Highlights
Total operating revenues of $241.6 million, a decrease of $30.3 million or 11% compared to the second quarter of 2024
Net income of $9.7 million, a decrease of $22.0 million or 69% compared to the second quarter of 2024
Adjusted EBITDA of $115.5 million, a decrease of $20.9 million or 15% compared to the second quarter of 2024
Year to date of report, the Company has been awarded seventeen new contract commitments, representing 4,129 days and $731 million of potential contract revenue
On November 6, 2024, the Board declared a cash distribution of $0.02 per share ($4.8 million) for the third quarter of 2024 to be paid on or about December 16, 2024, and committed to buy back $20 million worth of shares before year end 2024, equalling a total shareholder return of $25 million, an amount in line with previous quarters
CEO, Patrick Schorn commented:
"The operational performance in the third quarter was solid, with a technical utilization rate of 98.7% and an economic utilization rate of 96.9%. As expected, our third quarter financial results came in slightly below those of the second quarter. This difference was primarily due to one-off items in the second quarter related to the change in operating structure of our Mexico JV contracts and suspension of the "Arabia I", both of which had positively impacted prior quarter results.
In terms of ...
