Savanna reported 2Q15 EBITDAS of $24 mm, which was far above our expectation of $5 mm as cost controls were realized faster than anticipated and standby revenue (margin) of $5.6 mm earned in 1Q15 was part of 2Q15 results due to revenue recognition policies. In 2015e, we have increased our EBITDAS forecast to $99 mm from $79 mm, which is due to the 2Q15 beat, but our 2H15e modelling changes were mostly housekeeping. In 2016e, we have reduced our revenue forecast to reflect weaker utilization for ....
