Page 13 - NorthAmOil Week 30 2021

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assets and the combined knowledge and continue through the second half of the year. announces acquisition by
experience of our highly trained workforce Linda Southern-Heathcott, AKITA’s
in the continuing delivery of high-quality executive chair and chief executive officer Shell to accelerate mission
performance, safety, and service to our stated: “The industry is entering a period
customers.” of increased activity and at AKITA we are of achieving a net-zero
ENSIGN ENERGY SERVICES AND NABORS focused on balancing continued cost control
INDUSTRIES, July 29, 2021 with readying the fleet and our crews for carbon future
increased demand. We expect the second half
AKITA announces second of the year to be busier in both Canada and Inspire, a technology enabled clean energy
the United States for AKITA.”
company in the US, today announced it has
quarter results AKITA DRILLING, July 29, 2021 signed an agreement to become a wholly
owned subsidiary of Shell New Energies US.
AKITA Drilling announces results for the six Weatherford announces As part of Shell, Inspire intends to rapidly
months ended June 30, 2021. scale its offering of access to sustainable
Improvements in demand for drilling second-quarter 2021 results energy to US households.
services in both Canada and the United “We look forward to joining Shell’s talented
States continue as demand for oil increases Weatherford International announced today team to achieve our energy transition goals
with countries beginning to open up and its results for the second quarter of 2021. together,” said Patrick Maloney, founder
economies starting to recover from the Revenues for the second quarter of 2021 and CEO of Inspire. “We share the belief
COVID-19 pandemic. Activity for AKITA were $903mn, an increase of 9% sequentially that renewable energy should be accessible
increased 20% in the second quarter of and 10% year-on-year. Reported operating to everyone and Shell’s resources, reach and
2021 compared to the second quarter of income was $25mn in the second quarter of ownership of many aspects of the energy
2020, which is a positive sign. In the second 2021, compared to an operating loss of $13mn value chain will help us scale and advance our
quarter of 2021, the company recorded a in the first quarter of 2021 and an operating mission.”
net loss of $6,108,000, compared to a net loss of $497mn in the second quarter of 2020. “Our goal is to become a major provider
loss of $5,221,000 in the second quarter of The Company’s second-quarter 2021 net loss of renewable and low-carbon energy, and
2020. Adjusted funds flow from operations was $78mn, compared to a net loss of $116mn this acquisition moves us a step closer to
decreased to $1,056,000 in the second quarter in the first quarter of 2021 and a net loss of achieving that,” said Elisabeth Brinton,
of 2021 from $2,099,000 in the same period $581mn in the second quarter of 2020. executive vice president of renewables and
of 2020 and adjusted EBITDA decreased to Second-quarter 2021 cash flows provided energy solutions at Shell. “This deal instantly
$1,559,000 from $2,985,000 over the same by operations were $46mn, compared to expands our business-to-consumer power
period in 2020. $74mn in the first quarter of 2021 and offerings in key regions in the US, and we are
While the company was more active in $31mn in the second quarter of 2020. Capital well-positioned to build on Inspire’s advanced
both Canada (159 operating days compared to expenditures were $9mn in the second digital capabilities to allow more households
99) and the US (615 operating days compared quarter of 2021, compared to $15mn in the to benefit from renewable and low-carbon
to 544), lower day rates in the US, the mix of first quarter of 2021 and $35mn in the second energy.”
rigs working in Canada and increased selling quarter of 2020. Inspire will operate under its existing
and administrative costs had a negative effect WEATHERFORD INTERNATIONAL, July 28, brand within Shell’s Renewables & Energy
on overall results in the second quarter of 2021 Solutions integrated power business. The
2021 compared to the second quarter of 2020. Inspire leadership team and existing employee
Activity for AKITA’s joint venture rigs base will remain in place.
improved to 112 operating days in the second ENERGY TRANSITION The deal is expected to be completed by Q4
quarter of 2021 compared to no operating of 2021, subject to regulatory approvals and
days in the second quarter of 2020. These joint Inspire Clean Energy the satisfaction of closing conditions.
venture rigs are important to AKITA and our INSPIRE CLEAN ENERGY, July 27, 2021
First Nations partners and we expect this to

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