very today and be morning, Good to speaking excited Phil. Executive you to Chief everyone. Thanks, President ICD's Officer. I'm as
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However, post the fundamentally are ICD opportunities to available different. to growth achieve combination
key the to ability company rig control. and ICD's dayrates only timing all availability pre-combination fund ICD's the rigs, investment you know, these as newbuild and with XX capital outside a As totally which of investments, exist ingredients Sidewinder require with XXX% real with growth are that opportunity which in of to capital today, markets utilization, hard substantial market
opportunities embedded, opportunities ICD's organic to the Sidewinder control. expanded largely investment have combination include complete, With to the within ability growth
power. Now Growth when growth, I'm talk growth. we is about about what earning real talking and
and not of getting sake per in count bigger. other earnings the free EBITDA, growth just cash words, example, rig For share, and for flow
and have been payback and of growth organic and of ICD's within these importantly, free combination because can perhaps ShaleDriller And further fleet. environment. they provide each capabilities executed periods the cash the flow. following be equipment's opportunities have attractive more dayrate contract enhance are tenure Specifically, done in All ICD and the five very today's before specification are embedded low-risk returns today using opportunity to that
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conversions, rigs goal dependent XXXX rigs' coordination operating is items clients’ all complete these to three to upon time pleased Board conversions four AC AC with four long AC and our Looking timing XXX that the by regards existing of I lead Series all to forward, Directors to conversion the this am of authorized times our has necessary vendor it frame. drilling announce lead have conversions In the completed of within our ordering the with schedule. year-end time
all-in an has Series of rig, $XX status. this Our to previously, we relates growth XXX million exactly rig. XXXX-horsepower the an an idle for Series predecessor organic This pad-optimal million what do. it cost opportunity by upgrade to upgrades will ICD so to range up conversion built The between from XXX and these $X to bring AC XXX to fifth rig know of of is ICD. completed several original
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be may I statement. You what wondering mean this by
previously pounds, rig. larger by rig powered have feet simultaneously potential setback ICD A hook to capacity, the more, three newbuild a XXX engines four Series X load, build You a the greater million XX,XXX with with this perhaps optimization pumps or heard a market mud dayrates of they operating in that premium typical are drilling capabilities. to utilizing working are rig, the require number, for few customers available today in earning the Rigs a ICD of capability edge leading like software but today. pad-optimal in these over speak market
approximately incremental specification, upgrade higher five making required and to them We to highest have meet dayrate, rigs so of we required to and our cost X.X the at million upgrades the cost completed this industry. rigs further further return payback make per capability the The engineering this customers is upgrade these contract tender work specification these drilling rig, for and these of the internal contract the and amongst in can attributes hurdles. willing and to
to rig of rig these rigs perhaps opportunities, the Nine pad-optimal conversion came I over embedded want an underappreciated addition rigs, with and the floors fleet combination. capacity. additional, larger already these setback to of large equipped are with highlight that larger Sidewinder benefit Sidewinder In
meet the tell So option the market in will not Overall, of further having the today, will to these rig and and will the rigs these make has million-plus rig this the in that bigger we the newbuild a near niche is to or us undertake further without rigs is big I'm that. and attack medium is Series these it right all I'm investment likely to invest racking now necessary will $XX capacity XXX to ICD to in that trying this enhance hook market XXX now, specifications. is require today, niche point to term, to market but The engineering XXX not that necessarily upgrade Series the growing. minimal. load and we markets capital Series operate and rigs saying
be as different. cash of is would free changed combination, And a nothing If Now, supports market that result strategic dayrates return at investment want me never ICD to the it is obviously we point, suggest the the program. will perspective, tenders that. although has and and Which I from and my second justify don't looking flow everything to brings this payback contract a that pursue newbuild generation.
