MONCTON, NB, Sept. 5, 2012 /CNW/ - Major Drilling Group
International Inc. today reported results for its first quarter of
fiscal year 2013, ended July 31, 2012. Highlights In millions of
Canadian dollars Q1-13 Q1-12 (except earnings per share) Revenue
$237.6 $164.2 Gross profit 81.3 51.5 As percentage of sales 34.2%
31.4% EBITDA(1) 60.1 35.7 As percentage of revenue 25.3% 21.7% Net
earnings 31.9 17.9 Earnings per share 0.40 0.25 (1) Earnings
before interest, taxes, depreciation and amortization (see
"non-gaap financial measures") -- Major Drilling maintained record
quarterly revenue for the second quarter in a row at $237.6
million, up 45% from the $164.2 million recorded for the same
quarter last year. -- Gross margin percentage for the quarter was
34.2%, compared to 31.4% for the corresponding period last year. --
EBITDA increased 68% to $60.1 million for the quarter compared to
the corresponding period last year. -- Net earnings were also an
all-time record at $31.9 million or $0.40 per share for the
quarter, compared to net earnings of $17.9 million or $0.25 per
share for the prior year quarter. -- The Company has increased its
semi-annual dividend to $0.10 per share, to be paid on November 1,
2012, which represents an 11.1% increase from the previous
dividend. "We are pleased to report record quarterly results. Our
revenue increased by 45% during the quarter to $238 million and we
saw our quarterly EBITDA increase by 68% year-over-year," said
Francis McGuire, President and CEO of Major Drilling Group
International Inc. "Margins in this quarter improved mainly due to
our efforts on training and recruitment, which have allowed us to
increase the number of shifts and productivity in the field this
quarter." "Looking forward, the demand for drilling services from
the senior and intermediate mining houses continues. Revenue
from these clients increased in the last quarter to just over $175
million compared to $102 million in the same quarter last
year. Our customers remain committed to the large majority of
their projects in order to replace their reserves. Senior
miners will represent a greater proportion of our drilling projects
going forward as junior miners become more and more cautious in
their spending, given the difficulty in accessing capital."
"Overall, we expect demand for specialized drilling to continue in
the year ahead. At the end of July, specialized drilling
represented 76% of our revenue and nearly half of our projects were
drilling for gold. While we are optimistic that our senior
customers will continue with the majority of their projects, we
anticipate that overall drilling activities will decline somewhat
over the next six months, particularly with respect to our junior
mining clients. In anticipation of a slight decrease of our
activity levels, we have reduced our capital expenditure budget for
fiscal 2013 to $70 million, down from the $100 million previously
announced. Because of our ongoing need to be able to respond
to demand for specialized services, and the need to continue to
modernize our fleet, we currently have 15 additional rigs on
order." "Net capital expenditures for the quarter were $23.4
million as we purchased 24 rigs while retiring 10 rigs through our
modernization program. During the quarter, we also added a
significant number of support vehicles and other support equipment
to meet changing patterns of demand and to ensure that we continue
to meet the highest levels of safety standards. These
additions should improve rig utilization and reliability as we
focus on increasing the earning power of each crew and each
rig. In fact, 60% of our rigs are now less than five years
old in an industry where rigs tend to last 20 years." "Most of our
senior and intermediate customers are in a much better financial
position than three years ago and while the difficulties
experienced by juniors have moderated our growth plans over the
short-term, it provides a strong upside potential when their
exploration activities pick up, as they must, if the mining
industry is to provide the world with the resources it needs toward
the end of the decade," said Mr. McGuire. "In addition, the
price of gold is almost double what it was in 2008, the price of
copper remains relatively high by historical standards, and both
are well above average costs of production. In order to keep
our competitive edge through this period, we continue to
aggressively and successfully invest in the recruitment and
training of new drillers." "Given the Company's continuing ability
to generate significant cash, and our minimal debt levels, we have
determined that it is appropriate to increase our semi-annual
dividend to $0.10 per common share, which will be paid on November
1, 2012 to shareholders of record as of October 10, 2012. This
dividend is designated as an "eligible dividend" for Canadian tax
