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Savanna Energy Announces New Equipment Contracts

Source: www.gulfoilandgas.com 1/13/2014, Location: Not categorized

Savanna Energy Services Corp. (“Savanna” or “the Company”) is pleased to announce that it has entered into agreements to expand both its drilling and workover fleets. These new builds will further expand and deepen our North American drilling rig focus as well as expand our footprint in Australia. A portion of the long lead items we acquired previously will be utilized for the drilling rig. An additional $25 million of capital will be required for the new builds.

NORTH AMERICA
Savanna has agreed to a long-term contract to supply an Ultra Heavy Telescopic Double AC Drilling Rig with a three-year term to an existing customer. This drilling rig will be pad-capable, have a hook load of 440,000 lbs., be equipped with two-1,600 horsepower pumps, a 1,200 horsepower drawworks and will be capable of drilling vertical wells to a depth in excess of 4,000 meters and long reach horizontals in excess of 5,500 meters. This will be the seventh rig with these capabilities and size in Savanna’s North American fleet.

AUSTRALIA
Savanna has contracted three new flush-by units for its workover fleet in Australia. A flush-by unit is a compact, selfcontained unit designed for rapid deployment and safe operations which integrates features of a pressure truck and a small rodrig, and is used for diagnosing, trouble-shooting and repairing coal seam gas wells. These contracts are in addition to five workover rig contracts awarded in 2013, all of which were awarded outside of the normal tendering process, and are expected to be delivered to Australia during the second and third quarters of 2014. Savanna’s fifth drilling rig, delivered in the fourth quarter of 2013, commenced field operations in mid-December. The latest contracts, combined with new equipment previously announced and under construction, will result in more than a 75% expansion of Savanna’s fleet in Australia by the end of 2014. Savanna remains well positioned to continue generating increasing returns from this division during 2014 and beyond. Savanna is experiencing strong demand for its drilling, workover, trucking and rental equipment in Australia, and the Company remains optimistic about its future prospects in the region. There remain several active and pending tenders outstanding for additional equipment. Savanna will further update its capital program based on the results of these tenders, if, as, or when they are announced.

Savanna is a Canadian-based international drilling and oilfield services provider with operations in Canada, the United States and Australia. The Company provides state-of-the-art equipment and services directly, as well as through several strategic First Nations partnerships in Canada.

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