SGI 0.00% 8.4¢ stealth global holdings ltd

News: SGI Stealth Global Holdings Says Restructured Its Supply Contract With Capital Drilling

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    Oct 2 (Reuters) - Stealth Global Holdings Ltd (SGI) :

    • HAS RESTRUCTURED ITS SUPPLY CONTRACT WITH CAPITAL DRILLING
    • CONTRACT RESTRUCTURE WILL NOT IMPACT PREVIOUSLY STATED EXPECTATION FOR REVENUES IN FY2020 TO EXCEED FY2019
    • RESTRUCTURED CONTRACT FOLLOWING A REVIEW BY STEALTH OF ITS CUSTOMER BASE IN AFRICA DUE TO DECLINING MARGINS WITH CAPITAL
    • ANNUAL REVENUE STEALTH DERIVES FROM CAPITAL DRILLING WILL REDUCE TO THAT OF PREVIOUS YEARS
    • STEALTH'S OUTLOOK FOR FY2020 REMAINS UNCHANGED
    • PARTIES AGREED TO ALTER CURRENT CONTRACT SERVICES ARRANGEMENT BY SHIFTING TO TRANSACTIONAL SUPPLY BASIS FROM JAN 1, 2020
    • CAPITAL DRILLING REMAINS CO'S 2ND LARGEST SHAREHOLDER, CONTRACT RESTRUCTURE DOES NOT AFFECT VOLUNTARY ESCROW AGREEMENT
 
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