Welcome!

News Feed Item

Xtreme Drilling and Coil Services Operations Update and Fourth Quarter 2013 Earnings Release Schedule

CALGARY, ALBERTA -- (Marketwired) -- 02/25/14 -- Xtreme Drilling and Coil Services Corp. (TSX: XDC) ("Xtreme Drilling", the "Company") is pleased to provide a fourth quarter operations update along with an announcement of the date for the Q4 2013 earnings release and conference call.

Fourth Quarter Update

For the fourth quarter of 2013, Xtreme Drilling had 2,136 total operating days which resulted in a utilization rate of 89% for the fleet of 21 XDR drilling rigs and 7 XSR coiled tubing units.

The Drilling Segment achieved utilization of 93% on 1,796 operating days. This was comprised of a 96% utilization rate for the 18 rig US XDR fleet and 75% for the three rig Canadian XDR fleet. During the fourth quarter the United States XDR drilling division reactivated a rig that had been idle in Wyoming for 18 months. This led to an increase of 70 operating days in the US from the prior quarter. It also marked the first time in the history of the Company that all 18 US based drilling rigs were contracted. In Canada, the Company's three drilling rigs operated for 208 days, which was down eight days from the prior quarter.

For the quarter, the Coil Services Segment achieved utilization of 72% on 340 operating days. This was comprised of a 98% utilization rate for the two XSR units in Saudi Arabia and an 81% utilization rate for the three actively marketed XSR units in the US. Included in the coil services utilization is one additional unit that is currently idle in the US but marketed internationally. The US XSR units for the quarter averaged 18 operating days per month on each unit. It was anticipated that the fourth and final new build XSR unit would commence operations in the fourth quarter. However, due to weather related delays, the unit did not begin operations until January. Similar to last quarter customer demand remains strong in the first quarter as current bookings indicate strong activity for all four of the units.

Beginning in the fourth quarter the Company adjusted the methodology for calculating utilization in the US coil service division. Available operating days is now defined as 22 days per month for each unit as opposed to total calendar days which was utilized in the past. This is based on the fact that on average the units spend five to six days mobilizing between wells and two to three days on preventative maintenance during a month.

In Saudi Arabia, the Company recently closed on the purchase of the 20% interest in the Saudi Arabian joint venture from their partner. Consideration paid at closing was $8.5 million with a maximum of an additional $5 million to be paid over the next 18 months. This earn out is contingent upon the Saudi Arabian operation achieving certain operating and performance metrics. Both units in Saudi Arabia are now under a long term contract which runs through July of 2016.

At the end of the fourth quarter, all 21 XDR rigs were working and five XSR rigs were operating, three in the US and two in Saudi Arabia.

Fourth Quarter Results and Conference Call

The Company expects to announce 2013 full year and fourth quarter financial and operating results after market close on Tuesday, March 4, 2014 with a follow-up conference call planned for Wednesday, March 5, 2014 at 10:00 am MST, 11:00 am CST. Tom Wood, Chief Executive Officer, will host the conference call with participation from Matt Porter, Chief Financial Officer, and will answer questions from analysts and investors.

To participate in the conference call, please dial in as follows approximately ten minutes before the start time in your time zone.

+1 866-226-1798 (North America Toll-Free) or +1 416-340-2220 (Alternate)

Webcast link: http://www.gowebcasting.com/5239

An audio replay of the call will be available until Tuesday, March 12, 2014. To access the replay, call +1 800-408-3053 or +1 905-694-9451 and enter pass code 4828220.

Reader Advisory

This press release contains forwarding looking statements. More particularly, this press release contains statements concerning commencement of operations. Although the Company believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

About Xtreme

Xtreme Drilling and Coil Services Corp. ("XDC" on the Toronto Stock Exchange) designs, builds, and operates a fleet of high specification drilling rigs and coiled tubing well service units featuring leading-edge proprietary technology including AC high capacity coil injectors, deep re-entry drilling capability, modular transportation systems and continuous integration of in-house advances in methodologies.

Currently Xtreme Drilling operates two service lines: Drilling Services (XDR) and Coil Services (XSR) under contracts with oil and natural gas exploration and production companies and integrated oilfield service providers in Canada, the United States and Saudi Arabia. For more information about the Company, please visit www.xtremecoil.com.

Contacts:
Xtreme Drilling and Coil Services Corp.
Matt Porter
Chief Financial Officer
+1 281 994 4600
[email protected]
www.xtremecoil.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
What is the best strategy for selecting the right offshore company for your business? In his session at 21st Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, will discuss the things to look for - positive and negative - in evaluating your options. He will also discuss how to maximize productivity with your offshore developers. Before you start your search, clearly understand your business needs and how that impacts software choices.
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
As people view cloud as a preferred option to build IT systems, the size of the cloud-based system is getting bigger and more complex. As the system gets bigger, more people need to collaborate from design to management. As more people collaborate to create a bigger system, the need for a systematic approach to automate the process is required. Just as in software, cloud now needs DevOps. In this session, the audience can see how people can solve this issue with a visual model. Visual models ha...
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, will discuss how by using...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. ANSeeN are the measurement electronics maker for X-ray and Gamma-ray and Neutron measurement equipment such as spectrometers, pulse shape analyzer, and CdTe-FPD. For more information, visit http://anseen.com/.
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, will discuss some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he’ll go over some of the best practices for structured team migrat...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.