Independence Contract Drilling, Inc. Announces Continued Dayrate Progression and Progress on Rig Reactivation Plans

News provided by

Independence Contract Drilling, Inc.

Sep 20, 2021, 06:45 ET

HOUSTON, Sept. 20, 2021 /PRNewswire/ -- Independence Contract Drilling, Inc. (the "Company" or "ICD") (NYSE: ICD) today announced that it has signed a drilling contract for the reactivation of its 16th rig which will work in the Permian Basin, with a scheduled start date in mid-October 2021.

Anthony Gallegos, President & Chief Executive Officer commented, "Overall oil and natural gas market fundamentals and demand for ICD rigs continues to improve. After this most recent reactivation, which will be of a 200 series rig, future reactivations will focus on our 300 series rigs. We expect to reactivate at least one additional 300 series rig by year end. On the dayrate front, rates continue to move upward across our fleet with rates on our most recent awards rating over $3,000 per day higher than our second quarter 2021 reported averages. With our intentional focus on short term contract tenors to capture continued dayrate growth in an improving market, the vast majority of our rigs are scheduled to reprice at least once during the remainder of the year. This along with additional repricing opportunities in 2022 and an increasing percentage of our working fleet being comprised of 300 series rigs, sets up nicely for ICD operating results as we move into 2022."

About Independence Contract Drilling, Inc.

Independence Contract Drilling provides land-based contract drilling services for oil and natural gas producers in the United States. The Company constructs, owns and operates a fleet of pad-optimal ShaleDriller rigs that are specifically engineered and designed to accelerate its clients' production profiles and cash flows from their most technically demanding and economically impactful oil and gas properties. For more information, visit www.icdrilling.com.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of the federal securities laws. Words such as "anticipated," "estimated," "expected," "planned," "scheduled," "targeted," "believes," "intends," "objectives," "projects," "strategies" and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to Independence Contract Drilling's operations are based on a number of expectations or assumptions which have been used to develop such information and statements but which may prove to be incorrect. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, and there can be no assurance that actual outcomes and results will not differ materially from those expected by management of Independence Contract Drilling. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the "Risk Factors" section of the Company's Annual Report on Form 10-K, filed with the SEC and the information included in subsequent amendments and other filings. These forward-looking statements are based on and include our expectations as of the date hereof. Independence Contract Drilling does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which Independence Contract Drilling becomes aware of, after the date hereof.

INVESTOR CONTACTS:

Independence Contract Drilling, Inc.
E-mail inquiries to: [email protected]
Phone inquiries: (281) 598-1211

SOURCE Independence Contract Drilling, Inc.