Capital Drilling (LSE: CAPD) this morning provided its Q3/2019 trading update. The key ARPOR (average monthly revenue per operating rig) metric (see fig 1.) is below our forecasts but revenue is slightly ahead (due to non-drill revenue from other businesses including MSA labs). There are also new contract wins starting in Q4 which has led us to slightly upgrade our FY/2019 revenue forecasts to US$115.5 million.