Highlights for the quarter and subsequent period include:
- Deep drilling project at HS Orka: The last major contract was signed for a 5,000 meter deep drilling program at the Reykjanes plant in Iceland. The rig has been deployed to site and drilling will commence in August.
- Distributions: The company received distributions during the quarter from equity investments of $3.6 million from Shannon and Blue Lagoon hf (plus a separate $0.3 million return of capital from Shannon).
- Adjusted EBITDA and revenue: Consolidated revenue increased by 2% to $13.8 million and net interest revenue increased by 5% to $18.5 million, respectively.