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AKITA Drilling Ltd T.AKT.A

Alternate Symbol(s):  AKTAF | T.AKT.B

AKITA Drilling Ltd. provides contract drilling services, primarily to the oil and gas industry, in Canada and the United States. The Company is an oil and gas drilling contractor with a fleet of about 32 drilling rigs. Its United States fleet is supported out of its operations base in Midland, Texas and consists of 13 high specification AC triple rigs, one high specification AC double rig and one DC triple rig, all serving the Permian Basin. With a fleet of 17 rigs, its Canadian division operates in Alberta, British Columbia, Saskatchewan, and as market conditions dictate, the Yukon and the Northwest Territories. The Canadian division operates both wholly owned rigs and rigs. Its Canadian division primarily operates in the oil sands, heavy oil regions and in the Montney deep gas basin. In addition, the Canadian division plays a role in drilling potash and other energy transition targets, including carbon capture wells, hydrogen storage wells and geothermal wells.


TSX:AKT.A - Post by User

Comment by blindpigon Oct 21, 2022 7:55pm
205 Views
Post# 35040372

RE:Significant Improvement?

RE:Significant Improvement?Me too.  It's been a while since Akita reported results that were in the black.  Hoping for something decent with a good forecast for Q4 and Q1.  CAOEC reports 221 active rigs in Canada, which would be about 50% utlization.  Should go higher for the rest of the year and into Q1.  I read somewhere recently that Precision Drilling is refusing to put more rigs into operation unless their margin requirements are met. This would help support margin increases, as service companies now what their cut of the cash being generated in the oil patch.
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