CALGARY, ALBERTA--(Marketwired - May 6, 2015) - Xtreme Drilling and Coil Services Corp. ("Xtreme", the "Company") (TSX:XDC) announce first quarter 2015 financial and operating results. It is anticipated that filing will take place on SEDAR of audited Consolidated Financial Statements and Notes to the audited Consolidated Financial Statements as well as Management's Discussion and Analysis for the three months ended March 31, 2015, by Thursday May 7, 2015.
Q1 2015 Highlights
(amounts in thousands of Canadian dollars, unless otherwise noted)
- Adjusted EBITDA of $20.8 million in the first quarter of 2015, an increase of 12 percent over the prior quarter. This represents the highest quarterly Adjusted EBITDA level in Company history.
- Revenue of $70.0 million in the first quarter of 2015, an increase of one percent over the previous quarter. Total revenue per operating day increased to $31,155 from $29,249 in the previous quarter. The increase was driven primarily by higher revenue per day in the India XDR and US XSR divisions.
- For the first quarter, the Drilling Segment achieved utilization of 73% on 1,385 operating days. This was comprised of a 78% utilization rate for the 16 rig US XDR fleet, 30% for the three rig Canadian XDR fleet and 100% for the two rigs operating in India. The lower utilization in the Drilling Segment for the quarter was driven by 132, or 11%, fewer operating days in the US and 124, or 60%, fewer operating days in Canada.
- For the first quarter, the Coil Services Segment achieved utilization of 71% on 438 operating days. This was comprised of a 98% utilization rate for the two XSR units in Saudi Arabia and a 70% utilization rate for the six actively marketed XSR units in the US. Included in the Coil Services utilization is one additional unit that is currently idle, but is actively being marketed internationally. The US XSR units for the quarter averaged 16 operating days per month on each unit.
- The Drilling Segment (which includes US, Canada and India) operating profit increased to $16.5 million in the first quarter of 2015 as compared to $15.0 million in the same period of 2014. This was driven primarily by strong operating cost controls in the US and India XDR divisions during the quarter. Overall operating margin increased to 37.1% in the Drilling Segment as compared to 31.8% for FY 2014.
- The Coil Services Segment (which includes US and Saudi Arabia) operating profit was $8.4 million in the first quarter of 2015 as compared to $9.7 million in the same period of 2014. This was driven primarily by lower revenue in the Saudi Arabian operation due to several delayed moves between locations during the period. Overall the Coil Services Segment achieved an operating margin of 32.5% as compared to 41.5% for FY 2014. It is anticipated that in the second quarter that the Saudi Arabian operation will not be impacted by the same move delays.
- The Company finished the first quarter of 2015 with $137.8 million in total debt and $126.8 million in net debt (total debt less cash). The funded debt to EBITDA ratio was 1.8x and the net debt to EBITDA was 1.6x. At quarter end, the Company had significant liquidity with approximately $50 million available on the revolving credit facility and $43.1 million in working capital which includes $11 million of cash. On a US Dollar basis, in which the Company primarily borrows, the funded debt decreased $2 million USD during the quarter to an ending balance of $109.7 million USD and net debt was $101 million on a US Dollar basis.
- Total capital expenditures were $9.7 million during the first quarter of 2015. The majority of this was spent on the completion of one new XSR coiled tubing unit and continued work on two new units. The Company delivered the second new build unit in January and anticipates delivering two more new build XSR units in Q2 and Q3 of this year respectively. This will bring the total to four new units from the current XSR build program. Currently the 2015 capital budget stands at $21 million which includes all sustaining, critical spare and upgrade capital for the existing fleet as well as the requirements to complete the three XSR new build units delivered in 2015. Xtreme anticipates that 2015 capital expenditures will be funded exclusively through operating cash flow.
- The Company currently has approximately 3,500 days contracted for the remainder of 2015 across the XDR and international XSR businesses. Although Xtreme has not been immune to the recent slowdown in industry activity, it is anticipated that these remaining contracted days provide revenue transparency for the year. At quarter end the Company had 12 of 21 XDR rigs operating and seven of nine XSR units operating. Currently the Company has 12 of 21 XDR rigs operating and anticipates one additional rig going idle towards the end of the first quarter and earning termination revenue. During the first quarter the Company recognized $2.9 million in early termination revenue on take or pay contracts. This was offset by approximately $1 million related to severance charges for the quarter and an additional $1.4 million related to non-recurring expenses on the settlement of a lawsuit and additional property taxes in Colorado.
