Just trivia, we had 74 rigs working last quarter. If we consider 90 rigs to be around the maximum that could be working , that leaves 16 to find work. If in fact all 16 were put to work on 1/10/2023 and earns say 3 million each over year and for simplicity made an ebitda margin of 20% with 100% conversion, it would take 10 months before they made a cash contribution to the business. By the 1/12/2023 those 14 rigs would have consumed 14x ( 3000000/ 6) being yearly income per rig divided by 2 months of funding x 0.8 or $5600000. There are a few inaccuracies in the calculations and assumptions made, but it shows how mSv performance has been somewhat masked by its massive growth.
Just a bit more trivia. MSv boasts a world class fleet of rigs. You can’t do that forever without renewing or upgrading the fleet. If you have a fleet of 100 rigs and they have a shelf life of 20 years( I’d be surprised if there were many if any rigs more than 15 years old working for tier one companies) You would need to purchase 5 new rigs a year to maintain the cycle. Of the idle rigs how many are fit for purpose? How many would be allowed on a Tier one mine site ?
All credit to mSv to pick up good rigs at the bottom of the cycle. But they don’t stay new forever.
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