RE:RE:Amazing earnings!Well, an increase in rig utilization from 70% to 75% enable them to more than double their earnings and roughly double their EBIT from last quarter.
Shows you the leverage of this business. No mention of their rates but drilling rates are bound to increase as capacity is constrained in term of rigs (or crews if they are like Foraco and MDI).
Like the comment on "extemely active tendering market".
With gold at this level and copper going crazy, we could have a panic pretty soon from clients to get their hands on some rigs as money is flowing in the industry.
This bodes well for all drillers and the sector shoudl be gushing cash. We could be in for a pretty wild run.
GLTA,