Scandoil  

Xtreme Drilling and Coil Services declares 2014 capital budget


Published Jan 22, 2014
Xtreme Drilling and Coil Services

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.

Tags: Xtreme Drilling and Coil Services




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