RSS UpdatesCompany Information for Cabo Drilling Corp
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 TSX.V; CBE
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Company Statement
Cabo Drilling Corp. is an international mineral and specialty drilling services provider serving the mining industry from Canada, Albania, Liberia, Mexico, Panama, Spain and the United States. Cabo Drilling offers drilling services to major, mid-tier and junior mining and exploration companies and provides expertise in projects ranging from early-stage reconnaissance drilling through to resource definition and advanced stage mining.
Having grown into one of the industry’s larger mineral drilling services companies, Cabo Drilling has the knowledge and experience to offer its clientele a variety of drilling services, including surface and underground coring, and directional, reverse circulation and geotechnical drilling.
By consolidating within the mineral drilling industry, Cabo Drilling has gained a competitive edge through efficiency, productivity and scale.
Our Vision:
To be one of the leading global mineral and specialty drilling services providers.
Our Mission:
- To be the first choice for mineral exploration, mining & geotechnical customers by offering the best value in the drilling services industry.
- To be first choice among employees by offering the most stable, safe and rewarding workplace in the drilling services industry.
- To be the first choice for investors by consistently generating superior value and providing excellent corporate governance to shareholders and stakeholders.
Current Operations
Cabo Drilling Corp. is a mineral and speciality drilling services company headquartered in North Vancouver, British Columbia.
Cabo provides drilling services through its divisions:
- Cabo Drilling (Atlantic) Corp. of Springdale, Newfoundland
- Cabo Drilling (Ontario) Corp. of Kirkland Lake, Ontario
- Cabo Drilling (Pacific) Corp. of Surrey, British Columbia
- Cabo Drilling de Mexico S.A. de C.V. of Hermosillo, Mexico
- Cabo Drilling (Panama) Corp. of Panama City, Republic of Panama
- Cabo Drilling Spain, SL of Seville, Spain
- Forages Cabo Inc. of Montreal, Quebec
The acquisition of Cabo's divisions has contributed directly to the Company's ability to reach one of its major goals: to become Canada's third largest mineral drilling company.
As a drilling services company, Cabo offers a unique investment opportunity by providing exposure to the mineral exploration and mining sectors without the commensurate risks associated with investing in mineral exploration companies. Additionally, drilling companies are not tied to a single commodity or project but have the ability to capitalize on the market's constant drive to locate new mineral resources.
Additionally, Cabo has expanded its operations into opportune alternative drilling sectors such as geoenvironmental/geotechnical and geothermal drilling. By consolidating through acquisition Cabo has achieved a competitive edge with additional customer services, improved productivity and greater economies of scale. Cabo will continue to align its subsidiaries over the next year to realize the following benefits:
- A reduction in drilling company operating costs; and
- Improved revenue as a result of offering increased services and greater customer awareness.
Services Provided
- Mineral and Specialty Drilling Service Provider
- Diamond Core Drilling
- Directional Drilling
- Surface diamond & reverse circulation drilling
- Overland and fly jobs
- Underground diamond drilling, Electric, hydraulic and air
- Soil sampling
- Dam site investigation drilling
- Slimhole Core Drilling for Oil and Gas Exploration
- Geotechnical
- Geothermal
- Geoenvironmental
- Restricted Access Investigations
Why Invest in Cabo Drilling Corp.?
As a drilling services company, Cabo Drilling Corp. offers a unique investment opportunity by providing exposure to the mineral exploration and mining sectors, without the commensurate risks associated with investing in resource companies narrowly focused on specific commodities. Simply put, regardless of which type of resource is demanded, someone needs to drill for it to prove the existence, as well as the size, metallurgy and other properties of the deposit.
Cabo’s growth strategy is focused on increasing its market share in North and Central America, and establishing new operations in South America, North Africa, and Western and Eastern Europe.
Revenue for the third quarter ending March 31, 2008 was $16.04 million compared to $8.90 million in the third quarter of fiscal 2007, an 80% increase. This increase can be attributed primarily to significant growth from Cabo’s international operations and strong growth in the Ontario and Atlantic divisions. International revenues represented 28% of revenues for the quarter, as compared to 2.0% for the third quarter in fiscal 2007. Revenues also increased by 17.6% from the second quarter of fiscal 2008 which was $13.64 million.
In fiscal years 2008 and 2009 Cabo Drilling Corp. anticipates growth from capital expenditures of up to $6.5 million in 2008 and $4.7 million in 2009 (up from fiscal year 2007’s capital expenditures of $3.5 million). Further, Cabo anticipates improved pricing due to an overall greater demand for drilling services in international markets will lead to higher gross margins.
The combination of low supply and higher demand for minerals and metals, world wide, coupled with Cabo Drilling’s growing international operations, strong management team, and consistent earnings makes for an attractive investment.
Geographical Spread
Canada, United States, Mexico, Panama, Liberia and Spain
Board of Directors and Key Management
| Board of Directors | |
| John A. Versfelt | Chairman, President, Chief Executive Officer & Director |
| Terry Aimone | General Manager, Albania Branch & Director |
| Greg Gerrie | Director |
| Tom Oliver | Director |
| Robin Preston | Director |
| Robert W. Schellenberg | Director |
| Peter Walton | Director |
| Management | |
| John A. Versfelt | Chairman, President, Chief Executive Officer & Director |
| Calvin Lucyshyn | Controller & CFO |
| James Goodwin | Human Resources & Safety Coordinator |
| D. Alex Caldwell | Corporate Secretary |
Company Address3rd Floor
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CapitalIssued and Outstanding: 55,240,679
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Annual General MeetingDecember, Vancouver | Year EndJune 30 |
Major Shareholders
| Management of the Company | 21.3% |
| US Newsletter Writer | 4.4% |
| UK Micro Cap Fund | 4.0% |
Related News
08/06/10 - Cabo Drilling Sees Demand For Rigs Rising Throughout The Rest Of This Year As Capital Drilling Lists In London02/11/09 - Return Of Confidence At Cabo Drilling As Signed Contracts Increase In All Areas.
Most Recent Statement
06/07/10 - Cabo Drilling (Ontario) Corp. Awarded Drill Contract by Goldcorp Inc.17/06/10 - Rainy Lake Tribal Contracting Ltd. and Cabo Drilling (Ontario) Corp. Awarded Drill Contract by Brett Resources Inc.
08/06/10 - Cabo Awarded Drill Contract by Fire River Gold Corp.
01/06/10 - Cabo Announces 3rd Quarter Results
27/05/10 - Cabo Drilling Corp. (Ontario Division) Earns Prestigious Provincial Award for Safety
20/05/10 - Cabo Drilling Arranges $918K Private Placement