2021 Q3 Form 10-Q Financial Statement

#000156459021055253 Filed on November 08, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $213.9M $138.3M
YoY Change 54.7% -45.57%
Cost Of Revenue $165.3M $139.5M
YoY Change 18.46% -34.5%
Gross Profit $48.62M -$1.200M
YoY Change -4151.92% -102.92%
Gross Profit Margin 22.73% -0.87%
Selling, General & Admin $20.98M $12.80M
YoY Change 63.88% -32.02%
% of Gross Profit 43.14%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.15M $75.30M
YoY Change -66.6% -15.1%
% of Gross Profit 51.72%
Operating Expenses $46.13M $88.10M
YoY Change -47.64% -18.06%
Operating Profit $2.497M -$89.22M
YoY Change -102.8% 22.49%
Interest Expense -$8.602M $98.00K
YoY Change -8877.55% -99.68%
% of Operating Profit -344.49%
Other Income/Expense, Net -$14.00K $107.0K
YoY Change -113.08% 30.49%
Pretax Income -$7.268M -$98.51M
YoY Change -92.62% -3.99%
Income Tax -$2.086M $95.00K
% Of Pretax Income
Net Earnings -$5.182M -$98.61M
YoY Change -94.74% 3.66%
Net Earnings / Revenue -2.42% -71.32%
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$51.78K -$0.71
COMMON SHARES
Basic Shares Outstanding 100.1M 138.1M
Diluted Shares Outstanding 100.1M 138.1M

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.30M $422.7M
YoY Change -93.54% 102.12%
Cash & Equivalents $51.56M $448.4M
Short-Term Investments
Other Short-Term Assets $5.648M $4.434M
YoY Change 27.38% -26.03%
Inventory
Prepaid Expenses
Receivables $170.0M $120.7M
Other Receivables $18.27M $21.20M
Total Short-Term Assets $284.7M $652.3M
YoY Change -56.36% 26.8%
LONG-TERM ASSETS
Property, Plant & Equipment $1.371B $4.243B
YoY Change -67.7% -17.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $36.41M $206.5M
YoY Change -82.37% 410.68%
Total Long-Term Assets $1.407B $4.450B
YoY Change -68.38% -16.93%
TOTAL ASSETS
Total Short-Term Assets $284.7M $652.3M
Total Long-Term Assets $1.407B $4.450B
Total Assets $1.692B $5.102B
YoY Change -66.84% -13.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.73M $32.00M
YoY Change 11.64% -53.46%
Accrued Expenses $134.2M $127.5M
YoY Change 5.23% -32.96%
Deferred Revenue $38.56M $45.39M
YoY Change -15.04% 649.49%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.60M
YoY Change
Total Short-Term Liabilities $214.8M $187.9M
YoY Change 14.29% -32.7%
LONG-TERM LIABILITIES
Long-Term Debt $306.1M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $128.1M $2.751B
YoY Change -95.34% 970.09%
Total Long-Term Liabilities $306.1M $2.751B
YoY Change -88.87% 23.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $214.8M $187.9M
Total Long-Term Liabilities $306.1M $2.751B
Total Liabilities $803.9M $2.970B
YoY Change -72.93% 15.75%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $887.8M $2.132B
YoY Change
Total Liabilities & Shareholders Equity $1.692B $5.102B
YoY Change -66.84% -13.1%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$5.182M -$98.61M
YoY Change -94.74% 3.66%
Depreciation, Depletion And Amortization $25.15M $75.30M
YoY Change -66.6% -15.1%
Cash From Operating Activities $25.07M -$25.30M
YoY Change -199.08% 119.47%
INVESTING ACTIVITIES
Capital Expenditures -$13.87M $44.20M
YoY Change -131.38% -157.04%
Acquisitions
YoY Change
Other Investing Activities $767.0K $6.500M
YoY Change -88.2% -95.68%
Cash From Investing Activities -$13.10M -$37.70M
YoY Change -65.24% -151.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.77M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 25.07M -25.30M
Cash From Investing Activities -13.10M -37.70M
Cash From Financing Activities -13.77M 0.000
Net Change In Cash -1.808M -63.00M
YoY Change -97.13% -202.23%
FREE CASH FLOW
Cash From Operating Activities $25.07M -$25.30M
Capital Expenditures -$13.87M $44.20M
Free Cash Flow $38.94M -$69.50M
YoY Change -156.03% -205.37%

Facts In Submission

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<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;letter-spacing:-0.1pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates in the Preparation of Financial Statements</p> <p style="margin-top:6pt;text-align:justify;margin-bottom:0pt;text-indent:2.78%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimated.</p>
us-gaap Restricted Cash Nature Of Restriction Description
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We maintain restricted cash bank accounts, of which $24.2 million is subject to restrictions pursuant to a management and marketing services agreement with an offshore drilling company and $0.1 million is subject to restrictions pursuant to a court order, to settle certain professional fees incurred upon or prior to our emergence from bankruptcy.
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CY2021Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
1328825000
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
4122809000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
197000000.0
CY2020Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
2000000000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
306145000
CY2021Q3 us-gaap Debt Instrument Unamortized Premium
DebtInstrumentUnamortizedPremium
800000
CY2021Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3500000
CY2021Q3 do Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
308799000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
308799000
CY2021Q3 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
14200000
CY2020Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
13500000
do Deductible For Marine Liability Coverage Including Personal Injury Claims Per First Occurrence
DeductibleForMarineLiabilityCoverageIncludingPersonalInjuryClaimsPerFirstOccurrence
5000000.0
do Range Of Deductible For Liability Coverage For Personal Injury Claims Lower Limit
RangeOfDeductibleForLiabilityCoverageForPersonalInjuryClaimsLowerLimit
5000000.0
do Range Of Deductible For Liability Coverage For Personal Injury Claims Upper Limit
RangeOfDeductibleForLiabilityCoverageForPersonalInjuryClaimsUpperLimit
100000000.0
CY2021Q1 do Number Of Offshore Rigs Subject To Well Control Equipment Agreements
NumberOfOffshoreRigsSubjectToWellControlEquipmentAgreements
4
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
7552000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
5006000
do Finance Lease Cost
FinanceLeaseCost
12558000
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
5006000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
6011000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
174571000
CY2021Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M8D
CY2021Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0672
CY2021Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
6624000
CY2021Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
26280000
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
26280000
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
26352000
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
26280000
CY2021Q3 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
96430000
CY2021Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
208246000
CY2021Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
40190000
CY2021Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
168056000
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
41812000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
154796000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
16354000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
5072000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
25373000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
23476000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
112646000
CY2021Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
167019000
CY2021Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
15599000
CY2021Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
152457000
do Debtor Reorganization Items Cancellation Of Debt Income
DebtorReorganizationItemsCancellationOfDebtIncome
1266000000.0
CY2021Q2 do Reversal Of Uncertain Tax Position Reserve And Offsetting Valuation Allowance
ReversalOfUncertainTaxPositionReserveAndOffsettingValuationAllowance
187000000.0
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2021Q3 do Number Of Countries With Rigs
NumberOfCountriesWithRigs
5
CY2021Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
213877000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
328788000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
169379000
CY2020Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
138257000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
565630000

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