Service & Supply | Oilfield Services | Capital Markets | Capital Expenditure
Total Energy Services Increases CapEx to $95.8MM
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Total Energy Services Inc. has increased its 2013 capital expenditure budget by $17.2 million to $95.8 million.
This increase is directed towards Total's Contract Drilling Services division, Chinook Drilling, and includes the construction of a 4,200 meter (vertical depth rating) AC electric telescopic double drilling rig complete with top drive and the upgrade of Chinook's remaining conventional single drilling rig. The construction of the new drilling rig is scheduled for completion by the second quarter of 2014. Chinook Drilling will look to finalize contract terms for the new rig build closer to completion although there is significant customer interest in this rig and contract discussions are underway. The single rig upgrade is expected to be completed during the second quarter of…
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