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Edge12 Dec 2025
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Shelf Drilling (SHLF) investor relations material
Shelf Drilling has been delisted
Shelf Drilling 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
Adjusted EBITDA was $94 million in Q2 2025 with a 39% margin, and net income was $11 million; H1 2025 net income reached $24.9 million, reversing a prior-year loss.
Achieved 99.5% fleet-wide uptime in Q2 and improved safety performance with a 0.16 total recordable incident rate as of June 30, 2025.
Secured several key contract awards and extensions in Saudi Arabia, India, Italy, Egypt, Vietnam, and the UK, supporting backlog growth.
Announced agreement for ADES to acquire all outstanding shares, with delisting from the Oslo Stock Exchange planned post-merger.
Maintained capital discipline and reinforced balance sheet through debt repayment and strong cash management.
Financial highlights
Q2 2025 adjusted revenue was $240 million, down 1% sequentially; H1 2025 operating revenues were $470.2 million, with adjusted EBITDA for H1 at $190.2 million (39% margin).
Net income for Q2 2025 was $11 million, and for H1 2025 was $24.9 million.
Average day rate increased to $97,000 per day in Q2; effective utilization was 78%.
Consolidated cash balance as of June 30 was $171.5 million; total liquidity was $297 million.
Operating and maintenance expenses fell 11% year-over-year to $259 million.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance raised to $320–$360 million, up from $310–$360 million.
Revenues and utilization expected to improve in Q4 2025 as new contracts commence; Q3 2025 revenues expected to decline 5–10% sequentially.
Total capital spending guidance for 2025 remains $85–$115 million.
Management anticipates building further backlog and maintaining a positive outlook for 2026.
Long-term outlook for jack-up supply and demand remains positive despite short-term headwinds.
Explain the impact of contract suspensions.
Detail the terms of the ADES merger agreement.
How does Pillar Two impact income tax expense?
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Frequently asked questions
Shelf Drilling is an international offshore drilling contractor that provides shallow water drilling services to the oil and gas industry. The company specializes in operating and managing jack-up rigs, which are mobile, self-elevating platforms used for drilling in shallow waters. Shelf Drilling focuses on providing customized solutions for its clients, including rig refurbishment and upgrades, as well as operational and logistical support. It serves major oil companies and independent exploration and production companies, primarily in regions such as the Middle East, Southeast Asia, India, West Africa, and the Mediterranean. The company is headquartered in Dubai, UAE, and its shares are listed on the Oslo Stock Exchange.
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