Swick Mining Services has announced a downgrading of its revenue guidance for the 2009-10 financial year as a result of delays in several drilling programs.
Swick Mining Services has announced a downgrading of its revenue guidance for the 2009-10 financial year as a result of delays in several drilling programs.
Its revenue guidance has been revised down from $105 million to $97 million, with activity in the second half affected by weather delays and client decisions.
It said wet weather in the NT, parts of Queensland and the Plbara had pushed out program start dates and resulted in a reduction in revenue of about $5 million against ots earlier forecast.
In addition, a number of unforeseen client delays adversely affected revenue.
"Notwithstanding the delays experienced, the company remains pleased with the improving utilisation of its rig fleet and the outlook for FY11 based on improved drilling activity, recent contract awards and further opportunities being explored," the company said in a statement.
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