Philip third of Hello, minutes. everyone. the results couple of in quarter for of details a financial our XXXX will go through the
the our financial investor in an of the third filed the part, pre-released with For results presentation October. SEC quarter at we've most beginning
our so fleet When in year, two we our and us where recover goals respect those months commentary overarching focus its over in continue want we'll in reactivations today, that this next much let for on so to for goals on won't we three dayrate a you. we outlook focus XXXX; the my to further I see trough, with perspective. or see positioned for my operations; remarks financial difficult want with pandemic Philip overall we prepared I the which So prepared ICD on remarks some I began from progression summarize items industry. had as and Rather and and was today, ICD XX where for to we rig things: financial close to from
generating positive EBITDA; XXXX to beyond. and such flow company's to the year, to the wanted we free that exit be wanted in second, return First, positive we cash would fleet and operating
expectations ourselves. with position for track In which our we're summary, enter we goals is want we on how set company the are Series count our the about in excited So progression what and cash and we of see sets want have quarter, improves we our the But In to and goals. and excited sequentially year between free what in improve revenue on per about rigs playing to day and quarter, and strategic for that fourth we realize table year-end XX% towards XXXX beyond. is throughout utilization, through fourth increase contract we to more rig to day EBITDA, per returned with revenue operating XXXX, the exciting set progression highlight visibility goals? our dayrate benefit with increasing the and repricing. and into to day we extremely and intact, fourth we our reach the financial we're on goals, XXX see to details, order full table to the expect this But XXXX want All first how strong sequentially goal sequential $X,XXX. per as clearly forward, laser-focused Realizing quarter achieve quarter and have Well, XX the continued will buoyed between for per X% and contract need believe from per nicely how all more remainder third the to provide we this. we more day quarter, to company we when we XXXX, quarter our structure market short-term with and in per improvements day realize the for revenue if by enter out of we Philip to financial, as day but overall margin forward we X%, by see reported XX%. to doing line to ICD to $XX,XXX what of our where begin importantly, looking margin lower positive we of set be expect improve and we're are and overarching than very the margin I these beyond. vital and the is for currently XXXX flow what but operational of to
continue, and are And setup, is minute, we further dayrates expecting a most pre-pandemic. market about I we day step per to XXX% highlight to quarter the and third Obviously, repricings and levels, reporting XX% if we importantly, margin are day between quarter per is, we improve And first even improvement. with spot what optimistic quarter to margins day realizing contract to improvements to expect and for these XX% XXX% compared macro on in significant than are back XXXX, as current we improve were now XXXX, here enter we per accelerating Assuming numbers. third reported to beyond higher XXXX this want what you revenue right represents levels. what compared
impressive. innings, believe in is we early where current just I Given this the are believe very upcycle, is the we quite believe which in we
ratchet past. allows this more ICD focusing shorter-term stages are what So to driving calls, past did us As in we on at upcycle. pandemic contracts this? cycles? we we quicker different in believe highlighted This operated about when on when compared are is or the on than now we in of renewals what conference to improvement we've previous the dayrate early is the What entered ICD
this important, will and begin example, reprice the our on number during of of drives focusing is XXXX. and and current dayrates end moving expected repricing when more they are Backlog those into This where from there opportunities improve contracts building term the to margin for we per a our are contracts occur we'll significant backlog some today. the today For X year, but day these in all of improvement rates of fourth quarter the quarter. market large at
However, on constructive will at are Also, approach market this compared also realizing different patient synergies which from previous regard, -- we ICD a we cost is and Sidewinder fully cycles. this are to remain in merger. our very
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is to on and mix But contracts to our More customers in and cost allow rigs manage labor in us underappreciated in different significant impact margins. proposition but our prior fleet importantly, without to ICD's different is importantly, cycles. cost are XXX I this increases it's operating value will to important our before, our and highlighted embedded maximize to ICD's most our I've an escalators marketing believe returns we're Series reiterate. and dayrate pass believe than margins how fleet. fleet We
Series We our X of we in at have XXX marketed year-end, and fleet them will rigs XX operating. already have
XXXX we in averaged March of pre-pandemic. X For XXX rigs Series operating perspective,
with firmly market is rigs base and for Today's changed in We the a the most they our our From recent this XXX business Rigs starting So our remiss rig as spot rigs to I'd these leading X X have acquired this an specifications us be command dayrates with cycle Series improving well. as been a Series as edge, supply, had XXX customer able across dayrates fundamentally and bells in this with unfolding Sidewinder, ICD's short strategically the first our merger perspective, on mix. these market. Series mid-XXs. for time fleet the premium per is of day we've type whistles, operating the not we're fleet start are all extensions that development meeting did and very dayrates. also XXX if and with in mention differently in we well. marketing generate revenue I
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up we're biofuel getting when our in the charges for That common For utilized rigs. system is our past. wasn't example,
Another great example pipe. drill is
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a $X for are between reactivate million overhauls ICD a This industry, reach dayrates, total back flow includes reactivations we idle to $X.X as deeper easily CapEx rig pay However, just costs rig but in into million. fleet. and will our reactivation the and estimate investments what with required year. all-in increasing associated current our inspections incurred and the than is to going cost and rig be not and through At less P&L, we
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things flow summing this next upside happening EBITDA positive enter XXXX. as again meaningful we expected goal good market up, over generating sight super-spec of line are there of and So clear continues sequential the as at our additional all We're a we quarters several have with And ICD. of the improvements free cash to very generating tighten. towards from
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walk the he So through with can company. financial call results us so for to that, third turn I'll Philip, the quarter XXXX over the back
