revenue $1.23B, net income -$19.6M. Operating loss narrows 60.1% YoY; exits Colombia drilling ( charge), refinances debt

Filed August 4, 2026 · Period ending June 30, 2026 · Compared to 10-Q Jul 29, 2025 · ~2 min read

Key Changes

• high

  Operating loss narrowed 76% to $7.0M from $29.5M YoY, but operating cash flow fell 66% to $120M from $348M on working-capital timing. Net income and operating income moved in the same direction.

  MD&A: Operating Results verify on EDGAR →
• high

  Exiting Colombian contract drilling due to political changes and reduced activity forecasts; incurred $21M in Q2 2026 exit costs (inventory/asset write-downs, rig impairment), with $5M more expected over the next year.

  MD&A: Colombia Exit verify on EDGAR →
• high

  Refinanced $483M of 2028 Notes (3.95%) with $500M of 2036 Notes (6.05%), extending maturity eight years and increasing weighted-average interest rate. Also extended $450M of revolving credit facility maturity from 2030 to 2031.

  Notes: Debt verify on EDGAR →