Savanna Energy Services, $8.08, symbol SVY on Toronto (Shares outstanding: 82.7 million; Market cap: $668.2 million; www.savannaenergy.com), operates 99 drilling rigs and 83 service rigs, mainly in western Canada and the U.S. The company recently started operating in Australia.
In the three months ended June 30, 2011, Savanna’s revenue rose 39.3%, to $94.5 million from $67.9 million a year earlier. Cash flow jumped to $0.16 a share from $0.05. The gains mainly resulted from higher demand for the company’s drilling rigs. That let it raise its prices.
On June 1, 2011, Savanna bought Performance Services Ltd. This purchase added 16 mobile service rigs to its fleet. As well, it recently completed its acquisition of Silverstar Well Servicing Ltd. That brought an additional 17 rigs.
The company’s long-term debt of $152.1 million is a reasonable 22.8% of its market cap.
Savanna needs sustained oil and gas exploration and drilling activity to keep demand for its services high. However, its outlook is positive. The…
Privacy Policy and Terms of Use
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Changes to this Policy
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