Savanna Energy Services Corp. has entered into a long term drilling rig contract to deploy an additional hybrid drilling rig to Queensland, Australia. Savanna will provide ancillary equipment and services to coincide with the drilling services. The contract is based on a 365 day (24 hour) take or pay basis for a term of three years. Savanna has also entered into a similar three year contract to supply an additional workover rig to the same customer. These equipment additions will bring Savanna's fleet in Australia to 10 rigs, 5 drilling and 5 workover.

The drilling rig will be a newly built proprietary international hybrid drilling rig. This rig is capable of drilling with coiled tubing or conventional drill pipe utilizing an integrated top drive based on the hybrid platform pioneered by Savanna. The rig is targeted to commence operations in Australia in December 2013. The workover rig is expected to begin operations in Q2, 2014.

Tags: Savanna Energy Services Corp.