Q: Bob, you mentioned being booked on triples in Canada. Are there idle rigs, and how do you plan to market them with LNG Canada coming online? A: Robert Geddes, President and COO: We have a few rigs ready to work without capital investment and expect them to be contracted by the first quarter. LNG effects will likely be seen in the latter half, requiring a steady platform of high-spec triples. Current rates aren't high enough to support new builds, which would need to be in the 50s.

Q: Can you discuss US gross margins for drilling rigs and the trend in day rates and cost structure? A: Michael Gray, CFO: We've seen margin compression due to flat US activity and idle rigs. However, the cost structure is stable or slightly down, with supply chain issues from COVID alleviated. Margin compression is more due to potential revenue rates than costs.

Q: What should we expect for Q4 free cash flow and liquidity, considering debt repayments and credit facility changes? A: Michael Gray, CFO: We expect to be on the right side with about $65 million of free cash flow for debt repayments. We exited Q3 with $66.3 million in liquidity and foresee no issues, maintaining liquidity into Q1 2025.

Q: What is the outlook for 2025 CapEx, considering activity levels? A: Michael Gray, CFO: We anticipate a flat year-over-year CapEx unless US activity picks up in the latter half. The balance sheet remains strong with a stable outlook.

Q: Can you discuss trends in the Duvernay region in Canada and expected activity levels? A: Robert Geddes, President and COO: Activity is expected to remain relatively flat with a possible small uptick. The Canadian market has shifted to a more stable approach, reducing seasonality and maintaining a consistent level of activity.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.