required the CapEx the earnings investment expect EBITDA, generation couple growth is flow free to realize in will discussed. dayrates legacy even I market from five Significantly, of synergies, to not of it repricing a the rig cash where complete to after rigs to the to with just improve need and CapEx addition maintenance expense, share, auto in market per the cash We the considering contracts achieve we substantial transaction interest of significant current and combined future. and which conversions, fuel flow near do free today
cash an uses. conversion even be most debt CapEx, further investment rig advantageous to of this we'll cash, free expect and the in be of other existing position rigs, use XXXX We flow in after in reduction, the significant enviable determining generating
growth than was newbuild point economics, annual the based five rig returns, count. this flow And fully market and optimizing will really flow determinations being, move ultimately program, never to we and XX% our balance optionality funded generation necessary pad-optimal fleet and to upon generate cash than fund table these We rig on if of by newbuild payback our sufficient ICD sheet. make cash year would rig free type per The dayrates toward XX periods four free pre-combination. more cash believe our for flow a organically in investment free growth greater
Now to our nothing different, market customer premier but has with point, super changed, ICD and independents large majors. of third a has everything list presence. I'd is respect to my address like
markets We will and our fleet in these target continue to market Texas of the to our leading contiguous pad-optimal states. operators
of largest perspective one fifth most markets the provider time, with setup vendor customers are with more the and of to customers fleet change aggressive offer worthwhile of development we activities for two customers, negatives provider scale. limited at to our be fleet effort our now where By with to fundamentally a now like is programs. to rig The drilling has MSAs, gravity ICD or to ability previously, make Today, opportunities are associated in we Where the and has the drama and only our ICD. service post-combination can customer operate a can our customer from company. This we ICD negotiating a were However, pad-optimal efforts different the due size prequalifying our size, limited time equipment. because for huge our available to when offer these rig the packages today. we larger packages rigs estimates, able a market
we Sidewinder the wider their offer diversity based fleet can options conversion walking fold, dynamic ShaleDriller rigs ranging in optimal being larger have capability offer change we them Today, cetera, our overall of rig of this with et customers words, very efficient fast-moving now systems, our marketing we In now to reflect program, today, we with fleet addition, rebranded drilling the in drilling rigs have our and other the previously drilling upon our fleet of now terms rig pad-optimal. range nature can All with given tool discussed. in the the the setback rig drilling from for the In a rigs, systems, to fleet I XXXX-psi scale. and more XX opportunities Consequently, capacity which including mud make dynamic. to in outfitted programs. are
we whistles bells and branded but in This has that it X,XXX-horsepower rig drawworks. Series have and XXXX-horsepower market, system equipped rig AC AC with an walking ShaleDriller. XXX is Series required our other omnidirectional XXX target We
our attacking drilling and pad-optimal workforces have always Series the fleet rigs, omnidirectional pumps past of class could XXX of attacking remain the now, to earlier. rig have are the branded racking like sort as rig to discussed, we rig grow specifications spoken setback loads, who discussed in I We customers build larger rigs, require the and to market X niche XX,XXX-pound pound which XXXX Again, these million rigs Series the I a AC, we rigs load, slightly the be it of no XXX market our new niche, we hook depending XXX,XXX-pound meeting greater now further XXX branded This can right speak. CapEx. we our in have XX longer which attack horsepower, modest discussed load, reconversions the fleet capacity, earlier, have we’ve XX market very setback, addresses, rig market Series to the as X,XXX-horsepower conversions which walking. greater in ShaleDrillers, extent including with These upon rigs calls, have this greater during the I Series racking capacity XXX has nine hook X for with X just setback ShaleDriller engines or hook and and These and just feet up our mud ICD capabilities, rig. and we XX,XXX pumps, upgraded
the market. to along Moving
So about think current to Series is with with racking continuum market market these of it you edge equipped But customers in premiums earning a sit that about The a are majority today, subset spot the in and many plus. ShaleDriller through I'd us require these the the that to market. of the engines pad-optimal dayrates vast $XX,XXX can pumps, as rigs rigs range leading X rig dayrate XXX hear with that of like mid-XXs the you capabilities. $XX,XXX that today, for these market with dayrates along X capacity greater
