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AKITA’s revenue per day, as presented in the accompanying chart of Revenue per Day, is increasingly influenced by the number of pad rigs in the Company’s fleet. At December 31, 2013, 47% of the Company’s rigs were pad rigs, up from 41% at the end of 2012, and up from 8% 10 years ago. 

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Note: Revenue has been calculated under Canadian Generally Accepted Accounting Principles (“Canadian GAAP”) for the years 2004 to 2009 and under International Financial Reporting Standards (“IFRS”) for the years 2010 to 2013. Each of these methods of calculating revenue has been consistently applied from year to year. However, readers of this MD&A should be aware that the two methods of calculating revenue are not entirely consistent with each other. Amounts reported for the years 2012 and 2013 have been adjusted to include the Company’s proportionate share of revenue from joint ventures in addition to revenue reported in the financial statements. See commentary in “Basis of Analysis in this MD&A, Non-Standard and Additional GAAP Items”. 

