CWC reported 2Q16 EBITDAS of $1 mm which was much better than our forecasted loss of $2 mm. The beat was driven by an increase in service rig market share and strong cost controls. Service rig market share increased to 13% in 2Q16, from 10% in 1Q16 and 6% in 2Q15. The Company’s current drilling rig utilization is 44%, well ahead of industry utilization of 20%. We have increased our 2016e EBITDAS to $9 mm from $6 mm and 2017e EBITDAS to $15 mm from $13 mm. Both of the increases are the r
11 Aug 2016
Service Rig Market Share Increases Again
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Service Rig Market Share Increases Again
- Published:
11 Aug 2016 -
Author:
Ian B. Gillies -
Pages:
6
CWC reported 2Q16 EBITDAS of $1 mm which was much better than our forecasted loss of $2 mm. The beat was driven by an increase in service rig market share and strong cost controls. Service rig market share increased to 13% in 2Q16, from 10% in 1Q16 and 6% in 2Q15. The Company’s current drilling rig utilization is 44%, well ahead of industry utilization of 20%. We have increased our 2016e EBITDAS to $9 mm from $6 mm and 2017e EBITDAS to $15 mm from $13 mm. Both of the increases are the r