periods into upgrades ability this equipment, our cash rig be In incremental fund pad-optimal continuum, to pumps, now packages along including of low market engines, rig meaningful into addition, free its this marketing and the subsets from payback ICD setback has rig can investment is fourth using hook-load investment secured existing Most importantly, all market. fleet turns flow for capital where packages, third upgrade and attractive company. ICD
sign The Permian. marketed has and our capacity have regarding rigs market of concerns to of year dynamics. in today, X-year is getting this reactivation in we work week, ready the This the expect community remained investor drilling and take We on overall end year. for will rig for fleet idle, a that contract at rig of our overall that the rig in into has to only Haynesville. away commitment rig Moving a market one this spite strong this the is the
in months, compared biggest was rates rigs. in three and three two cases, re-contracted past Series extension dayrate. dayrates contract the the The a at we two-year for market rig’s current During counterparty one of one contract two-year the rigs, three including Permian for in is these the in renewals higher our XXX SCRs, contracted Including extension to secured all contract this world. oil of the companies previous
and we past have seen and not Permian have we've so, are increase the if over inquiries into. in Permian, in presence, the Haynesville, in aren't contraction month a before the fact, we can or demand an now, we right in and really it seeing in So any Ford, in just also in seeing mobilize and drilled easily the where meaningful Eagle we where
in could standpoint, be formulating Sidewinder the one. not integration not But closed like very a many operational and through and at everyone companies and on ICD execution they And cultural to we a the how two locked loaded more I'd operational October with have a In where throughout words, similar groundwork world teams on brief the we on integrity management combination process. and between the the worked give front. to we of senior for were our summer. I are and From lens. integration commitment for meshed their is excellence. the safety, pleased day are respects, challenging other had In this view a how similar Now update X.
that completely often are markets be other very Houston. said and done similar when work and Texas an combining exist cultural already pleased to All that operations and corporate our is offices are of challenges lot Haynesville, Our both progress the awful to of dislocation in same also many geographic with made West risks, dealt with in we've this our operations, means integrate and the the of size. that there that, so I'm and Having of companies has far. we've
we on, to Our this and and managers in possible. both company. as close and companies aligned transaction, Earlier and of seamless managers prior as best the workforces are lead key and practices making committed to selected the integration identified combined to systems
management, fully maintenance, as now accounting harmonizing HR as We systems engaged offices. safety, well procurement, combining are in and
meetings week integration rig-based Worth all were through our Fort fact, of the last October. with held completed staff month that in In was during meetings
you overnight. be the integrating happen fiscal upgrade doesn't completion expect new we As migration XXXX by ERP quarter companies complete two substantially into and system. of to But know, year following first our the and audit, of our XXXX,
the our range to $XX a this, to and be for looking million as always XX forward. best practices during consolidation exceed Our million able early we we likely said, $XX we save will were optimize leveraging move focus additional not in money, annualized realize and synergies, previously course, operational larger quarter the on and on were we consolidation And already run to of will expecting now. pre-transaction to searching to operation streamlining end we second we our which the on the ways has light by selecting of brought With rate now synergies, we additional scale think diligence. identify $X due of million million and Where XXXX.
be safety-first operational our and important employees customers maintaining excellence. as efforts we our maintaining commitment will to focus and most Our these navigate
meetings. would leading And because dedicated be like women helm organization, and to flow Across because the the company. generation how but remarks, and I organic excited ICD cash our with reiterate, I ICD operational free am high-specification of day with wrap the our a and part to I also drilling of every as the our it just for over safety The I up energized company integration day to us equipment, growth, since each have visit it's men not for So of I'll and the of and participate market financial these planning walk prepared be work to been the to organization. penetration, Phil with and call see taking premium, and very talented, I employees through to of bright the core growing sites, turn opportunities rig to is meet able excellence. as in I future values ICD. that, employee And details. committed are
