Xtreme Drilling enters long-term Saudi contract for coiled tubing services

8/22/2013

Xtreme Drilling enters long-term Saudi contract for coiled tubing services

CALGARY -- Xtreme Drilling and Coil Services has entered into a 1095 day contract in The Kingdom of Saudi Arabia. The effective commencement date of the contract was July 28, 2013 and will run through July 27, 2016 with a one year extension option. This contract replaces one of the short term extensions that were previously announced on the two rigs operating in Saudi Arabia. The second rig is still working under its short term extension and Xtreme anticipates that new terms will be finalized within the next 45 days.

Xtreme has had coiled tubing drilling rigs operating in Saudi Arabia since 2010. The original contracts were two year terms with a one year option that was exercised.

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