Canadian rig contractor secures Kuwait order

11 July 2018
Firm to supply a new build ST-3000 drilling rig

Canadian drilling rig contractor Precision Drilling Corporation has announced a contract in Kuwait to supply a new build ST-3000 drilling rig.

The deal is under a five year take-or-pay agreement with the Kuwaiti client, with an optional one year extension.

Precision did not name the customer in its statement.

Capital cost for the new build is approximately $60m, with approximately $10m expected to be spent in 2018 and the remainder in 2019, the Calgary-based firm said.

Precision has five active rigs in Kuwait on long term contracts and expects the sixth rig to commence operations in the third quarter of 2019.

All six rigs have standardised rig design features and specifications delivered within the last five years.

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