Service & Supply | Quarterly / Earnings Reports | Oilfield Services | First Quarter (1Q) Update
Savanna Reports on US and Canada Rig Demand
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Savanna Energy Services Corp. generated EBITDAS of $59.4 million on $238 million of revenue in Q1 2014, a decrease of 13% from EBITDAS of $68 million on $236.9 million of revenue in Q1 2013. The decreases were primarily a result of lower activity levels in Canadian shallow drilling and Canadian oilfield services, combined with an increase in variable costs in Savanna's North American drilling divisions.
Offsetting these decreases were increases in operating margin contributions from both Australia and U.S. well servicing, and utilization increases in long-reach drilling in Canada.
Sequentially, revenue increased 34% from $177 million in Q4 2013, based primarily on seasonal increases in Savanna's operations in Canada, but also higher revenues in both Australia and the…
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