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Capital Drilling reported a slight uptick in core earnings as a decline in average revenue per operating rig kept a lid on growth.
For the six-month period ended 30 June 2019, earnings (EBITDA) rose 1.6% to $12.7m, and revenues rose 0.6% to $54.8m.
Average revenue per operating rig fell 8.5% to $183,000, keeping lid on overall growth, with the company blaming the weakness on lower revenues during start-up phase of new contracts.
An interim dividend of 0.7 cent per share was declared, up 17% on last year.
'The Group maintains its revenue guidance range of $110 - $120 million for 2019, with revenue expected to increase in H2 2019, consistent with 2018,' the company said.
At 8:39am: (LON:CAPD) Capital Drilling Ltd share price was +1.5p at 57p