GREY:BLKWF - Post by User
Post by
sculpin2on Sep 25, 2014 12:09pm
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Post# 22969894
Mexican rigs
Mexican rigsThe fact that Mexico has passed reforms to allow foreign and private investors to explore & produce hydrocarbons for the first time in decades should increase the attractiveness of Calmena's rigs in that country.
https://fortune.com/2014/08/25/mexico-poised-for-an-energy-renaissance-following-reforms/
Remember that at decent utilization, these Mexican rigs are capable of EBITDA of over $12MM and have a replacement cost of over $60 million. The US directional business is capable of EBITDA greater than $10MM. The value of the Mexican rigs is most likely at least $40 million and the US biz is worth at least $30mm. To be conservative no value for Libya or Brazil. After debt, the equity value could be $42 million which is about $0.14 per share.