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Shelf Drilling
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
Achieved strong Q2 2025 performance with adjusted EBITDA of $94 million and a 39% margin, and net income of $11 million, reflecting stable operational results and a modest decline from Q1 2025.
Secured multiple new contracts and extensions across Saudi Arabia, India, Italy, Egypt, Vietnam, UK, and the Mediterranean, supporting backlog growth and revenue visibility into 2026.
Liquidity as of June 30, 2025, was $297 million, including $172 million in cash and $125 million undrawn credit facility.
Net income for the first half of 2025 was $24.9 million, a turnaround from a net loss in 2024.
Announced agreement for acquisition by ADES International Holding, with delisting from the Oslo Stock Exchange planned post-merger.
Financial highlights
Q2 2025 adjusted revenue was $240 million, down slightly from Q1 due to contract completions; total revenues for H1 2025 were $486.9 million.
Adjusted EBITDA for Q2 was $94 million with a 39% margin; H1 2025 adjusted EBITDA was $190.2 million, up from $151.5 million in 2024.
Net income for Q2 2025 was $11 million; net income margin for H1 2025 was 5.1%.
Capital expenditures and deferred costs were $18 million in Q2 2025, totaling $33.5 million for H1 2025.
Cash and cash equivalents at June 30, 2025, stood at $171.5 million, down $35.1 million sequentially due to debt service payments.
Outlook and guidance
Full-year 2025 adjusted EBITDA guidance raised to $320–$360 million, reflecting improved operational and financial performance.
Revenues expected to decline 5–10% in Q3 2025 due to contract completions, then rise in Q4 as new contracts commence.
Total capital spending guidance for 2025 remains $85–$115 million.
Long-term outlook for jack-up supply and demand remains positive despite short-term headwinds and dayrate pressure.
Pricing pressure vs. raised EBITDA guidance
How will remaining rig supply be absorbed?
Impact of Middle East rig influx on regional day rates?
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Shelf Drilling
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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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