ICD reports Q2 net loss $16.7M, revenue down 23% YoY; expects Q3 avg rigs ~13

Independence Contract Drilling, Inc.

2024-Q2 EPS reported -$1.77 revenue$89,963,000

Net loss $16.7M ($1.15/sh); adjusted net loss $10.6M ($0.73/sh). Revenue $43.3M vs $56.4M YoY.
Average rigs working 14.5 (down 4% sequentially); utilization 56%. Revenue per day $28,899.
CEO: Q3 avg rigs expected ~13, recovery to Q2 levels by Q4 end. Headwinds from customer consolidation and drilling efficiencies.
Director Stacy D. Nieuwoudt resigns effective Aug 16, 2024; no disagreements with company.
Strategic committee evaluating alternatives including refinancing convertible notes due 2026; no earnings calls during review.

item 2.02 item 5.02 item 9.01

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Departed

Stacy D. Nieuwoudt

Director

Independence Contract Drilling, Inc.

Effective: 2024-08-16
Filed: August 7, 2024, 7:59 PM ET

On August 5, 2024, Stacy D. Nieuwoudt notified Independence Contract Drilling, Inc. (the “Company”) of her decision to resign effective August 16, 2024, from the Board of Directors.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Stacy D. Nieuwoudt resigned as Director at Independence Contract Drilling, Inc..

Action: resigned
Role: Director

Exact text from the filing

On August 5, 2024, Stacy D. Nieuwoudt notified Independence Contract Drilling, Inc. (the “Company”) of her decision to resign effective August 16, 2024, from the Board of Directors.

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Source: SEC EDGAR

accession 0001558370-24-011195

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