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Ecopetrol Renews 8-Rig Contract with Pioneer for Colombian Ops
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Pioneer Energy Services has renewed its drilling contracts with Ecopetrol for all eight of its drilling rigs in Colombia effective January 1, 2014.
Pioneer recently operated six rigs for Ecopetrol under contracts that expired on December 31, 2013. The renewed contracts have a one-year fixed term and a slight improvement in day rates as compared to the current contracts.
Wm. Stacy Locke, President and Chief Executive Officer of Pioneer Energy Services, commented: "We are very pleased to renew these contracts for our eight drilling rigs in Colombia with Ecopetrol. Colombia has been a strong market for us since we began operating there in 2007, and we look forward to continuing our good working relationship with Colombia's largest oil company. We believe that our exceptional safety record…
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