Op Update Wow...a news release.
Nice to see some positive developments.
RIG 1201 - was 0% rig rate for Q3. Nice 3+2 year contact. One of their most profitable rigs. Being mobilized now, so prob 0% rig rate again in Q4 but will be close to 100% for next 3+2 years. Great news for 2013.
RIG 551 - was 75% rig rate in Q3...will have also big impact in 2013 with same contract as RIG 1201.
RIG 101 and 102 - one of the better rig ut rates in 2012...will continue strong performance for 3 more years.
RIG 204 - was 0% rig rate in Q3. Relocated from Colombia and now working in Peru. Prob will still have weak rig rate in Q4 but strong in Q1 and beyond.
RIG 1002 - was 0% rig rate in Q3. Just started drilling in Columbia...again, prob poor Q4 but strong 2013 ahead.
RIG 556 - was 0% rig rate in Q3. Being awarded short term test contract with possible long-term deal to follow (I will closely follow this as it will show Estrella's capability to win these LT contracts).
RIG 202 and 206 - both 0% rig rate in Q3. Were awarded long-term contracts in Argentina and now have to figure out how to get them out of Columbia.
So overall, alot of idle rigs going to work in 2013. Good news and with another 5 rigs sitting idle, there are hopes of work in 2013. Not crazy to think of rig rate returning to 80-90% by end of 2013. Plus with gyro and consulting revenue growing fast there is a light at the end of the tunnel.