Sigma AI · Phase 1 Diagnostic
Dixstone Fleet Performance
Internal diagnostic baseline · 6-rig fleet · jackups · platforms · land · West Africa & MENA
Pick a rig
FLEETAll Rigs · FY 2025
FY 2025 · SAP direct · 7 operating rigs (HARIMA newly online)
Utilisation
92%
5 at 100% · AXIMA 85% · HARIMA 38% (new)
NPT · fleet
5.6%
3,319 hrs · BANBA 8.7% · HARIMA ramp
Revenue
$165.0M
theoretical · 7 rigs
Adjusted RDM
33.7%
$53.5M · below 40% floor
Staff Cost %
34.3%
$54.4M · largest cost line
Fleet PO ÷ GR
1.13×
2024: 2.00× · tightened
Fleet P&L Snapshot · USD '000s
20252024Δ 24→25
Theoretical Revenue$158,483$134,715+17.6%
Spare parts cost$22,900 (14.5%)$19,803 (14.7%)−0.2pp
Workforce cost$54,400 (34.3%)$52,000 (38.6%)−4.3pp
Adjusted RDM$53,500 (33.7%)$44,725 (33.2%)+0.5pp
GR · real spent$43,400 (27.4%)$29,600+47%
New POs$48.9M$59.2M−17%
PO ÷ GR1.13×down from 2.00× in 2024 · ordering now tracks consumption
Inventory (end-2025)$45.2M
Dead stock %56%
NPT by Rig · 2025 · % of available time
HARIMA
11.0%
BANBA
8.7%
MIDIR
6.9%
LUG
6.7%
NUADA
5.8%
DRAVUS
3.3%
AXIMA
2.7%
2025 NPT · Fleet Total
3,319
Hours
138
Days
5.6%
NPT %
BANBA & the platform/land rigs carry the drag. TDS & BOP/Power-Gen are the recurring failure modes fleet-wide.
2025 PO by Rig
AXIMA
$11.5M23.5%
BANBA
$10.1M20.7%
MIDIR
$7.7M15.7%
LUG
$7.6M15.5%
DRAVUS
$7.6M15.5%
NUADA
$4.4M8.6%
HARIMA
$2.3M4.5%
Total 2025 PO$51.2M
2025 GR by Rig · real spent
AXIMA
$10.1M23.3%
BANBA
$8.8M20.3%
NUADA
$7.8M18.0%
MIDIR
$7.1M16.4%
LUG
$6.5M15.0%
DRAVUS
$4.2M9.3%
HARIMA
$1.8M4.0%
Total 2025 GR$45.2M
2025 IO by Rig (proxy — 42% line coverage)
AXIMA
$7.3M39.7%
NUADA
$4.2M22.8%
BANBA
$2.6M14.1%
LUG
$1.8M9.8%
MIDIR
$1.5M8.2%
DRAVUS
$1.0M5.3%
HARIMA
$0.4M2.1%
Total 2025 IO$18.8M
Pick a rig
FLEETAll Rigs · FY 2025
FY 2025 · SAP direct · 7 operating rigs (HARIMA newly online)
Utilisation
92%
5 at 100% · AXIMA 85% · HARIMA 38% (new)
NPT · fleet
5.6%
3,319 hrs · BANBA 8.7% · HARIMA ramp
Revenue
$165.0M
theoretical · 7 rigs
Adjusted RDM
33.7%
$53.5M · below 40% floor
Staff Cost %
34.3%
$54.4M · largest cost line
Fleet PO ÷ GR
1.13×
2024: 2.00× · tightened
Fleet P&L Snapshot · USD '000s
20252024Δ 24→25
Theoretical Revenue$158,483$134,715+17.6%
Spare parts cost$22,900 (14.5%)$19,803 (14.7%)−0.2pp
Workforce cost$54,400 (34.3%)$52,000 (38.6%)−4.3pp
Adjusted RDM$53,500 (33.7%)$44,725 (33.2%)+0.5pp
GR · real spent$43,400 (27.4%)$29,600+47%
New POs$48.9M$59.2M−17%
PO ÷ GR1.13×down from 2.00× in 2024 · ordering now tracks consumption
Inventory (end-2025)$45.2M
Dead stock %56%
NPT by Rig · 2025 · % of available time
HARIMA
11.0%
BANBA
8.7%
MIDIR
6.9%
LUG
6.7%
NUADA
5.8%
DRAVUS
3.3%
AXIMA
2.7%
2025 NPT · Fleet Total
3,319
Hours
138
Days
5.6%
NPT %
BANBA & the platform/land rigs carry the drag. TDS & BOP/Power-Gen are the recurring failure modes fleet-wide.
