Essential buys five coiled tubing rigs and expands capital budget

摘要

Essential Energy Services Ltd. has assigned a letter of intent to purchase five coiled tubing rigs for $2.3 million, including blowout preventers, coiled tubing inventory, trailers and other peripheral equipment. The acquired coiled tubing rigs vary in age and hour usage, but are all relatively new. Essential plans to convert three of the coiled tubing rigs to intermediate depth over the next few months and use two of the rigs as upgrades to the existing fleet.