The oilfield service firm gets a third validation of the high-quality work Cobra performed in Puerto Rico. Following this update, Mammoth Energy shares rallied as high as 90% on Tuesday.
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Shares of Mammoth Energy Services, Inc. (TUSK) made a solid move on Tuesday soon after the company announced third validation from the Federal Emergency Management Agency (FEMA).
It was overwhelming for a company with a small market cap moving so swiftly in a single trading session. The data updated on Mammoth’s website shows the information related to the firm’s work in Puerto Rico. All the relevant data shows that Cobra Acquisitions LLC gave productive services to the Puerto Rico Electric Power Authority (PREPA).
According to the report, Cobra’s work at PREPA helped to restore power to millions of residents living in Puerto Rico. This was a major factor that kept the stock bullish surging up to 90%, trading at a 52-week high of $3.84.
After closing the session at $3.19 up by 57.14%, TUSK is trading at $3.36 on premarket trading on Wednesday, as we write this. The stock is continuing to surge with strong momentum up by 5.33%.
The FEMA released additional information through a Freedom of Information Act request (FOIA). This additional data reveals the third validation for the company proves top-notch work Cobra accomplished in Puerto Rico.
Based on the key findings, Cobra was successful in achieving its target and played a great part in restoring power in Puerto Rico. After Hurricane Maria the circumstances were unfavorable and it was difficult to restore power at the respective site.
The Cobra team was assigned with the hardest-hit part of the island. The team was to recover almost 41% of all transmission projection, as of August 2018. So far, they have completed over 95% of their work. Cobra alone performed the entire mission as it was the only contractor for the project.
From Nov. 2017 to June 2018, Cobra completed up to 19% of the total electrical restoration workforce. As per FEMA’s estimate in Oct. 2018,the restoration project was to cost a whopping $5.4 billion. Of which, Cobra was to obtain 30% of this amount upon completion of 41% of the work.
The CEO of Mammoth Energy, Arty Straehla highlighted that the information obtained in response to their FOIA request confirms that Cobra was fortunate to fulfill their task.
Mammoth Energy Services, Inc. (TUSK) look forward to the $293 million contractually owed to the company.