Precision reported 3Q15 EBITDAS of $111 mm which was above our forecast of $103 mm, due to modestly stronger margins in Canada and lower SG&A costs. There were a number of corporate announcements in addition to financial results. We believe the most important is that the Company may be required to suspend its dividend due to a dividend covenant in its senior indentures. We believe this could occur as early as 2Q16e.
23 Oct 2015
3Q15 Results Include Updated Dividend Outlook, 2016e Capital Budget, New Rig Build Awards, Additional Covenant Relief and Impairments
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3Q15 Results Include Updated Dividend Outlook, 2016e Capital Budget, New Rig Build Awards, Additional Covenant Relief and Impairments
Precision Drilling Corporation (PD:TSE) | 0 0 (-1.4%) | Mkt Cap: 1,237m
- Published:
23 Oct 2015 -
Author:
Ian B. Gillies - Pages:
Precision reported 3Q15 EBITDAS of $111 mm which was above our forecast of $103 mm, due to modestly stronger margins in Canada and lower SG&A costs. There were a number of corporate announcements in addition to financial results. We believe the most important is that the Company may be required to suspend its dividend due to a dividend covenant in its senior indentures. We believe this could occur as early as 2Q16e.