Pioneer Drilling Company released an update on the company's recent financial activities and the operational status of its land rig fleet in the United States.
Pioneer Drilling Company reported sales of $203.7 million in the fourth quarter of 2011. This represented 9% sequential growth over the previous quarter and 37% growth compared to the fourth quarter of 2010.
Pioneer Drilling Company attributed the growth in sales to higher utilization of the company's land rig fleet and higher day rates on these units. The company also saw higher revenue in the Production Services segment due to higher pricing and the addition of additional equipment during the quarter.
Pioneer Drilling Company reported that due to the recent acquisition of Go-Coil, a private oil services company, it is now offering coiled tubing services to its customers. The company owns ten units and estimates that this equipment will increase Adjusted EBITDA by $26 million to $29 million in 2012.
Pioneer Drilling Company reported that 80% of the company's working rigs are operating under term contracts, and that 87% of this equipment is working in plays that produce crude oil and other liquid hydrocarbons.
For more information on the company, go to www.pioneerdrlg.com
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