Swick Mining Services Limited Announces Earnings and Operating Results for the First Half Year Ended December 31, 2017; Provides Earnings Guidance for the Second Half of 2018
For the second half of 2018, the company expects revenue and margins for the Drilling business are expected to be higher than the first half as the planned increase in rigs in work in Australia and USA are mobilised. Swick's estimate for full year FY18 is revenue of $135 - $145 million and EBITDA of $17.5 - $19.5 million for the Drilling business. These estimates are based on not having any material changes in the expected rig utilisation in Australia and the mobilization of additional rigs to the Turquoise Ridge project in USA going according to plan.
For half year 2018, Total metres drilled increased 9% to 654,451 metres from 598,104 metres (adjustedfor Long Hole) in Half year 2017.