Stoneham Drilling Trust

Description

Looking back over the five years since Stoneham's initial public offering, and noting the many changes and challenges that have faced the contract drilling industry during this period, it is gratifying to say that Stoneham has remained steadfast in its commitment to safety, efficiency, and customer service. Through the cyclical highs and lows, we have delivered quality and value by remaining focused on our core values and beliefs. This disciplined approach has allowed us to consistently achieve operating results that have surpassed the industry average. Stoneham has an operationally engineered and customer focused culture. Operational performance and client satisfaction are important objectives throughout our organization. With skilled employees and one of the most modern, efficient fleets in the industry, we have built strong relationships with blue chip clients by delivering consistent quality, performance, and value. These attributes provide a solid foundation for stakeholder returns and employee satisfaction and are vital for Stoneham's future success. With the completion of our rig construction program in 2008, we have 19 drilling rigs in our fleet. The average age of our rigs is five years, with approximately 37% of the fleet built within the last three years. Our rigs incorporate many design innovations, including common sense technology that enables our rigs to move in fewer loads and rig-up for drilling operations in a shorter period of time. This agility affords our clients greater operational flexibility and cost savings. Our superior operational performance means our rigs remain in high demand. We will continue to stimulate innovation and implement technological advancements to further improve our operating efficiencies and ensure that Stoneham remains an industry leader in safety, operational performance, and rig utilization.

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