HOUSTON, March 21,
2024 /PRNewswire/ -- Independence Contract Drilling,
Inc. (the "Company" or "ICD") (NYSE: ICD) previously disclosed that
ICD's Board of Directors ("Board") has initiated a formal review
process to begin evaluating alternatives with respect to
refinancing its convertible notes and other strategic opportunities
and formed a committee of independent directors for that
purpose. Today, ICD is announcing that the Strategic
Alternatives Committee of the Board has engaged Piper Sandler & Co. as financial advisor to
the committee to assist in this evaluation process.
There can be no assurance that this process or evaluation will
result in one or more transactions or any particular transaction or
strategic outcome. The Company does not intend to disclose
developments with respect to this matter unless and until such time
as the Strategic Alternatives Committee or the Board determines
that such disclosure is appropriate or necessary, or as required by
applicable law or regulatory requirements.
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: Investor.relations@icdrilling.com
Phone inquiries: (281) 598-1211
View original content to download
multimedia:https://www.prnewswire.com/news-releases/independence-contract-drilling-inc-engages-piper-sandler--co-as-financial-advisor-to-strategic-alternatives-committee-302095193.html
SOURCE Independence Contract Drilling, Inc.