- Xtreme began to take action in the fourth quarter of 2014 to mitigate the effect of the pending slowdown in activity. Through the first quarter the Company reduced indirect and corporate personnel by approximately 26% and associated payroll by 31%. The Company has implemented additional cost saving measures that will further help to preserve cash and improve efficiencies during this industry wide slowdown.
Selected Quarterly Financial Information
Three months ended | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | ||||
Revenue | 70,015 | 69,459 | 65,980 | 62,299 | ||||
Adjusted EBITDA 1 | 20,761 | 18,617 | 18,299 | 19,421 | ||||
Adjusted EBITDA as a percentage of Revenue | 30 | 27 | 28 | 31 | ||||
Adjusted EBITDA per share 1 - basic ($) | 0.25 | 0.23 | 0.22 | 0.24 | ||||
Net income (loss) | 2,755 | (2,258 | ) | 853 | (902 | ) | ||
Net income (loss) per share - basic ($) | 0.03 | (0.03 | ) | 0.01 | (0.01 | ) | ||
Capital assets | 488,300 | 452,974 | 443,304 | 413,296 | ||||
Total assets | 592,194 | 547,958 | 536,713 | 513,651 | ||||
Net debt2 | 126,869 | 115,520 | 116,768 | 105,358 | ||||
Operating days 1 | 1,823 | 2,053 | 2,173 | 1,779 | ||||
Utilization (percentage) - XDR | 73 | 86 | 92 | 75 | ||||
Utilization (percentage) - XSR | 71 | 74 | 73 | 68 | ||||
Utilization (percentage) - Total | 73 | 83 | 88 | 73 | ||||
Weighted average rigs in service | 30.0 | 28.0 | 28.0 | 28.0 | ||||
Total rigs, end of quarter | 30 | 29 | 28 | 28 | ||||
Mar 31, 2014 | Dec 31, 2013 | Sep 30, 2013 | Jun 30, 2013 | |||||
Revenue | 69,703 | 62,681 | 59,692 | 53,268 | ||||
Adjusted EBITDA 1 | 20,635 | 19,734 | 17,783 | 16,847 | ||||
Adjusted EBITDA as a percentage of Revenue | 30 | 31 | 30 | 32 | ||||
Adjusted EBITDA per share 1 - basic ($) | 0.25 | 0.24 | 0.22 | 0.21 | ||||
Net (loss) income | 2,896 | (7,441 | ) | 3,281 | 240 | |||
Net (loss) income per share - basic ($) | 0.04 | (0.09 | ) | 0.04 | 0.00 | |||
Capital assets | 423,204 | 412,523 | 416,887 | 431,294 | ||||
Total assets | 532,116 | 515,720 | 504,728 | 520,326 | ||||
Net debt2 | 125,389 | 116,856 | 110,326 | 127,977 | ||||
Operating days 1 | 2,130 | 2,141 | 2,062 | 1,911 | ||||
Utilization (percentage) - XDR | 90 | 93 | 90 | 85 | ||||
Utilization (percentage) - XSR | 78 | 76 | 76 | 65 | ||||
Utilization (percentage) - Total | 88 | 90 | 87 | 81 | ||||
Weighted average rigs in service | 28.0 | 28.0 | 28.0 | 28.0 | ||||
Total rigs, end of quarter | 28 | 28 | 28 | 28 |
1 | See Non-GAAP measures |
2 | Total debt less cash and cash equivalent |
Excerpt from Management's Discussion and Analysis
for the twelve months ended March 31, 2015
OUTLOOK
The decrease in oil and gas drilling and completion activity has been dramatic over the past six months. The operating rig count in Xtreme's core market of the United States has decreased by over 50% from 1,881 active rigs on October 1, 2014 to 860 rigs currently operating. In addition, according to industry sources, it is estimated that more than 4,700 wells in the United States have been drilled but not completed. With more than 2,800 of these uncompleted wells estimated to be in the core XSR operating areas in Texas of the Eagle Ford and Permian Basin. This gives the Company confidence that when operators make the decision to resume completion activity that it will be well positioned to take advantage of the increased work. Completion activity should pick up earlier in the cycle than drilling activity as E&P companies work through the backlog of uncompleted wells. Currently the Company has six XSR coiled tubing units which operate in the Eagle Ford and Permian with two additional units to be delivered over the next six months.
