HOUSTON, Sept. 20, 2021 /PRNewswire/ -- Independence
Contract Drilling, Inc. (the "Company" or "ICD") (NYSE: ICD) today
announced that it has signed a drilling contract for the
reactivation of its 16th rig which will work in the Permian Basin,
with a scheduled start date in mid-October
2021.
Anthony Gallegos, President &
Chief Executive Officer commented, "Overall oil and natural gas
market fundamentals and demand for ICD rigs continues to
improve. After this most recent reactivation, which will be
of a 200 series rig, future reactivations will focus on our 300
series rigs. We expect to reactivate at least one additional
300 series rig by year end. On the dayrate front, rates
continue to move upward across our fleet with rates on our most
recent awards rating over $3,000 per
day higher than our second quarter 2021 reported averages.
With our intentional focus on short term contract tenors to capture
continued dayrate growth in an improving market, the vast majority
of our rigs are scheduled to reprice at least once during the
remainder of the year. This along with additional repricing
opportunities in 2022 and an increasing percentage of our working
fleet being comprised of 300 series rigs, sets up nicely for ICD
operating results as we move into 2022."
About Independence Contract Drilling, Inc.
Independence Contract Drilling provides land-based contract
drilling services for oil and natural gas producers in the United States. The Company constructs,
owns and operates a fleet of pad-optimal ShaleDriller rigs that are
specifically engineered and designed to accelerate its clients'
production profiles and cash flows from their most technically
demanding and economically impactful oil and gas properties. For
more information, visit www.icdrilling.com.
Forward-Looking Statements
This news release contains certain forward-looking statements
within the meaning of the federal securities laws. Words such as
"anticipated," "estimated," "expected," "planned," "scheduled,"
"targeted," "believes," "intends," "objectives," "projects,"
"strategies" and similar expressions are used to identify such
forward-looking statements. However, the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements relating to Independence Contract
Drilling's operations are based on a number of expectations or
assumptions which have been used to develop such information and
statements but which may prove to be incorrect. These statements
are not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict, and
there can be no assurance that actual outcomes and results will not
differ materially from those expected by management of Independence
Contract Drilling. For more information concerning factors that
could cause actual results to differ materially from those conveyed
in the forward-looking statements, please refer to the "Risk
Factors" section of the Company's Annual Report on Form 10-K, filed
with the SEC and the information included in subsequent amendments
and other filings. These forward-looking statements are based on
and include our expectations as of the date hereof. Independence
Contract Drilling does not undertake any obligation to update or
revise such forward-looking statements to reflect events or
circumstances that occur, or which Independence Contract Drilling
becomes aware of, after the date hereof.
INVESTOR CONTACTS:
Independence Contract Drilling, Inc.
E-mail inquiries to: Investor.relations@icdrilling.com
Phone inquiries: (281) 598-1211
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SOURCE Independence Contract Drilling, Inc.