Capital Drilling (GB:CAPD) has released an update.
Capital Drilling reported a mixed Q1 2024 with revenue up 3.1% year-over-year to $80.2 million, despite declines in drilling revenue and fleet utilization. Key developments include a significant increase in mining revenue, a higher average revenue per operating rig, and strategic contract extensions and wins that position the company for a strong year ahead. The company reaffirms its 2024 revenue guidance of $355 to $375 million, underpinned by robust tendering activity and growth project ramp-ups.
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