Savanna Completes TDS-3000 Retrofit Program and Outlines 2013 Capital Program
Savanna Energy Services Corp. (TSX:SVY) ("Savanna" or "the Company") is pleased to announce the completion of its drilling rig retrofit program. This program involved the extensive retrofit of 15 CT-1500 shallow hybrid drilling rigs to TDS-3000 long reach conventional rigs. The last of the 15 rigs was commissioned in November and is currently in the field. Acceptance of the retrofitted platform has met all of Savanna's targeted capital, operating and cash flow expectations, and has enhanced the Company's ability to service the Canadian and United States long reach horizontal drilling markets. Currently, 12 of the TDS-3000 rigs operate in Canada, while the remainder are working in the United States. Savanna will average 8 operating TDS-3000 rigs in 2012 and operate all 15 rigs throughout 2013.
Drilling Rig Strategy
In anticipation of completing the TDS-3000 retrofit program Savanna has developed several new drilling rig designs to support future expansion. All the designs enhance the drilling depth focus of Savanna and incorporate highly-mobile, fully-automated AC platforms. These rigs are ideally suited for the current North American drilling market. Importantly, they position Savanna to capitalize on evolving downhole technologies that are increasingly reliant on AC control and capacity driving the drilling equipment, particularly on deeper double and triple capacity rigs. To sustain our long-term growth, Savanna is committed to providing these technologies on all of our new rigs in addition to upgrading our current fleet to improve their safety and capacity.
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