RE:RIG 104 is a Santos rig and no longer contractedYes, to corroborate your point, from MD&A, pg 2 (found on Sedar):
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Drilling Services
The Drilling Services segment consists of High Arctic’s drilling services in PNG including the provision of personnel to assist our customer’s drilling related operations within the country. High Arctic has operated in PNG since 2007 and controls the largest fleet of tier-1 heli-portable drilling rigs in the country, with two owned rigs and one rig managed by High Arctic under operating and maintenance contracts for one of the Corporation’s customers.
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So, the max they can have drilling at this point is 3 rigs. Hmmm. Well, it's still around $180MM+ revenues at peak time (assuming $15MM/q/rig).
Will Cyrus make a tender offer of $2.00 post-$38.2MM divvy? I'm biting my nails awaiting that Proxy!
Cheers,
JJ