Page 18 - NorthAmOil Week 09 2023

NorthAmOil NEWS IN BRIEF NorthAmOil

effectively reducing our net leverage ratio to full year 2022. the compulsory purchase of legacy Maersk
2.2x at year-end. Financially and operationally, MAMMOTH ENERGY SERVICES, February 23, Drilling shareholders in November and open
we reported impressive achievements during 2023 market share repurchases conducted during
the year, as revenues increased 38%, Adjusted December pursuant to Noble’s previously
EBITDA grew 58%, and overall tons sold Noble Corporation announced share repurchase programme),
increased 14% year-over-year. with additional share repurchases in January
US SILICA HOLDINGS, February 24, 2023 announces fourth quarter totalling $10mn.
NOBLE, February 27, 2023
Mammoth Energy Services and full year 2022 results Diamond Offshore
announces fourth quarter Noble Corporation today reported fourth announces fourth-quarter
quarter and full year 2022 results.
and full year 2022 results the fourth quarter of 2022 totalled $586mn
Contract drilling services revenue for
Mammoth Energy Services, Inc. today compared to $289mn in the third quarter, 2022 results
reported financial and operational results with the increase primarily attributable to Contract drilling revenue for the fourth
for the fourth quarter and full year ended the business combination. Marketed fleet quarter, excluding reimbursable revenue,
December 31, 2022. utilisation was 88% in the three months ended totalled $208mn compared to $190mn in the
Fourth quarter 2022 total revenue was December 31, 2022, compared to 89% in the third quarter of 2022. The increase in revenue
$102.9mn, an increase of 80% compared previous quarter. Contract drilling services was due to a full quarter of operation in
to $57.2mn for the same quarter of 2021. costs for the fourth quarter were $366mn, up Senegal for the Ocean BlackHawk, the Ocean
Total revenue for the full year of 2022 was from $186mn in the third quarter of 2022. BlackLion operating for a full quarter at its
$362.1mn, an increase of 58% compared to Adjusted EBITDA for the three months ended higher dayrate, and the Vela going on contract
$229.0mn in 2021. December 31, 2022 was $157mn compared to in the fourth quarter. The increased revenue
Net income for the fourth quarter of 2022 $97mn in the third quarter of 2022. Capital was partially offset by reduced revenues from
was $4.8mn, or $0.10 per share, compared expenditures totalled $77mn in the fourth the Ocean Onyx, which was cold stacked
to a net loss of $13.3mn, or a $0.28 loss per quarter and $194mn for the full year ending during the quarter, and the Ocean Endeavor
share, for the same quarter of 2021. Net loss December 31, 2022. Net cash provided by which was in the shipyard for repairs,
for the full year of 2022 was $0.6mn, or $0.01 operating activities for the fourth quarter was regulatory surveys, and steel renewals.
per fully diluted share, compared to net loss $171mn and free cash flow was $106mn. Our Contract drilling expense as a percentage
of $101.4mn, or $2.18 per fully diluted share business combination with Maersk Drilling of revenue remained relatively flat compared
for 2021. closed on October 3, 2022. Results for the to the prior quarter despite expenses
Adjusted EBITDA was $24.1mn for the fourth quarter reflect the combined company associated with the reactivation of the Ocean
fourth quarter of 2022, an increase of 40% for 90 out of 92 days of the period. GreatWhite, the Vela commencing its maiden
compared to $17.2mn for the same quarter of The company’s balance sheet as of contract under Diamond management, and
2021. Adjusted EBITDA increased to $86.1mn December 31, 2022, reflected total debt of the Ocean Endeavor being in shipyard for two
for the full year of 2022 compared to ($11.6) $673 million and cash (and cash equivalents) months of the quarter.
mn for 2021. During the fourth quarter of of $476mn. Subsequent to the end of the Adjusted EBITDA for the fourth quarter
2022, Mammoth recognised bad debt expense fourth quarter, we elected to pay off the was $12.5mn compared to $18.4mn in the
of $3.5mn due to a previously disclosed legal $150mn Danish Ship Finance term loan prior quarter, primarily as a result of the
settlement. Excluding this expense, adjusted with excess cash on the balance sheet. reactivation expenses associated with the
EBITDA would have been $27.6mn for the During the fourth quarter, Noble executed Ocean GreatWhite. Net loss for the fourth
fourth quarter of 2022 and $89.6mn for the on $86mn of share repurchases (including quarter was $52.4mn compared to net income

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