Pioneer says four rig contracts terminated
Jan 8 (Reuters) - Pioneer Energy Services Corp said it received early termination notices for contracts for four rigs in the first quarter, as oil companies continue to cut back on capital spending.
The company also said it expected to idle seven more rigs in the next month, with two more going offline by the end of the quarter. (bit.ly/14yJHRN)
Pioneer said it expected 89 percent of its rigs to be utilized in the fourth quarter. (Reporting by Narottam Medhora in Bengaluru; Editing by Simon Jennings)
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