RE: RE: ALL 9 AFRICAN RIGS are contracted currentl To sum it up: In Q1 2013, TID had utilization rate at 65% as a result of HRT illegal behavior and due to some well permitting delays in Colombia. According to Q1 2013, TID had 9 NON-working rigs in Q1 2013. However:
A) 2 rigs out of the 3 non-working rigs in Colombia started to work in Q2 2013. Check out Q1 2013 report.
According to the company, Colombia is picking up and TID's advantage is that its rigs are built for the region where supply is less than demand....Same supply/demand favorable thing happens in Africa too.
B) The 1 non-working rig in Tanzania started to work in Q2 2013 too.
This leaves 6 non-working rigs (~83% utilization rate) currently and:
A) The last non-working rig in Colombia is going to work soon.
B) The company expects some news for the 5 non-working rigs in Brazil.....