To date, the decrease in operating rigs in the United States has been relatively indiscriminate. The majority of operators have now completed the termination and/or re-negotiation of most term drilling contracts. It is estimated that more than 300 tier 1 AC electric drilling rigs have been idled during this downturn. Xtreme's entire fleet is tier 1 AC electric with depth capacities that range from 10,000 to 20,000+ feet. Over the past four months Xtreme has seen four rigs idled by customers with three of these paying termination payments. Xtreme currently has 10 of 16 AC electric rigs operating in the United States with an additional two rigs operating in India. Management is encouraged that although this is a significant number of idled rigs the Company is actually faring better than many of its larger competitors. Recent information published by RigData indicates that utilization rates from some Canadian contractors operating in the United States are as low as 18%. The large number of idled tier 1 rigs will likely serve as a cap on day rates when operators begin to increase activities.
Xtreme has been proactive in resetting the cost structure of the Company. In 2014 approximately 75% of total expenses were variable and 25% were fixed in nature. In the first quarter the Company reduced fixed cost payroll by 31% and, to date, has reduced the variable drilling payroll at a rate proportionate with the reduction in the overall rig count. In addition, the Company has implemented initiatives aimed at maintaining variable costs at around 70% of the overall cost structure during the slowdown in activity. By keeping variable costs as high as possible, it will allow for scalability should activity levels deteriorate further.
Looking towards the remainder of 2015 the Company is cautiously optimistic that the market is nearing a bottom and while prices will likely remain muted, activity levels may begin to slowly increase. In both the XDR and XSR division the focus is on continued international expansion as well as new service offerings with our leading edge XSR coiled tubing technology. While the activity for traditional completion work has slowed, the interest in re-frac work has increased over the past three months. Currently, the Company is in conversation with several operators to perform stimulation operations on existing wells. This has the potential to significantly increase estimated ultimate oil and gas recoveries for the customer with compelling economics. The Company believes that with its proprietary AC technology along with the ability to deploy in excess of 23,000' of 2 5/8", 20,000' of 2 7/8" or 18,000' of 3 1/4"coiled tubing, it is clearly differentiated and is actively working to build a complimentary service business in the re-stimulation market.
Overall, Xtreme is well positioned during the current industry downturn thanks to the fleet's technological advantages and the Company's financial stability. In the first quarter Xtreme continued to focus on strengthening the balance sheet by using free cash flow to pay down $2.5 million (or $2 million USD) in debt during the quarter. In addition, operating cash flow fully funded the $9.7 million capital expense for the first quarter. The Company generated EBITDA of $20.8 million and ended the quarter with $126 million (or $101 million USD) in net debt on $592.2 million in assets. This manageable debt level coupled with ample liquidity between cash, revolver availability and expected free cash flow highlights Xtreme's financial strength and ability to weather a softer market through 2015.
Conference Call Details
Xtreme has scheduled a conference call to discuss results with investors, analysts, and stakeholders on Thursday, May 07, 2015, beginning promptly at 10:00 am MT (11:00 am CT, 12:00 pm EDT).
Tom Wood, Chief Executive Officer, will host the conference call with participation from Matt Porter, Chief Financial Officer.
Conference operator dial‐in numbers
To participate in the conference call, please dial in as follows approximately ten minutes before the start time in your time zone.
+1 800-396-7098 (North America Toll‐Free) or 1 416-340-8530 (Alternate)
Webcast link: http://www.gowebcasting.com/6485
An audio replay of the call will be available until Thursday, May 13, 2015. To access the replay, call +1 800‐408‐3053 or +1 905‐694‐9451 and enter pass code 9276239.
