Master Drilling sees H1 revenue drop due to COVID-19
Master Drilling has reported an interim revenue decrease of 18 per cent and a headline loss of 30.5 per cent as a result of the impact from the COVID-19 crisis, however the group had a revenue pipeline of $281.4 million at the end of June and a committed order book of $144.6 million, including $60 million in the second half of this year. Master Drilling CEO, Danie Pretorius joins CNBC Africa for more.
Tue, 25 Aug 2020 11:46:41 GMT
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AI Generated Summary
- Master Drilling reports an 18% revenue decrease and a 30.5% headline loss in the first half of the year due to the COVID-19 crisis.
- The company focuses on stabilizing its balance sheet and prioritizing financial sustainability amidst market uncertainties by cutting dividends.
- Master Drilling remains optimistic about growth opportunities in regions like Canada, India, and Australia, leveraging innovative drilling technologies and strategic projects for future success.
Master Drilling, a leading drilling services company, has recently reported a notable interim revenue decrease of 18% and a headline loss of 30.5% due to the significant impact of the COVID-19 crisis. The CEO of Master Drilling, Danie Pretorius, joined CNBC Africa to discuss the challenging financial results faced by the company and shed light on the future outlook amidst the ongoing global economic uncertainty. The COVID-19 pandemic has undoubtedly disrupted various sectors of the economy, and the drilling industry is no exception. Despite facing setbacks in the first half of the year, Master Drilling remains optimistic about its revenue pipeline and committed order book, indicating potential growth opportunities. Although the company had to make tough decisions like cutting dividends to stabilize its balance sheet, it focuses on ensuring financial sustainability and operational excellence in the face of adversity. Looking ahead, Master Drilling aims to navigate through the uncertainties brought about by the pandemic and capitalize on the emerging prospects in different regions of the world, including Canada, India, and Australia. The company's innovative drilling technologies and strategic project developments position it well for future success, showcasing resilience and adaptability in a challenging business environment.
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