MORE INFO from TID mgmt Now that TID utilization rate is higher than 81% and rising, some more info from TID mgmt for your math:
1) Their benchmark EBITDA from Q4-11 and Q1-12 – averaged $20m a quarter – which was when they were running at 90% utilization.
$20 million is TID 's EBITDA with 90% utilization.
2) Look for 2013 to be like 2012 in reverse. HRT case belongs to the past. Q1 2013 started with low utilization due to HRT. The utilization steadily increases through H2/ 2013.
TID estimates to have at least 85% utilization rate in H2 2013.
3) Colombia has picked up with PMG, Centurion and PXT the main clients.
4) According to TID mgmt, African business is very good too. Their people on the ground have been active in Africa for 30+ years. TID has 9 rigs in Africa working for Tullow, ENI, Total etc.
TID has 35-40% EBITDA margins in Africa. There are less than 50 rigs on that continent.
TID has all its 9 African rigs under contract currently.