Just trivia, we had 74 rigs working last quarter. If we consider...

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.