Reports Q1 revenue $296.21M, consensus $296.72M. CEO Owen Kratz stated, “We are pleased with our Q1 2024 results, which reflect high utilization in Well Intervention, good seasonal performance in Robotics and the commencement of operations on the Q7000 offshore Australia. We have also resumed production on our Thunder Hawk wells. As expected, our Shallow Water Abandonment segment results reflect the seasonally slower winter activity in the Gulf of Mexico shelf, as well as a near-term softening in that market. Our first quarter results improved year over year, with higher revenue, EBITDA and Free Cash Flow, despite the pull-back in Shallow Water Abandonment. During Q1 2024, we retired the remaining 2026 Notes, and in early April we settled the Alliance earn-out, satisfying our significant near-term cash obligations. With the elimination of the convertible notes, we have returned to a traditional capital structure and can continue to focus on the execution on our Energy Transition strategy.”
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