Offsetting the weaknesses are Ausdrill's long track record and expertise of operating in Africa, its conservative financial management, and a modestly diversified service offering that provides some resilience to an industry downturn. This is the result of an improved operating environment, stabilized commodity prices, and a sizable, growing contract book based on recent contract wins and renewals. Ausdrill raised A$100 million of equity (before costs) to fund its growth capital expenditure for new contracts in late 2017, and raised an additional A$250 million of equity in 2018 to repay the company's senior notes due 2019. The company has maintained prudent leverage metrics post its Barminco acquisition. The stable outlook reflects our expectation that Ausdrill will continue to generate positive free
