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CanElson Increases Capital Program by $5 MM
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CanElson Drilling Inc. has announced its financial results for the fourth quarter and year end compared to a year earlier, updates its 2015 capital program, and declares a quarterly dividend of $0.03 per share.
2015 Capital ProgramWe now anticipate a 2015 capital program of $17.9 million, a $5.0 million increase compared with the capital program as previously reported. The increase primarily relates to an additional top drive and drill pipe associated with modified contracts, as CanElson has migrated various contracts from deferred new builds to drilling rigs currently in the fleet. The remainder of the capital program is comprised of rig recertification's and other maintenance capital expenditures.
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