- McCoy Global (MCB) has received an C$11.3M order from a customer in Saudi Arabia
- The company expects to deliver the equipment and technology by the first quarter of 2023
- It sees strong revenue and earnings in the quarters ahead thanks to its robust $26.5M backlog
- McCoy Global specializes in well construction using automation and machine learning with a presence in over 50 countries
- McCoy Global (MCB) is up by 3.19 per cent trading at $0.97 per share
McCoy Global (MCB) has received an C$11.3M order from a customer in Saudi Arabia.
The order includes hydraulic power tongs, casing running tools and McCoy Torque Turn systems with related parts and accessories.
The company expects the delivery to occur through the second half of 2022 and the first quarter of 2023.
Order intake has totaled $25.1M since April 1, 2022, resulting in a backlog of $26.5M as of July 21, 2022.
“Our quoting and order intake activity has continued to improve as 2022 has progressed and McCoy is now on pace to see order intake levels not experienced since 2015,” said Jim Rakievich, McCoy’s President & CEO. “We expect this level of order backlog, coupled with our strong operating leverage, to support robust sequential revenue and earnings growth in the coming quarters.”
McCoy Global specializes in well construction using automation and machine learning with a presence in over 50 countries. Its technology seeks to maximize wellbore integrity and collect precise connection data critical to the global energy industry.
McCoy Global (MCB) is up by 3.19 per cent trading at $0.97 per share as of 9:31 am EST.