Xtreme Drilling and Coil Services Corp. |
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Interim Consolidated Statements of Financial Position | |||||
(in thousands of Canadian dollars) | |||||
(unaudited) | |||||
Mar 31, 2015 | Dec 31, 2014 | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 10,976 | 13,102 | |||
Accounts receivable | 63,375 | 51,125 | |||
Other receivables | 218 | 255 | |||
Prepaid expenses and other | 1,712 | 1,998 | |||
Inventory | 11,211 | 11,405 | |||
87,492 | 77,885 | ||||
Non-current assets | |||||
Deferred tax asset | 12,865 | 13,486 | |||
Property and equipment | 488,300 | 452,974 | |||
Intangible assets | 3,537 | 3,613 | |||
Total Assets | 592,194 | 547,958 | |||
Liabilities and Equity | |||||
Current liabilities | |||||
Accounts payable and accrued liabilities | 39,236 | 39,738 | |||
Income tax payable | 1,284 | 1,365 | |||
Current portion of provision | 1,900 | 1,740 | |||
42,420 | 42,843 | ||||
Long-term liabilities | |||||
Long-term debt | 137,845 | 128,622 | |||
Total Liabilities | 180,265 | 171,465 | |||
Shareholders' equity | |||||
Share capital | 331,046 | 330,964 | |||
Share option reserve | 15,440 | 14,803 | |||
Accumulated deficit | (9,732 | ) | (12,487 | ) | |
Foreign currency translation reserve | 75,175 | 43,213 | |||
Total Shareholders' Equity | 411,929 | 376,493 | |||
Total Liabilities and Shareholders' Equity | 592,194 | 547,958 |
Xtreme Drilling and Coil Services Corp. Interim Consolidated Statements of Income For the three months ended March 31, 2015 and 2014 |
|||||
(in thousands of Canadian dollars, except share and per share data) | |||||
2015 | 2014 | ||||
Revenue | 70,015 | 69,703 | |||
Expenses | |||||
Operating expenses | 45,219 | 45,067 | |||
General and administrative expenses | 4,035 | 4,001 | |||
Depreciation of property and equipment | 14,211 | 13,230 | |||
Amortization of intangibles | 76 | 76 | |||
Stock-based compensation | 654 | 716 | |||
Foreign exchange loss (gain) | 118 | (11 | ) | ||
(Gain) loss on disposal of equipment | (44 | ) | 19 | ||
Other expense | 2 | 29 | |||
Interest expense | 1,144 | 1,226 | |||
Income before tax for the period | 4,600 | 5,350 | |||
Tax expense | |||||
Current | 1,062 | 1,284 | |||
Deferred | 783 | 1,170 | |||
Total tax expense | 1,845 | 2,454 | |||
Net income for the period | 2,755 | 2,896 | |||
Net income per common share | |||||
- basic | 0.03 | 0.04 | |||
- diluted | 0.03 | 0.04 | |||
Weighted average number of common shares | |||||
- basic | 81,773,369 | 81,203,779 | |||
- diluted | 81,912,848 | 82,086,317 |
Xtreme Drilling and Coil Services Corp. Interim Consolidated Statements of Comprehensive Income For the three months ended March 31, 2015 and 2014 |
|||||
(in thousands of Canadian dollars) | |||||
2015 | 2014 | ||||
Net income for the period | 2,755 | 2,896 | |||
Other comprehensive income | |||||
Items may be subsequently reclassified to profit or loss | |||||
Unrealized gain on translating financial statements of foreign operations | 31,962 | 12,467 | |||
Dividends declared to non-controlling interest partner | - | (1,332 | ) | ||
Comprehensive income for the period | 34,717 | 14,031 |
Xtreme Drilling and Coil Services Corp. | |||
Interim Consolidated Statements of Changes in Equity | |||
For the three months ended March 31, 2015 and 2014 | |||
(in thousands of Canadian dollars) |
Equity attributable to the owners of the parent | |||||||||||||||
Share capital | Share option reserve | Accumulated deficit | Foreign currency translation reserve | Total | Non-controlling interest | Total Shareholders' Equity | |||||||||
Balance at Jan 1, 2014 | 328,416 | 12,419 | (12,697 | ) | 15,143 | 343,281 | 953 | 344,234 | |||||||
Net income for the period | - | - | 2,896 | - | 2,896 | - | 2,896 | ||||||||
Other comprehensive income | |||||||||||||||
Currency translation differences | - | - | - | 12,467 | 12,467 | - | 12,467 | ||||||||
Dividends declared to non-controlling interest partner | - | - | - | - | - | (1,332 | ) | (1,332 | ) | ||||||
Settlement for the purchase of non-controlling interest partner | - | - | (379 | ) | - | (379 | ) | 379 | - | ||||||
Total comprehensive income | - | - | 2,517 | 12,467 | 14,984 | (953 | ) | 14,031 | |||||||
Employee share option scheme: | |||||||||||||||
Value of employees services | 436 | 717 | - | - | 1,154 | - | 1,154 | ||||||||
Proceeds from shares issued | 787 | (436 | ) | - | - | 350 | - | 350 | |||||||
Total transactions with owners | 1,223 | 281 | - | - | 1,504 | - | 1,504 | ||||||||
