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FORACO NEWS RELEASE Foraco International reports Q2 2021 Revenue up 60 % - EBITDA up 45 % - Debt reduced by 32 % ( US $ 55 million ) Toronto , Ontario / Marseille , France - Friday July 30 , 2021. Foraco International SA ( TSX : FAR ) ( the " Company " or " Foraco ” ) , a leading global provider of mineral drilling services , today released its unaudited financial results for the second quarter 2021. All figures are expressed in US Dollars ( US $ ) unless otherwise indicated . " Q2 2021 was one of the best ever quarters for Foraco in terms of activity . The Company benefited from favourable market dynamics and a lower impact of Covid - 19 on the quarter operations compared to last year , to achieve a revenue of US $ 75.6 m for the quarter , up 60 % compared YoY . The rig utilization rate reached an average of 60 % in Q2 compared to 47 % in Q2 2020. ” said Daniel Simoncini , Chairman and Co - CEO . " All geographical areas once again ended the quarter with like - for - like growth . There were remarkable performances in Canada , Russia and Africa while South America and Australia were still somewhat affected by the impact of Covid - 19 restrictions and tighter labour markets . In this overall dynamic background , there is still room for increasing the utilization rate , but we are currently facing a tightening labor market and upward pressure on procurement and supply chains which may temporarily hinder our growth . We are confident our business model will continue to show its resilience during the rest of the COVID pandemic and that we have ample capacity to pursue profitable growth . " " " Q2 2021 confirmed the continuing improvement of our financial measures with an EBITDA for the quarter of US $ 14.7 m versus US $ 10.2 m in Q2 2020 , an increase of 45 % . Our TTM revenue amounts to US $ 244 m and our TTM EBITDA reached US $ 39.3 m . Commented Jean - Pierre Charmensat , Co- CEO and CFO " Through the implementation of the financial reorganization which we finalized on July 7 , we have drastically reshaped and de - leveraged the Company's balance sheet with a transaction significantly accretive for our shareholders . Our net debt including the impact of the financial reorganization is now US $ 89.1 million , the equivalent of 2.3 x our TTM EBITDA and our debt - to - equity ratio is reduced to 1.3 x . In addition , as previously mentioned , the Company's debt profile has been significantly improved , exposure to exchange rates fluctuations reduced , financial constraints including covenants eased and debt maturities extended through the end of 2025. For our final point , we are proud to note that our share price has already started to integrate our operational performance and our financial reorganization and this to the benefit of the shareholders and stakeholders who have continued to retain confidence in the Company " .