Savanna's working capital at March 31, 2013, was $140.9 million and its net debt(1) position was $121 million, a decrease of $35 million or 22% from the Company's $156 million net debt(1) position at December 31, 2012. Savanna's total long-term debt outstanding on March 31, 2013, excluding unamortized debt issue costs, was $261.9 million.
In May 2013, Savanna renewed its revolving credit facility, extending the term of the facility by one year so all drawn amounts are not due until May 2017. At March 31, 2013, the amount drawn on the Company's revolving credit facility was $127.4 million and $3 million was drawn on the Company's Canadian operating facility. As of the date of this release, $116.7 million was drawn on Savanna's available revolving credit facility of $180 million, and $4 million was drawn on Savanna's available operating facility of $20 million.
In Q1 2013, Savanna declared dividends totaling $7.7 million or $0.09 per share. Of the dividends declared, $2.1 million was reinvested in additional common shares through the Company's dividend reinvestment plan.
There remains uncertainty with respect to Canadian activity levels for the remainder of 2013. Accordingly, Savanna is maintaining a cautious outlook for the remainder of the year for its operations in Canada. Although the Petroleum Services Association of Canada recently announced that it expects 2013 activity levels in Canada to be slightly higher than 2012, the CAODC is still forecasting 2013 activity levels to be slightly lower than 2012. Savanna is still highly dependent on activity levels in Canada to drive overall results. However, Savanna believes it has a more marketable Canadian drilling rig fleet this year compared to last. In addition, plans to maximize full-year profitability of the shallow drilling rig fleet being implemented, and the increased scale of the Company's oilfield rentals business, should both provide improved returns. Savanna also continues to support its firm belief that North American well servicing is in the early stages of a long-term upturn.
In the U.S., the outlook for the remainder of the year also remains uncertain. Savanna has most of its drilling rigs under contract. While these contracts will expire over the next 18 months, they should mitigate any further drilling market deterioration. Additionally, Savanna's U.S. drilling and well servicing fleets are positioned in markets where activity is expected to remain relatively stronger, and Savanna believes it has strong operating positions in those markets. As a result, Savanna does not expect to encounter any difficulties in utilizing the three additional North Dakota service rigs anticipated to be completed in Q2 and early Q3 2013. In fact, Savanna anticipates increasing its fleet in North Dakota further in 2013, beyond these three rigs.
Finally, in Australia, drilling utilization continues to improve and recent quarterly operating margins generated are expected to continue as well. Oilfield services activity in Australia sharply improved in Q1 2013 relative to prior quarters. However, wet weather in the quarter impacted these operations more than drilling. Savanna has now established sufficient scale in Australia to take advantage of the expected sharp increase of activity levels in that country. With eight rigs operating in Australia, all under long-term contract, Savanna is well positioned to continue generating improved returns from this division. Savanna remains very optimistic on the future prospects of Australia. With looming liquefied natural gas deliveries for 2014 in sight, activity levels continue to increase in the region overall and support a further ramp-up in activity, and resulting equipment and service requirements as well.
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