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Investor Relations14 Oct 2025
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Shelf Drilling (North Sea) (SDNS) investor relations material
Shelf Drilling (North Sea) Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Achieved significant safety improvements with a year-to-date total recordable incident rate of 0.16 and fleet-wide uptime of 99.5% for the quarter.
Adjusted EBITDA held stable at $94M in Q2 2025 with a 39% margin, and net income was $11M.
Secured seven new contracts/extensions since Q1 2025, supporting long-term backlog growth.
Liquidity stood at $297M, including $172M in cash and $125M undrawn credit facility as of June 30, 2025.
Achieved net income of $16.1M for the six months ended June 30, 2025, reversing a net loss of $54.1M year-over-year.
Financial highlights
Q2 2025 adjusted revenue was $240M, down 1% sequentially due to contract completions, partially offset by higher day rates.
Adjusted EBITDA for Q2 was $94M with a 39% margin, slightly down from $96M and 40% in Q1.
Net income for Q2 was $11M; net debt declined by $62M from year-end 2024.
Cash and cash equivalents decreased by $35.1M to $171.5M during Q2 2025, mainly due to higher debt service payments.
Operating revenues for Q2 2025 were $52.3M, up from $29.9M in Q2 2024.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance raised to $320M–$360M, up $10M at the low end from prior guidance.
Expect improved revenues and utilization in 2025 from new contracts in the North Sea and West Africa.
Capital spending guidance for 2025 remains $85M–$115M.
Q3 2025 revenues expected to decline 5–10% sequentially due to contract completions; Q4 2025 revenues expected to rise with new contracts.
The longest drilling contract extends through December 2026, providing revenue visibility.
How will OPEC+'s strategy impact Shelf Drilling?
Explain the impact of rig redeployments on day rates.
Detail the drivers behind the EBITDA guidance revision.
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Next Shelf Drilling (North Sea) earnings date
Q3 202510 Nov, 2025
Next Shelf Drilling (North Sea) earnings date
Q3 202510 Nov, 2025
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Frequently asked questions
Shelf Drilling (North Sea) Ltd., a subsidiary of Shelf Drilling Holdings Limited, is a United Arab Emirates-based company specializing in shallow water offshore drilling primarily within the North Sea region. The company focuses on the drilling, completion, and maintenance of shallow water offshore oil and natural gas wells, leveraging its fleet of modern high-specification harsh environment jack-up rigs. The company is headquartered in Dubai, United Arab Emirates, and its shares are listed on the Euronext Growth Exchange in Oslo.
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