04-HP-876_newMDA.qxd 12/15/04 3:04 PM Page 43 LIQUIDITY AND CAPITAL RESOURCES 44 In August 2002, the Company enter ed into a $200 million  intermediate-term unsecured debt obligation with staged maturities from 5 to 12 years and a weighted average interest rate of 6.31 percent. During 2000, the Company announced its FlexRig2 program under which it would construct 12 new F lexRigs at an approximate cost of between $7.5 and $8.25 million each. During 2001, the Company completed construction on seven of those 12 rigs. Additionally, the Company announced in 2001 that it would embark on another  construction project (FlexRig3 pr ogram) to build an additional 25 FlexRigs at an approximate cost of $11.0 million each. During 2002, the Company completed the r emaining five rigs in the FlexRig2  program and the first eight rigs in the FlexRig3 program. During 2003, the remaining 17 rigs originally planned in the FlexRig3  program were completed. Another seven FlexRig3s were scheduled for  construction, two of which were completed by the end of fiscal 2003, and five were completed by March, 2004. The Company’s capital spending for continuing operations was $89 million in 2004, $246.3 million in 2003, and $312.1 million in 2002. Net cash provided from operating activities for those same time periods was $135.4 million in 2004, $96.5 million in 2003, and $151.8 million in 2002. In addition to the net cash provided by  operating activities, the Company also generated net proceeds from the sale of portfolio securities of $30.9 million in 2004, $18.2 million in 2003, and $47.1 million in 2002. The Company’s 2005 capital spending estimate is $55 million, do wn from $89 million in 2004 due to the completion of the FlexRig constr uction in March, 2004.