Savanna Completes TDS-3000 Retrofit Program, Develops Drilling Rig Designs To Support Future Expansion

CALGARY, Alta. -- Savanna Energy Services Corp. has announced the completion of its drilling rig retrofit program. This program involved the extensive retrofit of 15 CT-1500 shallow hybrid drilling rigs to TDS-3000 long reach conventional rigs.

The last of the 15 rigs was commissioned in November and is currently in the field. Acceptance of the retrofitted platform has met all of Savanna's targeted capital, operating and cash flow expectations, and has enhanced the company's ability to service the Canadian and United States long reach horizontal drilling markets.

Currently, 12 of the TDS-3000 rigs operate in Canada, while the remainder are working in the United States. Savanna will average eight operating TDS-3000 rigs in 2012 and operate all 15 rigs throughout 2013.

In anticipation of completing the TDS-3000 retrofit program Savanna has developed several new drilling rig designs to support future expansion. All the designs enhance the drilling depth focus of Savanna and incorporate highly-mobile, fully-automated AC platforms.

These rigs are ideally suited for the current North American drilling market. Importantly, they position Savanna to capitalize on evolving downhole technologies that are increasingly reliant on AC control and capacity driving the drilling equipment, particularly on deeper double and triple capacity rigs.

To sustain its long-term growth, Savanna is committed to providing these technologies on all of its new rigs in addition to upgrading its current fleet to improve their safety and capacity.

The TDS-3000 program has absorbed a significant portion of Savanna's growth capital over the past two years, and the company anticipates demonstrating the rigs' economic returns in the coming quarters. The company is now focused on expanding its rental equipment and workover businesses in Canada, the United States and Australia.

Savanna recently acquired 208 oilfield accommodation buildings from a private company for $14 million in cash, and also taken delivery of 20 newly manufactured accommodation units for an additional $3 million cash. Virtually all of the accommodation units are booked for Q1, 2013, and it is the company’s expectation the addition of this equipment will enhance the marketability of its drilling rigs and other rental assets.

Savanna is a Canadian-based drilling and oilfield services provider with operations in Canada, the United States and Australia, focused on providing fit for purpose equipment and technologies.

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