|By Marketwired .||
|July 14, 2014 05:05 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 07/14/14 -- Savanna Energy Services Corp. ("Savanna") (TSX:SVY) is pleased to announce it 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.
Savanna is a leading North American and Australian contract drilling and oilfield services company providing a broad range of drilling, well servicing and related services with a focus on fit for purpose technologies and industry-leading aboriginal relationships.
Cautionary Statement Regarding Forward-Looking Information and Statements
Certain statements and information contained in this press release may constitute forward-looking information within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "might" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to the expectation of when the VELOX Drilling Rig is expected to be working in the field and the delivery of 12 drilling and workover rigs in the next 12 months.
These statements are based on certain assumptions and analysis made by Savanna in light of its experience as well as other factors it believes are appropriate in the circumstances including, without limitation: the progress of Savanna's current and proposed capital projects and current customer advice on deployment for specific customer programs. However, whether actual results or events will conform to Savanna's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and events to differ materially from Savanna's expectations including, without limitation: fluctuations in the price and demand for oil and natural gas; fluctuations in the level of oil and natural gas exploration and development activities; fluctuations in the demand for well servicing and contract drilling; the effects of weather conditions on operations and facilities; the existence of competitive operating risks inherent in well servicing and contract drilling; general economic, market or business conditions; changes in laws or regulations, including taxation, environmental and currency regulations; the lack of availability of qualified personnel or management; the other risk factors set forth under the heading "Risks and Uncertainties" in Savanna's Annual Report and under the heading "Risk Factors" in Savanna's Annual Information Form; and other unforeseen conditions.
All of the forward-looking information and statements made in this press release are qualified by this cautionary statement and there can be no assurance that the actual results or events anticipated by Savanna will be realized or, even if substantially realized, that they will have the expected effects on Savanna or its business or operations. Except as may be required by law, Savanna assumes no obligation to update publicly any such forward looking information and statements, whether as a result of new information, future events, or otherwise.
Savanna Energy Services Corp.
President and CEO
Savanna Energy Services Corp.
Executive Vice-President and CDO
Infrastructure is widely available, but who’s managing inbound/outbound traffic? Data is created, stored, and managed online – who is protecting it and how? In his session at 19th Cloud Expo, Jaeson Yoo, SVP of Business Development at Penta Security Systems Inc., discussed how to keep any and all infrastructure clean, safe, and efficient by monitoring and filtering all malicious HTTP/HTTPS traffic at the OSI Layer 7. Stop attacks and web intruders before they can enter your network.
Dec. 9, 2016 03:00 PM EST Reads: 319
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
Dec. 9, 2016 03:00 PM EST Reads: 2,000
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Dec. 9, 2016 02:45 PM EST Reads: 586
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
Dec. 9, 2016 02:45 PM EST Reads: 1,030
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...
Dec. 9, 2016 02:42 PM EST
Dec. 9, 2016 02:30 PM EST Reads: 782
Dec. 9, 2016 02:30 PM EST Reads: 1,252
Dec. 9, 2016 02:15 PM EST Reads: 805
Dec. 9, 2016 02:15 PM EST Reads: 284
Dec. 9, 2016 02:15 PM EST Reads: 1,287
Dec. 9, 2016 02:15 PM EST Reads: 1,771
Dec. 9, 2016 01:30 PM EST Reads: 1,175
Dec. 9, 2016 11:45 AM EST Reads: 7,370
Dec. 9, 2016 11:45 AM EST Reads: 2,238
Dec. 9, 2016 11:45 AM EST Reads: 2,375