Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CWC ENERGY SERVICES CORP. We currently have 17 research reports from 1 professional analysts.
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CWC ENERGY SERVICES CORP
CWC ENERGY SERVICES CORP
Service Rig Market Share Increases Again
11 Aug 16
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 result of higher service rig operating hours and margins.
27 Apr 16
CWC has announced a rights offering that we expect will generate $10.2 mm in proceeds at minimum, but could be up to $14.6 mm. A portion of these funds will be used as part of the equity cure provision in the Company’s leverage ratio. The Company has also amended its covenants providing it with increased flexibility through 1Q18. We anticipate that CWC will remain in compliance with its covenants based on our current estimates. CWC has released its 4Q15 financials, which were above our estimates due to stronger than expected margin performance in both segments. EBITDAS of $2.3 mm was above our estimate of $1.0 mm. We have increased our 2016e EBITDAS to $4.2 mm from $3.6 mm due to higher activity for CWC’s Contract Drilling business. In 2017e, we have increased EBITDAS to $10.3 mm from $9.8 mm for similar reasons.
ANNOUNCES COVENANT RELIEF AND NEW MANAGEMENT TEAM MEMBERS
15 Apr 16
Impact: Positive. Our estimates, target price and rating for CWC are currently Under Review as we await the release of the Company's 4Q15 financials. Nonetheless, we view the additional covenant relief as positive as it provides CWC additional financial flexibility.
19 Apr 17
We take a look at the supply and demand dynamics of the world’s largest diamonds. Less than 200 very large (>200 carat) gem quality diamonds have ever been found, yet 23 of these have been found in the past three years. This dramatic increase is being driven by a combination of the rapid increase in the number of billionaires and hence price and demand, combined with technological developments that have improved large diamond recovery and a certain amount of geological good luck.
Small Cap Breakfast
19 Apr 17
Global Ports Holding—Intention to float on Standard List. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected 3 May. RTO of Escape Hunt raising £14m at 135p Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. Eddie Stobart Logistics— Schedule 1. Admission expected 25 April but capital raising details TBC. ADES International Holding— Intends to join the Standard List in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.