Savanna Energy Services Corp. has signed a contract for its previously disclosed VELOX Drilling Rig for deployment in the Permian Basin in West Texas. The VELOX Drilling Rig is a 1,500HP AC electric, highly mobile triple drilling rig that is expected to begin working in the field in Q4 2014 under a multi-year take-or-pay contract.

The new AC powered triple drilling rig is an extension of Savanna's leading edge rig design platform, and an integral part of Savanna's long-term strategy. The 750,000 lb. rig incorporates true craneless rig up capability, automated pipe handling, moving systems and catwalks. The capital cost of this drilling rig has already been included in Savanna's previously announced 2014 capital budget of $206 million.

Tags: Savanna Energy Services Corp.