Shelf Drilling ( (SHLLF) ) has released its Q4 earnings. Here is a breakdown of the information Shelf Drilling presented to its investors.
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Shelf Drilling is a leading international offshore drilling contractor specializing in shallow water operations across various regions, including the Middle East, Southeast Asia, and West Africa. The company, founded in 2012 and headquartered in Dubai, is listed on the Oslo Stock Exchange under the ticker ‘SHLF’.
Shelf Drilling reported its fourth-quarter and full-year 2024 financial results, highlighting a challenging yet resilient performance. The company achieved a fourth-quarter adjusted EBITDA of $85 million, marking a 23% increase from the previous quarter, driven by new contracts in Nigeria and Norway. Despite facing rig suspensions in Saudi Arabia and delays in Norway, the company successfully redeployed assets and secured new contracts.
Key financial metrics for the fourth quarter of 2024 include adjusted revenues of $225.4 million and an adjusted EBITDA margin of 38%. For the full year 2024, the company reported adjusted revenues of $972.4 million and a net income attributable to controlling interest of $81.4 million. Notable strategic moves include a new alliance with Arabian Drilling to expand opportunities in core markets and several new contracts and redeployments in West Africa and Nigeria.
Looking ahead, Shelf Drilling remains optimistic about the long-term demand for jack-up rigs, despite short-term pressures on day rates. The company is confident that its strong customer relationships and strategic initiatives will continue to drive value for stakeholders in the evolving oil and gas market.