Balance at Mar 31, 2014 | 329,639 | 12,700 | (10,180 | ) | 27,610 | 359,769 | - | 359,769 | |||||||
Balance at Jan 1, 2015 | 330,964 | 14,803 | (12,487 | ) | 43,213 | 376,493 | - | 376,493 | |||||||
Net income for the period | - | - | 2,755 | - | 2,755 | - | 2,755 | ||||||||
Other comprehensive income | |||||||||||||||
Currency translation differences | - | - | - | 31,962 | 31,962 | - | 31,962 | ||||||||
Total comprehensive income | - | - | 2,755 | 31,962 | 34,717 | - | 34,717 | ||||||||
Employee share option scheme: | |||||||||||||||
Value of employee services | 22 | 659 | - | - | 681 | - | 681 | ||||||||
Proceeds from shares issued | 60 | (22 | ) | - | - | 38 | - | 38 | |||||||
Total transactions with owners | 82 | 637 | - | - | 719 | - | 719 | ||||||||
Balance at Mar 31, 2015 | 331,046 | 15,440 | (9,732 | ) | 75,175 | 411,929 | - | 411,929 |
Xtreme Drilling and Coil Services Corp. Interim Consolidated Statements of Cash Flows For the three months ended March 31, 2015 and 2014 |
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(in thousands of Canadian dollars) | |||||
2015 | 2014 | ||||
Cash flow provided by: | |||||
Operating activities | |||||
Net income for the period | 2,755 | 2,896 | |||
Items not affecting cash: | |||||
Depreciation and amortization | 14,287 | 13,306 | |||
Stock-based compensation | 654 | 716 | |||
(Gain) loss on disposal of equipment | (44 | ) | 19 | ||
Provisions for doubtful accounts | (333 | ) | - | ||
Interest expense | 1,144 | 1,226 | |||
Interest paid | (989 | ) | (428 | ) | |
Amortization of debt issuance costs | 132 | (111 | ) | ||
Unrealized foreign exchange loss | 118 | (11 | ) | ||
Current tax expense | 1,062 | 1,284 | |||
Deferred tax expense | 783 | 1,170 | |||
Taxes paid | (2,454 | ) | - | ||
Changes in items of working capital | (7,551 | ) | (9,712 | ) | |
Net cash generated from operating activities | 9,564 | 10,355 | |||
Financing activities | |||||
Proceeds from exercise of stock options | 60 | 787 | |||
Repayment of long-term debt | (2,533 | ) | (701 | ) | |
Debt issuance cost | - | 78 | |||
Net cash (used in) generated from financing activities | (2,473 | ) | 164 | ||
Investing activities | |||||
Proceeds from sale of equipment | 102 | 1,037 | |||
Capital expenditures | (9,769 | ) | (8,733 | ) | |
Buyout of non-controlling interest partner | - | (11,628 | ) | ||
Changes in items of working capital relating to capital items | (2,871 | ) | 5,428 | ||
Net cash used in investing activities | (12,538 | ) | (13,896 | ) | |
Effect of exchange rate changes on cash and cash equivalents | 3,321 | (813 | ) | ||
Decrease in cash and cash equivalents | (2,126 | ) | (4,190 | ) | |
Cash and cash equivalents - beginning of period | 13,102 | 12,220 | |||
Cash and cash equivalents - end of period | 10,976 | 8,030 |
Xtreme Drilling and Coil Services Corp. EBITDA and Adjusted EBITDA For the three months ended March 31, 2015 and 2014 |
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(in thousands of Canadian dollars) | ||||
2015 | 2014 | |||
Net income | 2,755 | 2,896 | ||
Tax expense | 1,845 | 2,454 | ||
Interest expense | 1,144 | 1,226 | ||
Amortization of intangibles | 76 | 76 | ||
Depreciation of property and equipment | 14,211 | 13,230 | ||
EBITDA | 20,031 | 19,882 | ||
2015 | 2014 | |||
EBITDA | 20,031 | 19,882 | ||
Adjustments for non-cash items | 730 | 753 | ||
Adjusted EBITDA | 20,761 | 20,635 | ||
Adjusted EBITDA per share ($) | 0.25 | 0.25 | ||
Net income per share ($) | 0.03 | 0.04 | ||
2015 | 2014 | |||
Stock-based compensation | 654 | 716 | ||
(Gain) loss on disposal of equipment | (44 | ) | 19 | |
Foreign exchange loss (gain) | 118 | (11 | ) | |
Other expense | 2 | 29 | ||
730 | 753 |
Reader Advisory
This news release contains forward-looking statements ("FLS"). The use of the words "may", "believe", "could", "would", "might", "will be taken", "occur" or "be achieved" and similar expressions identify FLS. More particularly, this news release contains statements that may relate to contracting, marketing, financing, construction, modifications, deployment, operation, utilization of drilling rigs in the Company's current and future fleet. Although Xtreme believes expectations reflected in these FLS are reasonable, readers should not place undue reliance on them because Xtreme can give no assurance they will prove to be correct. There are many factors that could cause FLS not to be correct, including risks and uncertainties inherent in the Company's business.
