Xtreme Drilling and Coil Services recently finalized its 2014 capital expenditure budget of planned expenditures of approximately $55.0 million. It includes $17.8 million for two new build extended reach XSR coiled tubing units and the purchase of long lead time items for two next generation XSR coiled tubing units.
Approximately $26.8 million will be utilized for sustaining expenditures and spare component capital and to upgrade three rigs for new contracts both domestically and internationally.
The remaining $10.5 million is allocated to purchase the remaining 20% interest from the Company's Saudi Arabian joint venture partner. In addition the Company anticipates approximately $2.0 million carry forward from Xtreme's 2013 capital spend program.