Ann: Appendix 4C - Quarterly Activity Report, page-30

On trend basis revenues / day were climbing nicely out of the hole. Hoping this is updated in coming 4C. On simple trend, forecast basis looks like below - lets see



As JW pointed out above my Qtr numbers were overstated. This doesn't affect the valuation which works on EBITDA % of Rev (annual rev and assumed % EBITDA is what counts there). Here's the re-do using converted 4C data (GST backed out). Rather than showing conservative and upside, here's a mid case with potential (my guess only) for 4th Qtr. I'm not backing out covid support as nor am I backing out the drop in demand / fees due to covid.



Overall if this comes to pass it's a decent year but a poor year in EBITDA / Revenue % terms at 9% across the year versus the historic 13% average and 16% for Opteon. So far better can be achieved with the same rig.