RE:RE:RE:Akita prior CEO now with Ensignlifeisgood1010
The way , I view the oil and gas driling industry is, it's a brutally competitive arms race . Companies have to reinvest in the newest most efficient technologies and this takes money. Compared to say Ensign and Precision , Akita does lack some liquidity.
The question is should book value be taken for granted?
When you go the website you see these rigs in Canada that are not Triple rigs that command the highest dayrates.
Pump Capacity
Top Drive
Rig Movement
Province
Rig 6
Range III Single
80,000 daN
(1) 1,000 hp
Hydraulic 100 Ton
No
AB
Rig 8
Range III Single
80,000 daN
(1) 1,000 hp
Hydraulic 100 Ton
No
AB
Rig 12
Range III Single
90,000 daN
(1) 1,000 hp
Hydraulic 250 Ton
No
AB
Rig 14
Range III Single
90,000 daN
(1) 1,000 hp
Hydraulic 250 Ton
No
SK
and one in the U.S. , Rig 57 that has lesser capabilities .
So five of 30 rigs probably not that much in demand?
I don't own any Akita because in my opinion, size and access to money, do matter in this business ( lost money years back in Essential Energy because of that size and competitve stuff) but I do think it's big enough to stay alive and competitive.
Have a great weekend