Geodrill Limited (GEO) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to Geodrill's first quarter 2026 Financial Results Conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has difficulty hearing the conference, please press star zero for operator assistance at any time. I would like to remind everyone that this conference call is being recorded today, May 11, 2026. Before we begin, certain statements made on today's call by management may be forward-looking in nature and, as such, are subject to various risks and uncertainties. Please refer to the company's press release and MD&A for more details on these risks and uncertainties. And I would like to turn the call over to Mr. Dave Harper, President and CEO of Geodrill. Please go ahead. Thank you, operator, and good morning, everyone. Welcome to General's Q1 2026 conference call. Joining me on the call today is Greg Borsk, our Chief Financial Officer. So the first quarter of 2026 reflected continued strength in drilling demand across our core markets alongside near-term margin pressure as we worked through higher operating costs currency movements, and the ongoing ramp-up of our Chilean operations. While margins were compressed in the quarter, the fundamentals of the business remained strong. Activity levels across West Africa, Egypt, and Chile were healthy. Our customer relationships remained deep and long-standing, and our fleet continues to be highly utilized across programs, averaging 76% utilization throughout the quarter, but perhaps more importantly, ended the quarter much stronger than it began. Operationally, we remain strong in West Africa and Egypt, supporte...