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Xtreme Drilling Postpones New Rig Builds, Lowers Capex
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Xtreme Drilling and Coil Services has provided an update to its anticipated 2015 capital budget as well as fourth quarter operations, along with an announcement of the date for the Q4 2014 earnings release and conference call.
Capital Budget UpdateBased on current market conditions, Xtreme has made the decision to build only one more of the six planned new XSR units scheduled for delivery in 2015 and 2016. This unit will be delivered in April 2015, and in addition to two units that were delivered in November and January, will bring the total United States XSR coiled tubing fleet to seven units. Based upon market conditions, the Company has the option to continue the build program at a later time.
With the reduction in new build XSR units, the anticipated 2015 capital budget will decrease…
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