Business
Pason Systems Inc. Announces Twelve Month Capital Spending Plan
CALGARY, Aug. 8, 2011 /CNW/ - The Board of Directors of Pason Systems Inc. ("Pason" or "the C...
About this update from Pason Systems Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 8, 2011 /CNW/ - The Board of Directors of Pason Systems\n Inc. (\"Pason\" or \"the Company\") today has approved a capital budget for\n the twelve month period to June 30, 2012 which is expected to amount to\n approximately $64 million of which 66% will be for new equipment, 27%\n for maintenance capital expenditures and 7% for capitalized RD costs.\n\n\nHaving successfully completed trials for Pason's new gas analysis\n solution, the Company will be ramping up production of Pason Gas\n Analyzer starting in Q3 2011.  Approximately $19 million is allocated\n to this rollout.  An industry-first, the Pason Gas Analyzer provides\n on-demand, real-time compositional gas analysis of hydrocarbons and\n CO2.\n\n\nPason plans to start rolling out elements of an evolved rig site\n equipment portfolio starting in the first half of 2012.  Approximately\n $7 million is allocated to this rollout over the next 12 months. The\n evolved portfolio provides enhanced data acquisition and communications\n capabilities that unlock several revenue generating initiatives,\n reduces field support costs and supports RD initiatives aimed at\n improving time to market for new features and functionality.\n\n\nPason recognizes that these plans may change if expected activity levels\n change.\n\n\nPason Systems Inc.\nPason Systems Inc. is a leading provider of instrumentation systems to\n land-based and offshore drilling rigs worldwide. The company's rental\n solutions, which include data acquisition, wellsite reporting, remote\n communications, and web-based information management, maximize rig\n uptime, improve work efficiency, and minimize operating costs. Pason's\n common shares trade on the Toronto Stock Exchange under the symbol PSI.\n\n\n","length":1903,"tagName":"div"}]