oil & gas assets
You have accessed this news story:

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



Feed Icon
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......
 
Provide your credentials to access this page

Member Area: Log in if you have a PLS web account or Sign up for internet access now.

PLS Web Client?
Log in to proceed







Sign up for PLS Reports
& Web Access!


Already subscribed to Reports?
Sign up for Web Access!
Search For More News