Independence Contract Drilling, Inc. — Cyborg Score 2/10

Strategic Profile

Founded in 2011 and headquartered in Houston, the company operates with approximately 450 employees. In December 2024, the company announced a plan of reorganization unanimously supported by noteholders of its Senior Secured PIK Toggle Notes Due 2026, expected to substantially reduce debt and provide increased financial flexibility to accelerate investments in the company's super-spec rig fleet.

Cyborg Score Rationale

As of December 2024, the stock traded at $0.03 with a market capitalization of $380K, indicating severe financial distress. The company entered a Chapter 11 restructuring plan in December 2024. The company faces significant leverage and industry cyclicality challenges.

Top Insights

• Company filed for Chapter 11 restructuring in December 2024 with unanimous creditor support
• Trailing twelve-month revenue of $174M provides revenue base despite equity value collapse
• Company acquired Sidewinder Drilling in October 2018
• Company operates super-spec ShaleDriller rig fleet positioned for pad-drilling economics

Named Competitors

• Helmerich & Payne — Land-based contract drilling services
• Nautilus Offshore — Offshore drilling services
• SBM Offshore — Offshore and subsea drilling solutions

Recent Developments

• (December 2024) Filed Chapter 11 restructuring plan with creditor support to reduce debt and increase financial flexibility
• (November 2024) Secured convertible note subscription agreement to support operations
• (September 2024) Limited waiver agreement with noteholders and trustee

Open the full interactive Independence Contract Drilling, Inc. report

Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.