- Precision Drilling (NYSE:PDS) says it has sold its U.S. coil tubing business for C$44M and cut its capital spending plan for 2015 to $493M from an expected $885M this year.
- PDS says its 2015 capex plan includes $361M for expansion capital, $112M for sustaining and infrastructure expenditures, and $20M to upgrade existing rigs.
- The expansion capital plan includes the completion and deployment of 16 previously announced newbuild drilling rigs and no additional rig deliveries.