Precision Drilling Corporation Announces Additional New Build Rigs and Capital Expenditures
11 Maggio 2011 - 11:00PM
Marketwired
(Canadian dollars)
Precision Drilling Corporation ("Precision") announced today
that capital expenditures plans have increased again this year due
to the strong demand for Precision's new Super Series drilling
rigs. Precision has increased its 2011 new build rig program to 28
rigs, which includes today's announcement of 16 new Super Series
rigs added to the 12 Super Series rigs previously announced. These
16 rigs consist of three Super Single rigs for Canada and 13 Super
Triple rigs for the United States. Of the total 28 rigs in the 2011
program, Precision expects to deliver 21 in 2011 and the remaining
seven in 2012. Precision has committed to 37 new build rigs since
the beginning of 2010.
For the 28 new build rigs in the 2011 program, Precision has
signed term contracts for 17 rigs to date with an average term over
three years. Precision has firm commitments from customers for the
majority of the remaining 11 rigs and Precision fully expects to
complete contracts for all 11 of these rigs in the next couple of
months on terms similar to the term contracts already in place.
Precision now estimates that capital expenditures for 2011 will
total $790 million. To complete the 2011 new build rig program and
rig upgrades, Precision expects there will also be an additional
$152 million of capital expenditures in 2012. The total 2011
capital expenditure plan includes $121 million for sustaining and
infrastructure expenditures and is based upon currently anticipated
activity levels for the year. Additionally, $458 million is slated
for expansion capital for the 2010 and 2011 new build rig programs.
The total capital expenditures also include the cost to upgrade
eight to twelve rigs and to purchase long lead time items for
future new build rigs or upgrades at an anticipated cost of $211
million. Certain rig upgrades will depend upon the successful
completion of term contracts prior to incurring the planned capital
expenditures. Precision expects the $790 million will be split $718
million for the Contract Drilling segment and $72 million for the
Completion and Production Services segment.
Kevin Neveu, President and Chief Executive Officer stated, "The
continued strong demand for Precision's Super Series rigs is
indicative of the long term confidence our customers have in the
High Performance, High Value capabilities our rigs are well known
for. I am particularly pleased to see the strong market demand for
the Super Triple rig in the Bakken and Eagle Ford plays with 13 of
today's announced new builds slated for those oil and natural gas
liquids rich plays."
"With the strength of Precision's balance sheet and cash flow
generated from ongoing operations, coupled with our outstanding
engineering and manufacturing divisions, Precision is in a great
position to take advantage of these new build rig opportunities.
Our increased capital commitment underscores Precision's confidence
in the drilling market and our ability to deliver new build rigs on
time and on budget. We are highly confident that the firm customer
commitments for the new build rigs will be converted to term
contracts over the coming weeks. Precision will, however, continue
to be disciplined in our capital expenditures by not completing new
build rigs or major rig upgrades unless they are secured by term
contracts that provide acceptable financial returns", concluded Mr.
Neveu.
Cautionary Statement Regarding Forward-Looking Information and
Statements
Certain statements contained in this report, including
statements that contain words such as "could", "should", "can,
"anticipate", "estimate", "propose", "plan", "expect", "believe",
"will", "may" and similar expressions and statements relating to
matters that are not historical facts constitute "forward-looking
information" within the meaning of applicable Canadian securities
legislation and "forward-looking statements" within the meaning of
the "safe harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995 (collectively,
"forward-looking information and statements").
In particular, forward-looking information and statements
include, but are not limited to: the level of capital expenditures
and anticipated uses of capital; the timing of such expenditures;
the number and type of rigs to be built and assets to be upgraded;
the amount and type of equipment to be purchased; and the timing
and terms of contractual commitments, including the expectation to
successfully complete contracts on terms similar to those already
in place or that firm commitments will be converted to term
contracts.
These forward-looking information and statements are based on
certain assumptions and analysis made by the Corporation in light
of its experience and its perception of historical trends, current
conditions and expected future developments as well as other
factors it believes are appropriate in the circumstances. However,
whether actual results, performance or achievements will conform to
the Corporation's expectations and predictions is subject to a
number of known and unknown risks and uncertainties which could
cause actual results to differ materially from the Corporation's
expectations. Such risks and uncertainties include, but are not
limited to: fluctuations in the price and demand for oil and
natural gas; fluctuations in the level of oil and natural gas
exploration and development activities; general economic, market or
business conditions; and other unforeseen conditions which could
impact the use of services supplied by Precision.
Consequently, all of the forward-looking information and
statements made in this report are qualified by these cautionary
statements and there can be no assurance that the actual results or
developments anticipated by the Corporation will be realized or,
even if substantially realized, that they will have the expected
consequences to, or effects on, the Corporation or its business or
operations. Readers are therefore cautioned not to place undue
reliance on such forward-looking information and statements. Except
as may be required by law, the Corporation assumes no obligation to
update publicly any such forward-looking information and
statements, whether as a result of new information, future events
or otherwise.
About Precision
Precision is a leading provider of safe and High Performance,
High Value services to the North American oil and gas industry.
Precision provides customers with access to an extensive fleet of
contract drilling rigs, service rigs, directional drilling
services, camps, snubbing units, water treatment units and rental
equipment backed by a comprehensive mix of technical support
services and skilled, experienced personnel.
Precision is headquartered in Calgary, Alberta, Canada.
Precision is listed on the Toronto Stock Exchange under the trading
symbol "PD" and on the New York Stock Exchange under the trading
symbol "PDS".
Contacts: Precision Drilling Corporation David Wehlmann
Executive Vice President, Investor Relations 403.716.4575
403.716.4755 (FAX) Precision Drilling Corporation 4200, 150 - 6th
Avenue S.W. Calgary, Alberta, Canada T2P 3Y7
www.precisiondrilling.com
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