Drillers Technology Corp. has contracted two drilling rigs to Dowell Schlumberger de Mexico S.A. de C.V. to participate in a multi-well drilling program in the Burgos basin in Northern Mexico. Dowell Schlumberger is the lead contractor, contracted to Pemex with Drillers Technology being subcontracted to Dowell Schlumberger. Drilling activity is scheduled to commence in January 2003 and run through to October 2004, drilling an estimated 100 wells. The contracted rigs will be supplied from the Corporation's Canadian rig fleet. Additional rigs may be provided as demand requires.
This multi-well drilling contract is expected to provide the contracted rigs with high rig utilization at strong day rates and generate consistent revenues for the Corporation over the contract period.