AKITA announces 2021 annual results

CALGARY, AB, March 14, 2022

AKITA Drilling Ltd. ("AKITA" or the "Company") was more active in 2021 than in 2020 as the impact of the restrictions designed to reduce the spread of the global pandemic eased, and the price of oil and natural gas recovered, increasing 37% and 67%, respectfully over the course of the year. The significant improvements in commodity prices increased demand for drilling services in both Canada and the United States ("US") and resulted in improved activity for both AKITA's Canadian and US operations. The Company's focus in 2021 shifted towards rig reactivations and positioning AKITA's fleet to participate fully in the 2022 drilling year that was anticipated to be strong and which is already off to a favorable start with the active rig count in the US crossing above 600 active rigs in early January and industry utilization in Canada above both 2019, 2020 and 2021 levels at the start of 2022. The Company spent $16,416,000 on capital expenditures in 2021 (compared to $7,793,000 in 2020) primarily at the end of the year on rig reactivations and Level-4 inspections that enabled it to activate eleven rigs in Canada to start 2022, compared to eight rigs operating in Canada in the month of January during each of the previous three years.  Similarly, the Company operated a total of thirteen rigs in the US in January of 2022, compared with nine the year prior.

Linda Southern-Heathcott, AKITA's Executive Chair and Chief Executive Officer stated: "Coming off collapsed oil and gas commodity prices and low activity levels that characterized the prior year, 2021, in many ways, was a year of recovery for the Company. Capital was spent to reactivate rigs that had been idle and utilization levels improved materially for the both AKITA's Canadian and US divisions.  Despite improving activity levels, - low day rates persisted throughout most of the year while supply chain disruptions increased the cost of operations.  However, by the end of 2021 it became clear that industry fundamentals were improving, and we are working to secure day rate increases throughout 2022.  We expect 2022 to continue to strengthen through the year."

The Company announces annual results for the year ended December 31, 2021. AKITA's net loss for the year ended December 31, 2021 was $20,990,000 (net loss of $0.53 per share (basic and diluted)) on revenue of $110,088,000 compared to a net loss of $93,274,000 ($2.35 loss per share (basic and diluted)) on revenue of $119,664,000 in 2020. The Company recorded an asset impairment loss of $80,000,000 in 2020. Adjusting for the asset impairment loss, the Company's net loss in 2020 was $20,674,000 (net loss of $0.52 per share (basic and diluted)). Net cash used in operating activities for 2021 was $3,461,000 compared to net cash from operating activities of $22,860,000 in 2020 and adjusted funds flow from operations⁽¹⁾ decreased to $7,454,000 in 2021 from $10,322,000 in the prior year.

CONSOLIDATED FINANCIAL HIGHLIGHTS

United States Operations

$ Thousands except per day amounts (CAD)			2021	2020	Change	% Change
Revenue US			81,798	91,198	(9,400)	(10%)
Flow through charges			(10,374)	(10,821)	447	4%
Adjusted revenue US(1)			71,424	80,377	(8,953)	(11%)
Operating and maintenance expenses US Werbung Mehr Nachrichten kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 08:28 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Mattioli Woods plc 04:49 - PR Newswire Norges Bank - Form 8.3 - BHP Group Limited 02:00 - PR Newswire BlackRock Income and Growth Investment Trust Plc - Total Voting Rights Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59