purposes." First quarter ended July 31, 2012 Total revenue for the
quarter was $237.6 million, up 45% from the $164.2 million recorded
in the same quarter last year. Most of the Company's regions
contributed to this growth. The favourable foreign exchange
translation impact for the quarter, when comparing to the effective
rates for the same period last year, is estimated at $5 million on
revenue. Revenue for the quarter from Canada-U.S. drilling
operations increased by 84% to $112.8 million compared to the same
period last year. In Canada, operations from the Bradley
acquisition accounted for approximately half of the increase and
the pre-existing Canadian operations also saw increased activity
levels. Our U.S. operations also continued its growth. South and
Central American revenue was up 35% to $69.4 million for the
quarter, compared to the prior year quarter. This increase was
driven by stronger activity levels in Mexico, Chile and Argentina,
combined with additional contracts in Colombia and Suriname from
the Bradley acquisition. Australian, Asian and African operations
reported revenue of $55.3 million, up 8% from the same period last
year. The increase came mainly from African operations in
Burkina Faso, the DRC and Mozambique, which mitigated a decrease in
activity levels in Mongolia and Australia. The overall gross margin
percentage for the quarter was 34.2%, up from 31.4% for the same
period last year. New pricing on contracts that were signed
or renewed for this calendar year reflected the current stronger
pricing environment. Also, our training and recruitment efforts
allowed the Company to increase the number of shifts and
productivity in the field during the quarter. General and
administrative costs were $17.3 million for the quarter compared to
$12.3 million in the same period last year. The increase was
mainly due to the acquisition of Bradley and the addition of new
operations in Burkina Faso. Increased costs to support the
strong growth in activity levels accounted for the rest. Other
expenses for the quarter were $5.3 million, up from $2.6 million in
the prior year quarter, due primarily to higher incentive
compensation expenses given the Company's increased profitability.
The Annual Meeting of the shareholders of Major Drilling Group
International Inc. will be held at The TMX Broadcast Centre,
Gallery, The Exchange Tower, 130 King St. W., Toronto, Ontario, on
Tuesday, September 18, 2012 at 10:00 am EDT. Non-GAAP Financial
Measures In this news release, the Company uses the following
non-GAAP financial measures: EBITDA and EBITDA margin. The Company
believes these non-GAAP financial measures provide useful
information to both management and investors in measuring the
financial performance of the Company. These measures do not have a
standardized meaning prescribed by GAAP and therefore they may not
be comparable to similarly titled measures presented by other
publicly traded companies, and should not be construed as an
alternative to other financial measures determined in accordance
with GAAP. Forward-Looking Statements Some of the statements
contained in this press release may be forward-looking statements,
such as, but not limited to, those relating to worldwide demand for
gold and base metals and overall commodity prices, the level of
activity in the minerals and metals industry and the demand for the
Company's services, the Canadian and international economic
environments, the Company's ability to attract and retain customers
and to manage its assets and operating costs, sources of funding
for its clients, particularly for junior mining companies,
competitive pressures, currency movements, which can affect the
Company's revenue in Canadian dollars, the geographic distribution
of the Company's operations, the impact of operational changes,
changes in jurisdictions in which the Company operates (including
changes in regulation), failure by counterparties to fulfill
contractual obligations, and other factors as may be set forth, as
well as objectives or goals, and including words to the effect that
the Company or management expects a stated condition to exist or
occur. Since forward-looking statements address future events and
conditions, by their very nature, they involve inherent risks and
uncertainties. Actual results in each case could differ materially
from those currently anticipated in such statements by reason of
factors such as, but not limited to, the factors set out in the
discussion on pages 16 to 18 of the 2012 Annual Report entitled
"General Risks and Uncertainties", and such other documents as
available on SEDAR at www.sedar.com. All such factors should be
considered carefully when making decisions with respect to the
Company. The Company does not undertake to update any
forward-looking statements, including those statements that are
