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Precision Drilling Plans Steep Cut to Capex for 2016
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Precision Drilling has announced third quarter 2015 results:
2015 capital expenditure plan includes $423 million for expansion capital, $59 million for sustaining and infrastructure expenditures, and $49 million to upgrade existing rigs. Precision expects its 2016 capital expenditure plan to be $180 million which includes $120 million for expansion capital and $60 million for maintenance and infrastructure expenditure. Precision's wholly-owned international subsidiary, Grey Wolf Drilling International Ltd., recently contracted two new-build rigs for deep drilling operations in Kuwait. The two new 3000 HP Super Triple rigs are expected to be deployed in early 2017 on five year contracts with a possible one year extension period at the customer's discretion. Our portfolio of term customer…- ✓ Full news archive — U.S., Canada & international coverage
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