RE: RE: RE: RE: RE: RE: q1 earnings I think this is what Godfather is referring to:
The PNG LNG project is on schedule to deliver first gas towards the end of 2014 and this continues to be the focus of our main customer and their partners in the facility. While the long term outlook is favourable as the associated production becomes an important cash flow stream for our customer, the capital demands of that project affect the capital available for drilling in the near term. As a result, High Arctic returned to a one drilling rig operation at the start of May, 2013 and some of the associated equipment rental fleet is being placed on a standby rate. It is currently forecasted that Rigs 103 and 104 will operate on a leapfrog basis for the balance of 2013, similar to what occurred during the first nine months of 2012. We do not anticipate any drilling opportunities with other operators in 2013.