incorporated by reference herein, whether written or oral, that may
be made from time to time by or on its behalf, except in accordance
with applicable securities laws. Based in Moncton, New Brunswick,
Major Drilling Group International Inc. is one of the world's
largest metals and minerals contract drilling service companies. To
support its customers' mining operations, mineral exploration and
environmental activities, Major Drilling maintains operations on
every continent. Financial statements are attached. Major Drilling
will provide a simultaneous webcast of its quarterly conference
call on Thursday, September 6, 2012 at 9:00 AM (EDT). To
access the webcast please go to the investors/webcast section of
Major Drilling's website at www.majordrilling.com and click the
attached link, or go directly to the CNW Group website at
www.newswire.ca for directions. Participants will
require Windows MediaPlayer, which can be downloaded prior to
accessing the call. Please note that this is listen only
mode. Major Drilling Group International Inc. Interim Condensed
Consolidated Statements of Operations (in thousands of Canadian
dollars, except per share information) (unaudited) Three months
ended July 31 2012 2011 TOTAL REVENUE $ 237,565 $ 164,152 DIRECT
COSTS 156,287 112,653 GROSS PROFIT 81,278 51,499 OPERATING EXPENSES
General and administrative 17,299 12,318 Other expenses 5,270 2,603
Loss on disposal of property, plant and equipment 8 600 Foreign
exchange (gain) loss (1,369) 321 Finance costs 738 822 Depreciation
of property, plant and equipment 12,122 8,395 Amortization of
intangible assets 1,065 185 35,133 25,244 EARNINGS BEFORE INCOME
TAX 46,145 26,255 INCOME TAX - PROVISION (note 7) Current 13,509
5,984 Deferred 761 2,379 14,270 8,363 NET EARNINGS $ 31,875 $
17,892 EARNINGS PER SHARE (note 8) Basic $ 0.40 $ 0.25 Diluted $
0.40 $ 0.25 Major Drilling Group International Inc. Interim
Condensed Consolidated Statements of Comprehensive Earnings (in
thousands of Canadian dollars) (unaudited) Three months ended July
31 2012 2011 NET EARNINGS $ 31,875 $ 17,892 OTHER COMPREHENSIVE
EARNINGS (LOSS) Unrealized gains on foreign currency translations
(net of tax) 7,651 1,809 Unrealized loss on interest swap (net of
tax) (144) - COMPREHENSIVE EARNINGS $ 39,382 $ 19,701 Major
Drilling Group International Inc. Interim Condensed Consolidated
Statements of Changes in Equity For the three months ended July 31,
2011 and 2012 (in thousands of Canadian dollars) (unaudited)
Foreign Share-based Retained currency Share payments translation
capital Reserves reserve earnings reserve Total BALANCE AS AT MAY
1, 2011 $ 150,642 $ - $ 10,280 $ 170,425 $ (3,662) $ 327,685
Share-based payments reserve - - 554 - - 554 150,642 - 10,834
170,425 (3,662) 328,239 Comprehensive earnings: Net earnings - - -
17,892 - 17,892 Unrealized gains on foreign currency translations -
- - - 1,809 1,809 Total comprehensive earnings - - - 17,892 1,809
19,701 BALANCE AS AT JULY 31, 2011 $ 150,642 $ - $ 10,834 $ 188,317
$ (1,853) $ 347,940 BALANCE AS AT MAY 1, 2012 $ 230,763 $ 121 $
11,797 $ 246,809 $ (1,791) $ 487,699 Share-based payments reserve
(93) - 860 - - 767 230,670 121 12,657 246,809 (1,791) 488,466
Comprehensive earnings (loss): Net earnings - - - 31,875 - 31,875
Unrealized loss on interest swap - (144) - - - (144) Unrealized
gains on foreign currency translations - - - - 7,651 7,651 Total
comprehensive earnings (loss) - (144) - 31,875 7,651 39,382 BALANCE
AS AT JULY 31, 2012 $ 230,670 $ (23) $ 12,657 $ 278,684 $ 5,860 $
527,848 Major Drilling Group International Inc. Interim Condensed
Consolidated Statements of Cash Flows (in thousands of Canadian
dollars) (unaudited) Three months ended July 31 2012 2011 OPERATING
ACTIVITIES Earnings before income tax $ 46,145 $ 26,255 Operating
items not involving cash Depreciation and amortization 13,187 8,580
Loss on disposal of property, plant and equipment 8 600 Share-based
payments reserve 767 554 Finance costs recognized in earnings
before income tax 738 822 60,845 36,811 Changes in non-cash
operating working capital items (19,695) (8,833) Finance costs paid
(735) (822) Income taxes paid (7,889) (5,013) Cash flow from
operating activities 32,526 22,143 FINANCING ACTIVITIES Repayment
of long-term debt (1,564) (2,190) Proceeds from long-term debt -
10,000 Dividends paid (7,123) (5,283) Cash flow (used in) from
financing activities (8,687) 2,527 INVESTING ACTIVITIES Payment of
consideration for previous business acquisition (813) - Acquisition
of property, plant and equipment (note 6) (23,401) (21,410)
Proceeds from disposal of property, plant and equipment 268 684
Cash flow used in investing activities (23,946) (20,726) Effect of
exchange rate changes (395) (367) (DECREASE) INCREASE IN CASH (502)
3,577 CASH, BEGINNING OF THE PERIOD 37,237 16,215 CASH, END OF THE
PERIOD $ 36,735 $ 19,792 Major Drilling Group International Inc.
