating revenues reached $277.1 million, marking a $9.4 million increase or 4% from the previous quarter [10] - Net income was reported at $27.8 million, a decrease of $7.3 million or 21% compared to the second quarter [10] - Adjusted EBITDA for the quarter was $135.6 million, reflecting a $2.4 million increase or 2% from the second quarter [10] Operational Highlights - The company achieved a technical utilization rate of 97.9% and an economic utilization rate of 97.4% across its active fleet, indicating robust operational execution [3] - Year-to-date, Borr Drilling secured 22 new contract commitments, representing over 4,820 days and $625 million in potential contract revenue [10] Market Outlook - The company anticipates fewer operating days in the fourth quarter due to rig transitions and contract terminations in Mexico, but expects full-year Adjusted EBITDA to be between $455 million and $470 million [6] - There are signs of demand inflection in major markets like Saudi Arabia and Mexico, suggesting a tightening market that could support higher utilization and dayrates in the near to medium term [7]

Financial Data and Key Metrics Changes - For Q3 2025, revenue was $14.8 million, down from $16.4 million in Q2 and $17.1 million year-over-year, primarily due to the divestiture of the Piranha division assets and underperformance in the sand segment [4][5] - Net loss from continuing operations was $12.1 million, or $0.25 per diluted share, compared to a loss of $8.9 million, or $0.18 per diluted share, in Q3 2024 [5][17] - Adjusted EBITDA from continuing operations was a loss of $4.4 million in Q3 compared to a loss of $2.9 million in the prior year [18] Business Line Data and Key Metrics Changes - Rentals segment revenue was $2.8 million, down 11% sequentially but up 24% year-over-year, with aviation performing well [13][14] - Infrastructure segment revenue declined 13% sequentially to $4.8 million, impacted by operational execution challenges [15] - Sand segment revenue was $2.7 million, down 49% from Q2 and 44% year-over-year, reflecting the Piranha division divestiture and weather-related disruptions [16] - Accommodations revenue increased 29% sequentially to $2.3 million, with solid EBITDA growth [16] Market Data and Key Metrics Changes - Market fundamentals in energy services remain steady, with firm pricing in most basins [7] - Infrastructure demand is benefiting from grid hardening, broadband expansion, and data center investments [8] - The aviation platform is positioned to capture sustained leasing demand in the regional passenger market [8] Company Strategy and Development Direction - The company is focused on transforming and simplifying its portfolio towards higher-return businesses, with a notable emphasis on the drilling segment [4][6] - Capital deployment is disciplined, with investments directed towards aviation assets that generate consistent cash flow [7][8] - The company aims to build a leaner organization centered on sustainable returns rather than scale [6][9] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges faced in the sand and infrastructure segments but remains optimistic about the long-term opportunities [10][11] - The company expects improved cash generation and margin recovery in 2026 as transformation initiatives take hold [22][23] - Management emphasizes the importance of operational excellence and strategic capital deployment for future growth [30] Other Important Information - The company maintained a strong balance sheet with $110.9 million in unrestricted cash and total liquidity of approximately $153.4 million [20] - Subsequent to the quarter end, approximately $19.8 million of restricted cash was released, improving the liquidity position [21] Q&A Session Summary Question: Visibility for sand volumes in 2026 - Management expects an increase in sand volumes compared to Q3, with encouraging sales dialogues for 2026 [24][25] Question: Balance sheet details - Cash and marketable securities were about $123 million, excluding $10 million in escrow and $5 to $10 million from land rigs held for sale [26][27] Question: Path to getting the sand business back to free cash flow neutral - Management highlighted several levers, including encouraging sales dialogues and one-time charges related to railcar returns [28][29]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2025 was $254 million, with a margin of 32%, reflecting a sequential decline due to several rigs rolling off contract [14][16] - Free cash flow for Q3 was $139 million, excluding $87 million in disposal proceeds from the sale of rigs [14][15] - The cash balance at the end of the quarter increased to $478 million, up $140 million from the previous quarter [14][15] Business Line Data and Key Metrics Changes - Contract drilling services revenue for Q3 totaled $798 million, which was lower sequentially [14] - The backlog increased to $7 billion, with significant contributions from contract extensions and new awards [7][15] Market Data and Key Metrics Changes - The committed UDW rig count is approximately 100, with marketed utilization slightly above 90%, indicating a slight improvement compared to recent quarters [10] - Deepwater contracting momentum is on an uptrend, with an average of 18 UDW rig years per quarter fixed in Q2 and Q3, up 10% compared to the previous two years [10] Company Strategy and Development Direction - The company is focused on maintaining a robust return of capital program and a prudent balance sheet position while navigating through a mid-cycle lull [4][19] - There is an emphasis on securing additional contracts to achieve 90%-100% contract coverage across high-spec drillships by the second half of 2026 [11][21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding a tightening deepwater market by late 2026 and early 2027, despite some slippage in program start dates [20][22] - The company is closely monitoring customer budget announcements, which have been less inspiring, but sees resilience in rig contracting activity [22][72] Other Important Information - The company plans to provide 2026 guidance in the next quarter's earnings call [16] - There are anticipated additional outlays of up to $135 million related to the termination of BOP service and lease contracts, which will be offset by annual savings of approximately $45 million [18] Q&A Session Summary Question: Thoughts on improving utilization for high-spec floater fleet - Management is optimistic about securing contracts for the Noble Viking, Jerry DeSouza, and Black Rhino, with ongoing discussions [25] Question: Details on Diamond Offshore BOP leases - The service agreement has been terminated, with a $35 million payment expected in Q4, and a maximum of $135 million in cash outlay anticipated [26][27] Question: Expectations for first half of 2026 - Management indicated that there is limited work expected in the first half of 2026, with a more favorable outlook for the second half [40][41] Question: Confidence in deepwater utilization recovery - Confidence is based on existing contracts and ongoing discussions, with a belief that day rates have bottomed [42][43] Question: Market conditions in West Africa - Management noted that West Africa is a long-cycle region, with demand expected to improve in the coming years [71][72] Question: Cost rationalization efforts - The company is realizing incremental cost savings as activity slows, with a focus on maintaining efficiency [76]