Service & Supply | Oilfield Services | Financial Results | Capital Markets | Capital Expenditure
Savanna Cuts Dividend, Capex Remains the Same
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The Board of Directors of Savanna Energy Services Corp. has decided to eliminate the quarterly dividend of $0.03 per share on Savanna's common shares after payment of the previously declared dividend to shareholders of record on March 31, 2015 and payable on April 15, 2015.
Operationally, the first quarter has been unfolding as expected. Operating days in Canadian and US drilling, as well as operating hours in Canadian well servicing, are expected to be 40-50% lower than in Q1 2014, while U.S. well servicing operating hours should remain relatively flat compared to Q1 2014.
In Australia, one drilling rig came off contract in mid-February while the remaining four drilling rigs, nine workover rigs and three flushby units remain on contracts with expiries ranging between late 2015 and late…
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