Like @Motoracebeerguy I'm here as previous SWK shareholder....

Like @Motoracebeerguy I'm here as previous SWK shareholder. Interesting to see that the Swick results which are eluded to in the DDH1 accounts are not so hot - a drop in some key metrics incl. a sold fall in EBITDA margin which is a bit sad in the current market. Looks like the 'merger' will be positive for all.

It appears there is a good amount of opportunity for DDH1 management (including their private equity supporters) to give them an overhaul and increase performance.

I think the key difference between MSV and DDH1/SWK, as I understand it, is the quality and modern-ness of the underlying drilling kit. MSV seems to have taken the approach of quantity over quality - which has worked reasonably well for them in a market upturn, but may curtail productivity and lead to increased staff turnover (read the reviews from their existing/previous staff online about clapped out kit) - whereas SWK has, in my opinion, probably over-invested in the quality of their drilling kit and never been able to climb over the investment hill and earn a consistent, decent return.

Am hoping that the increased scale and knowledge brought by DDH1 will help them optimise their overheads, be a bit more aggressive with pricing (Kent Swick has mentioned this in the past - if he'd had his time again, he would have a more 'take it or leave it' approach rather than reducing rate to maintain turnover) and focus on shareholder return.