Independence Contract Drilling, Inc. (the "Company" or "ICD") (NYSE:ICD) previously disclosed that ICD's Board of Directors ("Board") has initiated a formal review process to begin evaluating alternatives with respect to refinancing its convertible notes and other strategic opportunities and formed a committee of independent directors for that purpose. Today, ICD is announcing that the Strategic Alternatives Committee of the Board has engaged Piper Sandler & Co. as financial advisor to the committee to assist in this evaluation process.

There can be no assurance that this process or evaluation will result in one or more transactions or any particular transaction or strategic outcome. The Company does not intend to disclose developments with respect to this matter unless and until such time as the Strategic Alternatives Committee or the Board determines that such disclosure is appropriate or necessary, or as required by applicable law or regulatory requirements.