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