Cancoil Unveils New Coil Tubing Rigs

Cancoil's new rig design is the next generation for Cancoil, enabling Cancoil to deliver coil tubing services to greater depths with wider diameter tubing than any other rig at this time. This greater depth capacity will still be delivered on a single, trailer-based load with the same mobility capacity as the current Cancoil rigs. Cancoil believes that with increased use and experience with coil tubing, its customers will look to deeper applications that Cancoil will be able to deliver. Construction of the new rigs will commence in the fourth quarter after engineering is complete, with delivery planned for March to June 2002.