Interim Condensed Consolidated Balance Sheets As at July 31, 2012
and April 30, 2012 (in thousands of Canadian dollars) (unaudited)
July 31, 2012 April 30, 2012 ASSETS CURRENT ASSETS Cash $ 36,735 $
37,237 Trade and other receivables 161,798 159,770 Income tax
receivable 4,841 3,314 Inventories 98,752 95,905 Prepaid expenses
11,792 7,476 313,918 303,702 PROPERTY, PLANT AND EQUIPMENT 334,586
318,171 DEFERRED INCOME TAX ASSETS 2,630 2,859 GOODWILL 55,366
54,946 INTANGIBLE ASSETS 5,249 6,295 $ 711,749 $ 685,973
LIABILITIES CURRENT LIABILITIES Trade and other payables $ 95,096 $
115,805 Income tax payable 10,330 3,142 Current portion of
long-term debt 8,675 8,712 114,101 127,659 CONTINGENT CONSIDERATION
2,159 2,760 LONG-TERM DEBT 40,890 42,274 DEFERRED INCOME TAX
LIABILITIES 26,751 25,581 183,901 198,274 SHAREHOLDERS' EQUITY
Share capital 230,670 230,763 Reserves (23) 121 Share-based
payments reserve 12,657 11,797 Retained earnings 278,684 246,809
Foreign currency translation reserve 5,860 (1,791) 527,848 487,699
$ 711,749 $ 685,973 MAJOR DRILLING GROUP INTERNATIONAL INC. NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE
THREE MONTHS ENDED JULY 31, 2012 AND 2011 (UNAUDITED) (in thousands
of Canadian dollars, except per share information) 1. NATURE OF
ACTIVITIES Major Drilling Group International Inc. ("the Company")
is incorporated under the Canada Business Corporations Act and has
its head office at 111 St. George Street, Suite 100, Moncton, NB,
Canada. The Company's common shares are listed on the Toronto Stock
Exchange ("TSX"). The principal source of revenue consists of
contract drilling for companies primarily involved in mining and
mineral exploration. The Company has operations in Canada, the
United States, South and Central America, Australia, Asia and
Africa. 2. BASIS OF PRESENTATION Statement of compliance These
interim condensed consolidated financial statements have been
prepared in accordance with IAS 34 Interim Financial Reporting
("IAS 34") as issued by the International Accounting Standards
Board ("IASB") and using the accounting policies as outlined in the
annual notes to consolidated financial statements for the year
ended April 30, 2012. Basis of consolidation These interim
condensed consolidated financial statements incorporate the
financial statements of the Company and entities controlled by the
Company. Control is achieved where the Company has the power to
govern the financial and operating policies of an investee entity
so as to obtain benefits from its activities. The results of
subsidiaries acquired or disposed of during the period are included
in the consolidated statement of operations from the effective date
of acquisition or up to the effective date of disposal, as
appropriate. Intra-group transactions, balances, income and
expenses are eliminated on consolidation, where appropriate. Basis
of preparation These interim condensed consolidated financial
statements have been prepared based on the historical cost basis
except for certain financial instruments that are measured at fair
value, using the same accounting policies and methods of
computation as presented in the annual consolidated financial
statements for the year ended April 30, 2012. 3. FUTURE ACCOUNTING
CHANGES The Company has not applied the following new and revised
IFRSs that have been issued but are not yet effective: IFRS 7 (as
amended in 2011) Financial Instruments: Disclosures IFRS 9 (as
amended in 2010) Financial Instruments IFRS 10 Consolidated
Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure
of Interests in Other Entities IFRS 13 Fair Value Measurement IAS 1
Presentation of Financial Statements IAS 12 (amended) Income Taxes
- recovery of underlying assets IAS 19 Employee Benefits IAS 27
(reissued) Separate Financial Statements IAS 28 (reissued)
Investments in Associates and Joint Ventures IAS 32 (amended)
Financial Instruments: Presentation The Company is currently
evaluating the impact of applying these standards to its
consolidated financial statements. 4. KEY SOURCES OF ESTIMATION
UNCERTAINTY AND CRITICAL ACCOUNTING JUDGMENTS The preparation of
financial statements in conformity with IFRS requires management to
