For the three months ended September 30, the company expects: (i) total operating revenues of approximately $242M, (ii) operating income of approximately $84M, and (iii) Adjusted EBITDA of approximately $116M. The company expects approximately $186M in cash and cash equivalents and $150M undrawn under its revolving credit facility as of September 30. The decrease in operating income of approximately $21M compared to the second quarter is primarily comprised of the following: (i) $13M decrease associated with a one-off net impact in Q2 from the amortization of deferred revenue and deferred costs related to the termination of a contract for “Arabia I”; and (ii) $11M decrease in related party revenue associated with three rigs in Mexico, due to the one-time recognition of accelerated amortization of deferred revenue in Q2 as a result of the amendments made to the Mexico structure effective April 1.
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