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Greka Drilling flags ‘pick up in activity’

Challenges remain but the China-based drilling firm highlighted that activity is picking up

oil and gas operations
In China, the indicators are positive

Greka Drilling Limited (LON:GDL) chief executive Randeep Grewal flagged improving trading conditions as the company reported interim results.

It revealed US$2.3mln of revenue (H1 2017: US$3.6mln) and the company highlighted a reduction of income from India. The company made a US$2.8mln loss (H1 2017: US$1.1mln loss) weighed by its fixed costs whilst contract negotiations were completed with clients.

READ: Greka Drilling share trading resumes

Operationally, the company noted that it drilled 12 wells during the first six months, with a total of 18,430 metres completed in the period.

“While activities are starting to pick up in China for the second half, the first half of the year was quite challenging,” Grewal said.

“China activities have been consistent with a continuous drilling program being executed with CNPC in Shanxi province. 

India has been at a standstill until further tenders are won and thus has produced no reported revenues for H1 2018. 

"I remain very positive on the long term prospects for Greka Drilling but expect challenges in the short term to continue while we operate with the current limited number of contracts."

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'Drought in drilling service sector is over' - Greka Drilling's Randeep Grewal

Randeep Grewal, chief executive of Greka Drilling Limited (LON:GDL), discusses what's been described as a “well-balanced” trading performance in their half yearly results. The drill contractor reported a 38% increase in first half revenue, up to US$3.6mln in the six months to 30 June,...

on 27/9/17

2 min read