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Tuscany International Drilling Inc T.TID



TSX:TID - Post by User

Post by veronikagermanyon Jun 04, 2013 8:13am
179 Views
Post# 21489692

CEO and BRAZIL

CEO and BRAZIL

As  I said, I contacted  the  company last week. The CEO was fairly direct in that the demand has really picked up.... not enough rigs. Brazil is going to be huge for them as Petrobras has moved 99% of their budget off-shore (the  big  but  very  expensive  PRE-SALT  discovery  offshore  Brazil)  and have turned  over onshore development to foreign E&Ps vis the recent land sale...Several   of   these  foreign  E&P  (i.e.  GTE)  have  already  been  or  are  currently  customers  of   TID. 

This  is  why  TID  was  very  positive  about  BRAZIL   in  late  March  2013  saying:

 "As we move towards the end of our first quarter of 2013, our rig utilization is improving with 2 idled rigs in Africa currently awarded to LOI's and 4 idled rigs in Colombia either awarded LOI's or in the final stages of contract negotiation. We would expect these new opportunities to be under contract and working no later than end of Q2. Prospects for two additional rigs to be under contract by the beginning of Q4 remain very strong, including the opportunity of at least one of our Brazilian  Heliportable  rigs".

 

Btw, TID  is  FULLY  contracted  now  in  AFRICA  and   COLOMBIA.

 

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