Precision Drilling Announces Middle East New Build Award
28 Mai 2014 - 10:22PM
Marketwired
Precision Drilling Announces Middle East New Build Award
CALGARY, ALBERTA--(Marketwired - May 28, 2014) - Precision
Drilling Corporation (TSX:PD)(NYSE:PDS) ("Precision") announced
today that it has been awarded a contract for a new build 1500
horsepower rig that will operate for one of its existing customers
in the Middle East with deployment expected in mid-2015. The rig
will be the ninth Middle East deployment since mid-2012.
Construction costs associated with this rig in 2014 are included in
the capital plan announced in April 2014.
Kevin Neveu, Precision's President and Chief Executive Officer,
stated: "This rig award is an important step in the execution of
our international growth strategy to serve high quality customers
in technically challenging well applications. This new build
deployment will follow the previously announced two ST-3000 rig
deployments to Kuwait, which are on budget and are beginning
operations slightly ahead of schedule, and the new build ST-2000
rig that is expected to be deployed to Saudi Arabia late in 2014.
We are pleased to continue to grow our Middle East footprint, which
is nearing the level of scale we need to generate the margins and
returns Precision is accustomed to generating."
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND
STATEMENTS
Certain statements contained in this news release relating to
matters that are not historical facts constitute "forward-looking
information" within the meaning of applicable Canadian securities
legislation and "forward-looking statements" within the meaning of
the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
information and statements").
In particular, forward-looking information and statements in
this news release relate to the delivery and timing on deployment
of additional rigs to customers in the Middle East. These
forward-looking information and statements are based on certain
expectations and assumptions made by Precision, including the
assumption that increased operations in the Middle East will
generate the expected margins and returns. Although Precision
believes these expectations and assumptions to be reasonable, undue
reliance should not be placed on the forward- looking information
and statements as Precision cannot give any assurance that they
will prove to be correct. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks, which include, but are not limited to, the price and demand
for oil and natural gas, the availability of qualified personnel,
potential social and political instability in the Middle East and
general economic, market and business conditions. Readers are
cautioned that the foregoing list of risks and uncertainties is not
exhaustive. Additional information on these and other risks factors
that could affect Precision's business, operations or financial
results are discussed in Precision's annual information form and
other disclosure documents on file with the Canadian securities
commissions on SEDAR (www.sedar.com) and with the U.S. Securities
and Exchange Commission on EDGAR (www.sec.gov).
The forward-looking information and statements contained in this
press release are made as of the date hereof and Precision does not
undertake any obligation to update publicly or revise any
forward-looking information or statements, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
About
Precision
Precision is a leading provider of safe and High Performance,
High Value services to the oil and gas industry. Precision provides
customers with access to an extensive fleet of contract drilling
rigs, directional drilling services, well service and snubbing
rigs, coil tubing services, camps, rental equipment, and water
treatment units backed by a comprehensive mix of technical support
services and skilled, experienced personnel.
Precision is headquartered in Calgary, Alberta, Canada.
Precision is listed on the Toronto Stock Exchange under the trading
symbol "PD" and on The New York Stock Exchange under the trading
symbol "PDS".
Precision Drilling CorporationCarey FordVice President, Finance
and Investor Relations403.716.4575403.716.4755
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