MSV said its operating rig count reached a low of 59 after the final anticipated Queensland coal-related demobilisation, while the FY26 result was delivered with an average of 62 rigs from a fleet of 90. The company reported an EBITDA margin above 20% despite fewer rigs operating than in the previous year.
The company said demand for metalliferous drill rigs remains strong, while coal-sector rig demand remains soft. MSV said it exited FY26 with 65 operating rigs and expects the number of operating rigs to continue increasing during FY27.
MSV outlined a pathway to 80 operating rigs before the end of FY27 based on recently executed contracts and a strong opportunity pipeline. The company said the operating leverage in its business could support a further step change in earnings in FY27 and FY28, assuming utilisation remains high.
Source: Download MSV official ASX announcement, 2026-10-21.
Photograph from Mitchell Services' Annual General Meeting 2026 announcement, dated 21 October 2026.