Core Insights - The company reported strong financial results for Q2 2025, with total operating revenues of $267.7 million, a 24% increase quarter-over-quarter, driven by increased operating days and higher day rates [4][19] - Adjusted EBITDA rose to $133.2 million, reflecting a 39% increase from the previous quarter, attributed to improved profitability from new contracts and enhanced utilization [5][21] - The company secured 14 new contract commitments year-to-date, adding $318 million to its backlog, with 2025 contract coverage now at 84% at an average day rate of $145,000 [7][29] Financial Performance - Revenue for Q2 2025 was $267.7 million, up $51.1 million from the previous quarter [4][19] - Adjusted EBITDA reached $133.2 million, an increase of $37.1 million or 39% quarter-over-quarter [5][21] - Net income was $35.1 million, a significant increase of $52 million compared to the previous quarter [5][21] - Free cash flow for the first six months of 2025 was $106.5 million, with Q2 free cash flow at $92.4 million [6][24] Operational Metrics - Technical utilization was reported at 99.6% and economic utilization at 97.8% for Q2 2025, indicating high fleet reliability and efficiency [3][10] - The company has $242.4 million in available liquidity at the end of Q2, which includes cash and undrawn revolving credit capacity [6][22] Strategic Developments - The company announced a comprehensive capital initiative that increased pro forma liquidity to $425 million, including a successful $102.5 million equity raise [10][25] - CEO succession was confirmed, with Bruno Morand set to take over as CEO effective September 1, 2025, while Patrick Schorn transitions to Executive Chairman [7][38] - The company is focusing on asset utilization over pushing for higher day rates, emphasizing that "utilization remains king" in the current market environment [12][66] Market Outlook - The company expressed confidence in meeting the 2025 adjusted EBITDA guidance of approximately $470 million, supported by positive developments in Mexico and the government's commitment to Pemex [8][18] - The oil and gas sector is facing a complex global environment, but demand for shallow water projects remains strong due to attractive breakeven prices and low emissions [31][37] - The company is well-positioned to capture incremental work, especially on private investment projects in Mexico, which are expected to contribute significantly to the country's production by 2033 [11][57]