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OFS - Over 25% of Independence’s Q1 revenue goes to severance - May 2020

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Independence Contract Drilling expects to exit Q2 with just six rigs earning revenue under drilling contacts, down from 17 at the end of Q1. Severance costs were $11 million—more than a quarter of Q1 revenue—as the company reduced its headcount by 40%, including directors and executive officers. “As recently as February, ICD had 22 rigs contracted, and we were in advanced discussions to start up three more rigs in our target markets by the......
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