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A reconciliation of each such step to its most straight similar GAAP monetary procedure, together with a description of why management thinks that these non-GAAP financial measures offer beneficial info to financiers, is supplied listed below. (1) We define EBITDA as profits before interest earnings (expense), taxes, depreciation and amortization. Although not recommended under GAAP, our company believe the presentation of EBITDA is appropriate and helpful because it assists our investors understand our operating performance and makes it simpler to compare our outcomes with those of other companies that have different financing, capital or tax structures.

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A reconciliation of earnings to EBITDA is consisted of in the operating figure table in this news release.  This Article Is More In-Depth , as we determine it, might not be comparable to EBITDA procedures reported by other business. In addition, EBITDA does not represent funds offered for discretionary usage. (2) Drilling Providers margin represents contract drilling incomes less agreement drilling operating expense.

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We believe that Drilling Services margin and Production Solutions margin are beneficial steps for evaluating monetary performance, although they are not measures of financial performance under GAAP. However, Drilling Services margin and Production Solutions margin prevail steps of running performance utilized by investors, financial analysts, ranking agencies and Leader management.

3 67. 0 67. 0 65. 7 Utilization rate 96% 90% 90% 90% 90% Profits days 6,017 5,559 5,475 16,528 16,149 Typical profits each day $20,658 $19,161 $19,954 $20,183 $19,360 Average operating expense each day 11,691 11,735 11,740 11,987 11,569 Drilling services margin daily (2) $8,967 $7,426 $8,214 $8,196 $7,791 Production Solutions Division: Revenues $49,948 $- $43,297 $106,602 $- Running costs 25,025 - 21,916 53,871 - Production services margin (1) $24,923 $- $21,381 $52,731 $- EBITDA (3) $64,747 $33,411 $53,366 $154,318 $109,440 Reconciliation of combined Drilling services margin and Production services margin and EBITDA to net profits: Drilling services margin $53,955 $41,279 $44,973 $135,472 $125,820 Production services margin 24,923 - 21,381 52,731 - Combined margin 78,878 41,279 66,354 188,203 125,820 General and administrative (12,840) (5,252) (12,150) (32,712) (13,792) Uncollectable bill (expense) recovery 260 (2,627) 92 216 (2,627) Other income (cost) (1,551) 11 (930) (1,389) 39 EBITDA 64,747 33,411 53,366 154,318 109,440 Devaluation and amortization (24,225) (16,093) (20,580) (61,924) (46,927) Interest income (expenditure), net (3,568) 717 (4,060) (8,617) 2,459 Earnings tax expense (12,760) (6,255) (9,609) (28,619) (22,886) Net revenues $24,194 $11,780 $19,117 $55,158 $42,086 (1) Drilling services margin represents agreement drilling revenues less contract drilling operating expense.

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Leader thinks that Drilling services margin and Production services margin work measures for evaluating monetary efficiency, although they are not steps of monetary performance under GAAP. Nevertheless, Drilling services margin and Production services margin are common steps of operating performance used by financiers, financial analysts, score firms and Leader's management.

Drilling services margin and production services margin as provided may not be equivalent to other similarity entitled measures reported by other business. (2) Drilling services margin per profits day represents the Drilling Providers Department's typical earnings per revenue day less average operating expenses per earnings day. (3) We specify EBITDA as earnings before interest income (cost), taxes, devaluation and amortization.