2025 PO by Rig
AXIMA
$11.5M23.5%
BANBA
$10.1M20.7%
MIDIR
$7.7M15.7%
LUG
$7.6M15.5%
DRAVUS
$7.6M15.5%
NUADA
$4.4M8.6%
HARIMA
$2.3M4.5%
Total 2025 PO$51.2M
2025 GR by Rig · real spent
AXIMA
$10.1M23.3%
BANBA
$8.8M20.3%
NUADA
$7.8M18.0%
MIDIR
$7.1M16.4%
LUG
$6.5M15.0%
DRAVUS
$4.2M9.3%
HARIMA
$1.8M4.0%
Total 2025 GR$45.2M
2025 IO by Rig (proxy — 42% line coverage)
AXIMA
$7.3M39.7%
NUADA
$4.2M22.8%
BANBA
$2.6M14.1%
LUG
$1.8M9.8%
MIDIR
$1.5M8.2%
DRAVUS
$1.0M5.3%
HARIMA
$0.4M2.1%
Total 2025 IO$18.8M
Spend by category
FY25 LTM, USD M
Vendor concentration (top 10)
Pareto · % of total spend
Top 10 suppliers · risk-adjusted
FY25 LTM spend + OTIF + sourcing status| Supplier | Category | FY25 spend | % of total | OTIF | Sourcing | Risk |
|---|
Emergency POs by month
Expedited spend, USD k · target: 0
Procurement cycle by category
PO raised → goods received, days
Total inventory value
$42.0M
$8.4M / rig vs $2.5M peer
Dead stock (24m+ no movement)
$14.3M
34% of total
Slow-moving (12-24m)
$8.7M
21%
Inventory turns
0.8×
peer 2.4×
Days inventory held
456
target <150
Critical-spares coverage
62%
target 95%+
★ Working-capital opportunity
The paradox: $23M of dead and slow stock alongside 38% critical-spares stockouts. The MRP / stocking policy is mismatched to the actual operational pattern.
Dixstone holds too much of what doesn't move and too little of what does. Root cause: no formal min/max system, no SKU-criticality classification, and inventory positioned offshore not centrally. A 6-month working-capital programme would release ~$25M cash while simultaneously closing the critical-spares gap.
Inventory $ per rig — by warehouse / asset
USD M · with $2.5M peer median benchmark line
Inventory aging distribution
USD M by last-movement bucket
Inventory profile · per rig / warehouse
Latest snapshot · FY25 month-end| Location | Total $M | Dead $M | % dead | Critical SKU coverage | Stockouts (YTD) | Status |
|---|
Critical spares — coverage vs stockouts
% of critical SKUs with min/max-compliant stock vs YTD stockout incidents
Working-capital release path
USD M · 12-month inventory normalisation
OPEX breakdown by category
FY25 LTM, USD M and % of total
OPEX per rig per day · Dixstone vs peers
USD k/day, latest FY
OPEX per rig · FY25 LTM
USD M and $/day| Rig | Personnel | Maint & spares | Logistics | Catering & crew change | Other | Total $M | $/day |
|---|
FY25 variance to budget — by category
Budget vs actual, USD M · over (red) / under (green)
CAPEX (FY25 LTM)
$31.8M
CAPEX % of revenue
22.3%
peer 25–40%
Maintenance CAPEX
$18.9M
59% of total
SPS cycle cost / rig
$32M
BANBA SPS due FY26
Fleet 5Y CAPEX / Rev
5.4%
vs 11–26% peer range
Deferred maintenance backlog
$8.7M
★ Capital allocation lens
CAPEX is structurally under-invested — 5.4% of revenue over 5 years vs an 11–26% peer range.
$30.4M of CAPEX on $563M of revenue across the cycle. Jackups run at 3–6% (≈¼ of peers) and land rigs sit below peer median too. $8.7M of maintenance work is deferred — the same reliability gap driving NPT on BANBA & LUG. Re-prioritising deferred reliability capex (top-drives, BOP, power-gen) would recover ~$4M/yr of NPT-lost revenue and is the highest-return use of the next capital dollar.
CAPEX mix · Maintenance / SPS / Growth
FY23–FY25, USD M
SPS calendar · next 36 months
USD M outflow + days off-hire per rig
Major capex projects · FY25
Status, budget vs actual, business case| Project | Rig | Budget | Actual / committed | Variance | Status | Business case |
|---|
NPT by rig · FY 2025
SAP-derived · hours, days & top equipment driver| Rig | Type | NPT % | NPT hours | Days lost | Top driver | Status |
|---|
NPT % by rig vs peer benchmark
% of available time · benchmark ~3.5%
Equipment-driver mix
% of NPT hours · top 5
Maintenance by rig · FY 2025
Illustrative — to be wired to the CMMS| Rig | PM compliance | Planned WO | Corrective WO | Breakdown WO | Backlog | MTBF (d) | Status |
|---|
OVERDUE · TOP 5
Longest-overdue tasks · fleet
Illustrative — drive to zeroMechanical PM
| Equipment | Rig | Days od |
|---|---|---|
| Mud Pump #1 fluid end | MIDIR | 58 |
| Top Drive (TDS) gearbox | LUG | 47 |
| Drawworks brake | BANBA | 41 |
| Rotary table bearing | MIDIR | 36 |
| Shale shaker deck | DRAVUS | 29 |
Electrical PM
| Equipment | Rig | Days od |
|---|---|---|
| SCR / VFD drive #2 | BANBA | 52 |
| Power-Gen #3 alternator | NUADA | 44 |
| Driller's console PLC | MIDIR | 38 |
| MCC breaker bay | LUG | 31 |
| Top Drive motor | HARIMA | 26 |
Category IV
| Equipment | Rig | Days od |
|---|---|---|
| BOP annular element | MIDIR | 40 |
| Choke manifold valves | BANBA | 33 |
| Drill-floor crane hook | LUG | 27 |
| Travelling block sheaves | AXIMA | 19 |
| Riser tensioner cylinder | DRAVUS | 14 |
Asset integrity by rig · FY 2025
Illustrative — to be wired to the integrity register| Rig | Class status | Open anomalies | High-sev | Overdue insp. | BOP recert | Integrity index | Status |
|---|
HSE & Training by rig · FY 2025
Illustrative — to be wired to the HSE / competency systems| Rig | LTI | TRIR | Near-miss | Days since LTI | Competency % | Training % | Status |
|---|
VALUE WATERFALL
From baseline to target
EBITDA bridge · FY25 actual → FY27 target
USD M · cumulative impact of recommended actions