PES
#Morning.
Well, <UNK>, I would say that the impact from the start-up of the rigs and really, let me back up for a minute.
In July we were mostly demobing rigs that were coming off term, and then August no activity, and then September we were mobing some rigs to get them on day rate at the beginning of this quarter.
So in both cases you get hit a little bit, I would say the impact of all that on the margin level was probably a little more than $1 million.
Well, recognizing that it is extremely fluid right now, and we're still working on budgets, so I just want to tell you there is a lot of fluidity to that number.
Obviously, we have pulled out as much as we can as fast as we can.
So that the pace and the magnitude of reduction in that number is going to slow down considerably.
There are still some opportunities and costs that we've probably taken out in the third, that will roll and help us in the fourth, and some costs we're taking out in the fourth in operations and G&A, but that pace is going to slow way down, and as <UNK> said earlier, we're focused on right-sizing our businesses to match the demand levels, and so part of it is dependent on how things do play out.
He also asked about kind of margins down in Colombia relative to the US, and they should be comparable, or even slightly greater than the average margins of the re-priced AC rigs here in the US, there are healthy day rates in Colombia.
We need a little run time to verify that, but they should be in that range of where we're kind of repricing these AC rigs in the US.
If that gives you a little more color.
Okay.
Great.
Well, we appreciate people joining the call this morning, and know that it's a busy day out there.
A lot of calls, and anyway, we'll look forward to visiting with you on the Q4 call.
Thank you very much.