These statements are based on certain factors and assumptions including, but not limited to: the assessment of current and projected future operations; ongoing and future strategic business alliances, negotiations and opportunities to enter new, extend or complete existing contracts; the availability and cost of financing; foreign currency exchange rates; timing and magnitude of capital expenditures; expenses and other variables affecting rig operation, modification and construction; the ability and commitment of vendors to provide rig component equipment, services and supplies, including labor, in a cost-effective and timely manner; the issuance of applied-for patents; changes in tax rates; and government regulations. Although Xtreme considers the assumptions used to prepare this news release reasonable, based on information available to management as of May 6, 2015, ultimately the assumptions may prove to be incorrect.
Forward-looking statements are also subject to certain factors, including risks and uncertainties, which could cause actual results to differ materially from management's current expectations. These factors include, but are not limited to: the cyclical nature of drilling market demand, foreign currency exchange rates, and commodity prices; access to credit and to equity markets; the availability of qualified personnel; vendor-provided rig components; and, competition for customers.
Management's assumptions considered the following: compliance with the terms of the Company's current and proposed new credit facility; ongoing access to key supplies and components required to continue operating and maintaining equipment, including fuel; continued successful performance of drilling and related equipment; expectations regarding gross margin; recruitment and retention of qualified personnel; continuation or extension of existing long-term or multi-well contracts; revenue expectations related to shorter-term drilling opportunities; willingness and ability of customers to remit amounts owing to Xtreme in accordance with normal industry practices; and management of accounts receivable in direct relation to revenue generation.
In preparing this news release, management considered the following risk factors: fluctuations in crude oil and natural gas prices, supply and demand; fluctuation in foreign currency exchange and interest rates; financial stability of Xtreme's customers; current and future applications for Xtreme's proprietary technology; competition from other drilling contractors; regulatory and economic conditions in regions where Xtreme operates; environmental constraints; changes to government legislation; international trade barriers or restrictions; and, where appropriate, global political and military events.
Financial outlook information contained in this news release about prospective results of operations, financial position or cash provided by operating activities is based on assumptions about future events, including economic conditions and proposed courses of action, and on management's assessment of relevant information currently available. Readers are cautioned such financial outlook information contained in this news release is not appropriate for purposes other than for which it is disclosed here. Readers should not place undue importance on FLS and should not rely on this information as of any other date. Except as required pursuant to applicable securities laws, Xtreme disclaims any intention, and assumes no obligation, to update publicly or revise FLS to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such FLS or otherwise, or to explain any material difference between subsequent actual events and such FLS.
About Xtreme
Xtreme Drilling and Coil Services Corp. ("XDC" on the Toronto Stock Exchange) designs, builds, and operates a fleet of high specification drilling rigs and coiled tubing well service units featuring leading-edge proprietary technology including AC high capacity coil injectors, deep re-entry drilling capability, modular transportation systems and continuous integration of in-house advances in methodologies.
Currently Xtreme operates two service lines: Drilling Services (XDR) and Coil Services (XSR) under contracts with oil and natural gas exploration and production companies and integrated oilfield service providers in Canada, the United States, Saudi Arabia and India. For more information about the Company, please visit www.xtremecoil.com.
Contact Information:
Matt Porter
Chief Financial Officer
+1 281 994 4600
Xtreme Drilling and Coil Services Corp.
9805 Katy Freeway, Suite 650
Houston, TX 77024
ir@xtremecoil.com
www.xtremecoil.com