Rig Count Rig count is way down in Canada...
And to boot......I did a quick count of PD rigs drilling for CNRL(RMS's main client), and its not looking good at all. I counted 3-4 that are drilling in all of Alberta, some were down, but most were racked. There aren't any more PD rigs for CNRL in the Edson, GP or Onion Lake areas either...CNRL does use other drill companies, but Savanna rigs ripped the digger off their coil systems and Ensign never really got along well with CNRL.
That combined with losing Crescent Point and a majority of their rig count operating internationally as part of RMS International, which they only get 50% of a decreased international day rate, aren't going to make well for their Q4.
Management and their sales team have failed dismally and are as useless as teets on a bull......
If this was any other company or sports team with a losing streak like this they would have cleaned house a long time ago.....From top to bottom....i cant believe all management is getting paid $100K plus each for this performance.....
No rigs, Fat paychecks and overstaffed departments...sound alot like Government in there!!!!
Hope everyone is happy with their $0.19 shares, you should be..the EBIDTA only values them at $0.16 and it is only going down now....