Capital Drilling Sees Strong Growth and New Contracts

Capital Drilling (GB:CAPD) has released an update.

Capital Drilling reported a robust Q2 2024 with revenues up 16.6% year-over-year to $89.2 million, driven by significant growth in drilling and mining services and the adoption of new contracts, such as the one-year service with Barrick Gold in Zambia. The company’s operational efficiency is reflected in a strong safety record and an increased Average Revenue Per Operating Rig (ARPOR). Capital Drilling anticipates continued positive momentum in H2 2024, with major contracts like Nevada Gold Mines expected to ramp up, contributing to the forecasted annual revenue of $355 million to $375 million.

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