Western reported 4Q15 revenue of $43 mm, in line with our forecast of $41 mm. Adjusted EBITDAS of $9 mm was above of our estimate of $7 mm. Western is eliminating its quarterly dividend as of 1Q16 which will reduce annual cash outflows by $15 mm. Western has 7 of 57 rigs on contract (12%), with four rigs rolling off in 2016e and three in 2017e. With that said, we believe the Company’s rig mix should allow it to remain well positioned to win spot work that becomes available due to its rig mix. Th ....
29 Feb 2016
Managing the Downturn
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Managing the Downturn
Western Energy Services Corp. (WRG:TSE) | 0 0 (-5.1%) | Mkt Cap: 103.2m
- Published:
29 Feb 2016 -
Author:
Ian B. Gillies -
Pages:
7
Western reported 4Q15 revenue of $43 mm, in line with our forecast of $41 mm. Adjusted EBITDAS of $9 mm was above of our estimate of $7 mm. Western is eliminating its quarterly dividend as of 1Q16 which will reduce annual cash outflows by $15 mm. Western has 7 of 57 rigs on contract (12%), with four rigs rolling off in 2016e and three in 2017e. With that said, we believe the Company’s rig mix should allow it to remain well positioned to win spot work that becomes available due to its rig mix. Th ....