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Savanna Energy Services to support LNG project

LNG Industry,

Savanna Energy Services Corp. has signed a contract to expand its drilling operations in Australia, in support of an LNG project in the region.

Savanna will deploy four Top Drive Single (TDS) drilling rigs to operate in Queensland for an existing customer to support their east coast LNG project. The new design TDS 2000 and TDS 3000 rigs are under multi-year contracts with the first rig expected to begin operations in Q1 2016.

The capital cost of the four new TDS drilling rigs will be allocated to Savanna's 2015 and 2016 capital programs, and will aggregate US$ 63.4 million.

Commenting on the contract award, Ken Mullen, Savanna’s President and CEO, said: "We see this latest contract award as further endorsement of the people, equipment and infrastructure we have introduced to Australia over the past 5 years.

"We continue to experience strong utilisation of our existing equipment, are very focused on delivering the additional equipment contracted over the past year, and see strong opportunities for additional business growth in Australia in the future. Australia remains a strong diversification platform for Savanna, with market forces distinct from those currently impacting North America."

Adapted from press release by Katie Woodward

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