Service & Supply | Oilfield Services
Pioneer Energy Services Talks Q1 Drilling Ops
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Pioneer Energy Services reported financial and operating results for the quarter ended March 31, 2013.
Highlights include: During the first quarter, we deployed three new-build drilling rigs, with all ten rigs in our new-build program now deployed and working under long-term contracts. Drilling operations in Colombia achieved 99% utilization, with six of the eight drilling rigs under term contracts that were renewed through the end of 2013. Currently, we have 62 drilling rigs earning revenues under drilling contracts, 44 of which, or 71%, are under term contracts. Well servicing rigs in the Production Services Segment achieved an 89% utilization rate and an average hourly rate of $596. Consolidated Financial ResultsRevenues for the first quarter of 2013 were $229.7 million, up…
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