Independence contract drilling says reducing annual capex budget by 30%

Independence contract drilling, inc. announces efforts to address current market conditions.independence contract drilling - in response to current market conditions announced salary or compensation reductions for substantially all employees of co.independence contract drilling inc - reducing number of executive management positions by two.independence contract drilling inc - reducing number of directors from seven to five.independence contract drilling inc - annual compensation reductions for directors of company.independence contract drilling inc - reducing headcount for non-field-based personnel by approximately 40%.independence contract drilling inc - reducing annual capital expenditure budget by 30%.independence contract drilling - for executive team, compensation reductions range between 40% and 55% of cash compensation depending upon position.independence contract drilling inc - expect actions to result in about $5 million of cash reductions to annualized targeted sg&a expense.
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