The company’s declining rig count and cash flow have led to a significant drop in earnings before interest, taxes, depreciation, and amortization (EBITDA). ICD’s EBITDA dropped from $19.5 million in the first quarter of 2023 to just $5.4 million by the third quarter of 2024.
Failed Sale Efforts and Future Plans
In March 2024, ICD attempted to explore potential sale options under the guidance of Piper Sandler & Co., but the efforts did not result in any viable offers to help address the company’s mounting debt. Despite these setbacks, the company remains hopeful that its restructuring plan will enable it to stabilize its finances and continue to operate as a competitive player in the industry.
ICD, which employs around 387 workers and operates in Texas and Louisiana, has retained Riveron as its restructuring advisor and Piper Sandler as its investment banker. The company is being represented in its bankruptcy proceedings by law firm Sidley Austin LLP, with a team led by Duston McFaul, Maegan Quejada, and Michael Sabino.
