Business
IROC Energy Services Corp. announces deployment of 3 coil tubing units, provides operational update, and 2012 service rig additions
CALGARY, Oct. 26, 2011 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (TSXV...
About this update from Information Services Corp. Class A
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Oct. 26, 2011 /CNW/ - IROC Energy Services Corp. (\"IROC\" or the\n \"Corporation\") (TSXV: \"ISC\") is pleased to announce the deployment of\n the three new coil tubing units budgeted in our 2011 capital program,\n an operational update describing current conditions, progress on our\n 2011 capital expenditures and certain components of the 2012 capital\n budget.\n\n\nHelix Coil Services\n\n\nHelix has taken delivery of the three coiled tubing units announced in\n our 2011 capital budget.  All of the units have a 2\"capacity which\n places them in the intermediate size range for coil tubing.  Customer\n demand for this size of equipment is expected to remain strong through\n the winter season.  Two of the units were deployed during the third\n quarter.  The third unit, which was delivered in October, has already\n been placed into active service and deployed in the field.  These three\n units represent our entrance into the coil tubing business.\n\n\nEagle Well Servicing\n\n\n \n\n\n \n\n\n \n\n\nThree months ended\n\n\n \n\n\nSeptember 30,\n2011\n\n\nJune 30,\n2011\n\n\nMarch 31,\n2011\n\n\nDecember 31,\n2010\n\n\nEagle Well Servicing:\n\n\n \n\n\n \n\n\n \n\n\n \n\n\nNumber of service rigs (end of period)\n\n\n38\n\n\n36\n\n\n36\n\n\n35\n\n\nService rig utilization\n\n\n72%\n\n\n42%\n\n\n78%\n\n\n66%\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\nThree months ended\n\n\n \n\n\nSeptember 30,\n2010\n\n\nJune 30,\n2010\n\n\nMarch 31,\n2010\n\n\nDecember 31,\n2009\n\n\nEagle Well Servicing:\n\n\n \n\n\n \n\n\n \n\n\n \n\n\nNumber of service rigs (end of period)\n\n\n35\n\n\n35\n\n\n36\n\n\n36\n\n\nService rig utilization\n\n\n57%\n\n\n33%\n\n\n55%\n\n\n49%\n\n\nAs at September 30, 2011, Eagle had a fleet of 38 service rigs.\n Utilization, as measured by IROC's internal methodology, during the\n quarter was 72%.  Eagle's service rig fleet and equipment is amongst\n the newest in the industry.  Since September, the Corporation has\n deployed one additional rig, for a total service rig fleet of 39 rigs\n currently crewed and operated.  In addition, 3 new service rigs are\n currently being built, with expected delive...