make judgments, estimates and assumptions that affect the
application of accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ
from these estimates. The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimate is revised if the
revision affects only that period or in the period of the revision
and future periods if the revision affects both current and future
periods. Significant areas requiring the use of management
estimates relate to the useful lives of property, plant and
equipment for amortization purposes, property, plant and equipment
and inventory valuation, determination of income and other taxes,
assumptions used in compilation of share-based payments, fair value
of assets acquired and liabilities assumed in business
acquisitions, amounts recorded as accrued liabilities, and
impairment testing of goodwill and intangible assets. The
Company applied judgment in determining the functional currency of
the Company and its subsidiaries, determination of cash generating
units ("CGUs"), the degree of componentization of property, plant
and equipment, and the recognition of provisions and accrued
liabilities. 5. SEASONALITY OF OPERATIONS With the exception of the
third quarter, the Company exhibits comparatively less seasonality
in quarterly revenue than in the past. The third quarter (November
to January) is normally the Company's weakest quarter due to the
shutdown of mining and exploration activities, often for extended
periods over the holiday season, particularly in South and Central
America. 6. PROPERTY PLANT & EQUIPMENT Capital expenditures
were $23,401 for the quarter ended July 31, 2012 compared to
$21,410 for the same period last year. During the quarter,
the Company added 24 drill rigs through its capital expenditure
program while retiring or disposing of 10 drill rigs through its
modernization program. 7. INCOME TAXES The income tax expense for
the period can be reconciled to accounting profit as follows: 2013
Q1 2012 Q1 Earnings before income tax $ 46,145 $ 26,255 Statutory
Canadian corporate income tax rate 29% 29% Expected income tax
expense based on statutory $ 13,382 $ 7,614 rate Non-recognition of
tax benefits related to losses 315 48 Other foreign taxes paid 355
51 Rate variances in foreign jurisdictions 119 (298) Other 99 948 $
14,270 $ 8,363 The Company periodically assesses its liabilities
and contingencies for all tax years open to audit based upon the
latest information available. For those matters where it is
probable that an adjustment will be made, the Company recorded its
best estimate of these tax liabilities, including related interest
charges. Inherent uncertainties exist in estimates of tax
contingencies due to changes in tax laws. While management believes
they have adequately provided for the probable outcome of these
matters, future results may include favorable or unfavorable
adjustments to these estimated tax liabilities in the period the
assessments are made, or resolved, or when the statute of
limitation lapses. 8. EARNINGS PER SHARE All of the Company's
earnings are attributable to common shares therefore net earnings
are used in determining earnings per share. 2013 Q1 2012 Q1 Net
earnings for the period $ 31,875 $ 17,892 Weighted average shares
outstanding - basic (000's) 79,147 72,040 Net effect of dilutive
securities: Stock options (000's) 637 881 Weighted average number
of shares - diluted (000's) 79,784 72,921 Earnings per share: Basic
$ 0.40 $ 0.25 Diluted $ 0.40 $ 0.25 There were no anti-dilutive
options for the three months ended July 31, 2012. The
calculation of the diluted earnings per share for the period ended
July 31, 2011 exclude the effect of 75,271 options as they were
anti-dilutive. The total number of shares outstanding on July 31,
2012 was 79,147,378. 9. SEGMENTED INFORMATION The Company's
operations are divided into three geographic segments corresponding
to its management structure, Canada - U.S., South and Central
America, and Australia, Asia and Africa. The services provided in
each of the reportable drilling segments are similar. The
accounting policies of the segments are the same as those described
