A challenging quarter with revenue decline and operating loss, driven by lower activity and pricing, though free cash flow remained positive due to reduced capex.
Key takeaways
Revenue fell 8.2% to $932.4M on lower drilling activity and per-day pricing.
Net loss of $58.6M vs. $1.7M profit, impacted by impairment and lower revenue.
Management cited global tariff and OPEC+ uncertainty pressuring energy markets.
Full analysis
Revenue Decline Driven by Lower Activity and Pricing
Operating Loss Reflects Impairment and Margin Compression
Net Loss Widens on Operating Weakness and Tax Expense