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March 24, 2014
06:10 EDTPDSPrecision Drilling announces new contract awards, CapEx plan update
Precision Drilling announced new international contract awards and an update on its 2014 capital expenditure plan, which is now $634M. In the Middle East, the company has signed a multi-year contract for a Super Triple new build ST-2000 drilling rig that will be delivered late in Q4 of this year. In Mexico, the company has signed multi-year contracts for a total of six drilling rigs, including re-contracting three existing 3,000 horsepower rigs working for a major integrated project management, or IPM, service provider and contracting, as part of a consortium, for three 1,000 horsepower rigs. The 2014 CapEx plan of $634M is an increase of $119M from the plan announced during the company's February 14, Q4 and year end press release. The updated 2014 plan includes $320M for expansion capital, $195M for sustaining and infrastructure expenditures, and $119M to upgrade existing rigs. The company expects that the $634M will be split $597M in the Contract Drilling segment and $37M in the Completion and Production Services segment.
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