29 Oct 2015quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $21.3 million and a net loss of $3.4 million for the period ended 2015-09-30.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2015quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $21.3 million and a net loss of $3.4 million for the period ended 2015-09-30.
21 Oct 2015material agreement▼ BadMajor
On October 20, 2015 the company signed a Third Amendment to its CIT credit facility, cutting commitments from $155 million to $125 million, with pricing and maturity unchanged. It also reset the leverage, rig utilization (60% in 2016, 70% in 2017) and fixed charge covenants. This follows the March 2015 amendment and a Second Amendment dated April 17, 2015, and reverses the November 2014 increase in commitments.
14 Oct 2015director interest notice● Neutral
Independence Contract Drilling, Inc. officer Joseph Scott Thompson had 5,241 shares withheld for taxes on vesting stock.
1 Oct 2015director interest notice● Neutral
Independence Contract Drilling, Inc. officer David C Brown bought 500 shares on the open market at $4.99.
1 Sept 2015securities registration● Neutral
Independence Contract Drilling, Inc. registered a securities offering with the SEC using its shelf eligibility.
19 Aug 2015director interest notice● Neutral
Independence Contract Drilling, Inc. director Arthur Einav disposed of 12,272 shares via option/appreciation-right settlement.
13 Aug 2015director interest notice● Neutral
Independence Contract Drilling, Inc. officer Edward S Jacob III had 7,847 shares withheld for taxes on vesting stock.
13 Aug 2015director interest notice● Neutral
Independence Contract Drilling, Inc. officer Philip A Choyce had 7,872 shares withheld for taxes on vesting stock.
13 Aug 2015director interest notice● Neutral
Independence Contract Drilling, Inc. Chief Executive Officer Byron A Dunn had 15,923 shares withheld for taxes on vesting stock.
13 Aug 2015director interest notice● Neutral
Independence Contract Drilling, Inc. officer Michael J Harwell had 1,622 shares withheld for taxes on vesting stock.
13 Aug 2015director interest notice● Neutral
Independence Contract Drilling, Inc. officer Chris Menefee had 3,521 shares withheld for taxes on vesting stock.
13 Aug 2015director interest notice● Neutral
Independence Contract Drilling, Inc. officer Aaron Mueller had 1,601 shares withheld for taxes on vesting stock.
6 Aug 2015quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $21.1 million and a net loss of $652 thousand for the period ended 2015-06-30.
6 Aug 2015quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $21.1 million and a net loss of $652 thousand for the period ended 2015-06-30.
5 Aug 2015director interest notice● Neutral
Independence Contract Drilling, Inc. director Tighe Noonan disposed of 4,091 shares via option/appreciation-right settlement.
13 May 2015director interest notice● Neutral
Independence Contract Drilling, Inc. officer Joseph Scott Thompson bought 5,000 shares on the open market at $7.90.
11 May 2015quarterly activities report● Neutral
Independence Contract Drilling, Inc. reported quarterly revenue of $22.3 million and net income of $1.4 million for the period ended 2015-03-31.
7 May 2015quarterly activities report● Neutral
Independence Contract Drilling, Inc. reported quarterly revenue of $22.3 million and net income of $1.4 million for the period ended 2015-03-31.
7 Apr 2015auditor change● Neutral
This amendment to the April 2015 auditor-change filing only corrects an error in Exhibit 16.1, which referenced a Form 8-K dated April 7 instead of April 1. The auditor change itself (PwC dismissed, BDO engaged) is unchanged.
7 Apr 2015auditor change● Neutral
On April 1, 2015 the company dismissed PricewaterhouseCoopers as auditor, with Audit Committee approval, and on April 6 engaged BDO USA. The filing states PwC's reports for 2013 and 2014 were unqualified and there were no disagreements.
5 Mar 2015material agreement● Neutral
On March 4, 2015 the company amended the CIT credit facility (First Amendment). It changed the definition of eligible rigs to cover rigs on standby at a customer's request, and lowered the required rig utilization ratio from 80% to 60% for 2015, 70% for 2016 and 80% from January 2017. This loosens a covenant in the November 2014 facility.
17 Feb 2015director interest notice● Neutral
Lime Rock Partners Iii, L.P. became a Independence Contract Drilling, Inc. 10%+ owner and company insider (initial ownership filing).
17 Feb 2015substantial holder notice● Neutral
Lime Rock Partners III, L.P, Global Energy Services Operating, LLC, Jonathan C. Farber, John T. Reynolds disclosed a new substantial Independence Contract Drilling, Inc. shareholding (17.50% of votes).
5 Jan 2015director interest notice● Neutral
Independence Contract Drilling, Inc. officer Joseph Scott Thompson bought 5,000 shares on the open market at $5.58.
12 Nov 2014quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $19.1 million and a net loss of $1.4 million for the period ended 2014-09-30.
10 Nov 2014quarterly activities report▼ Bad
Independence Contract Drilling, Inc. reported quarterly revenue of $19.1 million and a net loss of $1.4 million for the period ended 2014-09-30.
6 Nov 2014material agreement▲ GoodMajor
On November 5, 2014 the company amended and restated its credit facility with lenders led by CIT Finance, raising commitments from $125 million to $155 million, with a further uncommitted $25 million accordion and a maturity of November 5, 2018. Borrowing is limited by a formula tied to receivables and the value of owned rigs; interest is LIBOR plus 4.5% (or a base rate plus 3.5%), and the facility is secured by substantially all company assets.
15 Oct 2014director interest notice● Neutral
Independence Contract Drilling, Inc. officer Joseph Scott Thompson received 57,485 shares as part of the equity award.
22 Aug 2014director interest notice● Neutral
Independence Contract Drilling, Inc. director Matthew D Fitzgerald received 12,272 shares as part of the equity award.