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Savanna Signs Contract for 1500HP VELOX Triple Drilling Rig

Source: www.gulfoilandgas.com 7/14/2014, Location: North America

Savanna Energy Services Corp has signed a contract for its previously disclosed VELOX Drilling Rig for deployment in the Permian Basin in West Texas. The VELOX Drilling Rig is a 1,500HP AC electric, highly mobile triple drilling rig that is expected to begin working in the field in Q4 2014 under a multi-year take-or-pay contract.

The new AC powered triple drilling rig is an extension of Savanna’s leading edge rig design platform, and an integral part of Savanna’s long-term strategy. The 750,000 lb. rig incorporates true craneless rig up capability, automated pipe handling, moving systems and catwalks. The capital cost of this drilling rig has already been included in Savanna’s previously announced 2014 capital budget of $206 million.

Savanna continues to focus on new-build opportunities to increase the depth and capacity of its drilling fleet, expanding Savanna’s offering of deep double and triple drilling rigs. Additionally, Savanna continues to drive toward achieving a stronger balance between its Canadian business and operations in geographies outside of Canada.

Savanna is currently building 12 drilling and workover rigs for delivery in the next 12 months, of which 11 are committed under long term contract with terms ranging from two to four years. The current rig build program includes three VELOX 1,500 HP AC Electric Triple Drilling Rigs, one Ultra Heavy 1,200HP AC Electric Double Drilling Rig, five Australian Workover Rigs and three Australian Flushby Units.

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Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


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