Savanna reported 4Q15 EBITDAS of $23 mm, in line with our expectation of $22 mm. We have reduced our 2016e capital program to $15 mm from $20 mm, which aligns with the Company’s updated guidance. We believe one of the key developments to pay attention to over the course of 2016e will be gross margins for Savanna’s Australian contract drilling and service rig business due to contract rollover. We estimate that Australian operations will contribute 46% of Savanna’s 2016e corporate gross margin. Ou ....
09 Mar 2016
Reports 4Q15 Results
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Reports 4Q15 Results
Savanna reported 4Q15 EBITDAS of $23 mm, in line with our expectation of $22 mm. We have reduced our 2016e capital program to $15 mm from $20 mm, which aligns with the Company’s updated guidance. We believe one of the key developments to pay attention to over the course of 2016e will be gross margins for Savanna’s Australian contract drilling and service rig business due to contract rollover. We estimate that Australian operations will contribute 46% of Savanna’s 2016e corporate gross margin. Ou ....