in the annual consolidated financial statements for the year ended
April 30, 2012. Management evaluates performance based on earnings
from operations in these three geographic segments before finance
costs and income taxes. Data relating to each of the
Company's reportable segments is presented as follows: 2013 Q1 2012
Q1 Revenue Canada - U.S. $ 112,837 $ 61,438 South and Central
America 69,413 51,292 Australia, Asia and Africa 55,315 51,422 $
237,565 $ 164,152 Earnings from operations Canada - U.S. $ 25,471 $
9,986 South and Central America 16,751 10,599 Australia, Asia and
Africa 9,021 11,058 51,243 31,643 Eliminations 521 (25) 51,764
31,618 Finance costs 738 822 General and corporate expenses* 4,881
4,541 Income tax 14,270 8,363 Net earnings $ 31,875 $ 17,892
*General and corporate expenses include expenses for corporate
offices and stock options Depreciation and amortization Canada -
U.S. $ 5,480 $ 3,341 South and Central America 3,212 2,271
Australia, Asia and Africa 4,027 2,664 Unallocated corporate assets
468 304 Total depreciation and amortization $ 13,187 $ 8,580 July
31, 2012 April 30, 2012 Identifiable assets Canada - U.S. $ 276,970
$ 252,233 South and Central America 220,792 212,861 Australia, Asia
and Africa 195,951 186,442 693,713 651,536 Eliminations (771) (573)
Unallocated and corporate assets 18,807 35,010 $ 711,749 $ 685,973
Canada - U.S. includes revenue for the period ended July 31, 2012
of $67,025 (July 31, 2011 - $33,225) for Canadian operations and
property, plant and equipment at July 31, 2012 of $88,034 (April
30, 2012 - $87,629). 10. FINANCIAL INSTRUMENTS There are no
significant changes to financial instruments compared to the
Company's annual consolidated financial statements for the year
ended April 30, 2012 except for the following: Fair value The
carrying values of cash, trade and other receivables, demand credit
facility and trade and other payables approximate their fair value
due to the relatively short period to maturity of the
instruments. The following table shows carrying values of
long-term debt and contingent consideration and approximates their
fair value, as most debts carry variable interest rates and the
remaining fixed rate debts have been acquired recently and their
carrying value continues to reflect fair value. The fair
value of the interest rate swap included in long-term debt is
measured using quoted interest rates. July 31, 2012 April 30, 2012
Contingent consideration $ 2,159 $ 2,760 Long-term debt 49,565
50,986 Credit risk As at July 31, 2012, 80.5% of the Company's
trade receivables were aged as current and 1.5% of the trade
receivables were impaired. The movement in the allowance for
impairment of trade receivables during the period was as follows:
Balance as at April 30, 2012 $ 2,236 Increase in impairment
allowance 38 Foreign exchange translation differences 25 Balance as
at July 31, 2012 $ 2,299 Foreign currency risk The most significant
carrying amounts of net monetary assets that: (1) are denominated
in currencies other than the functional currency of the respective
Company subsidiary; (2) cause foreign exchange rate exposure; and
(3) may include intercompany balances with other subsidiaries, at
the reporting dates are as follows: July 31, 2012 April 30, 2012
U.S. Dollars $ 14,688 $ 45,555 If the Canadian dollar moved by plus
or minus 10% at July 31, 2012, the unrealized foreign exchange gain
or loss would move by approximately $1,469 (April 30, 2012 -
$4,556). Liquidity risk The following table details the Company's
contractual maturities for its financial liabilities.
Non-derivative financial liabilities: 1 year 2-3 years 4-5 years
thereafter Total Trade and other - - payables $ 95,096 $ $ $ - $
95,096 Contingent 1,255 151 consideration 753 - 2,159 Long-term
debt 8,659 17,679 19,121 4,083 49,542 $ 104,508 $ 18,934 $ 19,272 $
4,083 $ 146,797 Derivative financial liabilities: 1 year 2-3 years
4-5 years thereafter Total Interest rate swap $ 16 $ 12 $ (5) $ - $
23 MAJOR DRILLING GROUP INTERNATIONAL INC.
CONTACT: Denis Larocque, Chief Financial Officer Tel: (506)
857-8636Fax: (506) 857-9211ir@majordrilling.com
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