Ann: FY22 Results Commentary, page-29

I think it’s pretty clear they don’t want to grow their drilling business and looking at other more attractive business segments for growth. I agree it’s currently mainly drilling but they will make minimum $2m (so 20% of their drilling predicted ebitda) from non drilling this year and ratio will continue to drop.

Also waterwell / hydro drilling is a lot more attractive than resource definition and exploration drilling, just see recent acquisitions by competitors trying to get a foot in the door in that space. Given the specialised nature of most their drilling fleet, that alone deserves a higher multiple imo. DDH paid 4x EV/EBITDA for Swick… have you seen their drilling profile?