Precision Drilling announced contract award to build two rigs in Kuwait Precision's wholly-owned international subsidiary, Grey Wolf Drilling International, recently contracted two rigs with Kuwait Oil Company for deep drilling operations in Kuwait. The two new 3000 HP rigs are expected to be deployed in 2014 for a firm service period of five years with a possible one year extension period at KOC's option.
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Precision Drilling sees 2014 capital expenditures of $504M Precision Drilling Corporation announced that planned capital expenditures for 2014 are $504M. The 2014 capital expenditure plan includes $255M for expansion capital, $192M for sustaining and infrastructure expenditures, and $57M to upgrade existing rigs. The company expects that the $504M will be split $468M in the Contract Drilling segment and $36M in the Completion and Production Services segment. Precision's expansion capital plan includes five new build drilling rigs and the completion and deployment of six previously announced new build drilling rigs. The company anticipates 2013 capital expenditures to be approximately $561M, a $48M decrease from previous guidance. Carry forward capital expenditures of $183M have been included in the 2014 capital expenditure guidance of $504M.