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Calfrac Announces Multi-Year Fracturing Fleet Modernization Plan
Calfrac Announces Multi-Year Fracturing Fleet Modernization Plan Canada NewsWire ...
About this update from Calfrac Well Services Ltd.
[{"type":"text","content":"\n \n \n \n Calfrac Announces Multi-Year Fracturing Fleet Modernization Plan\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Dec. 22, 2022\n \n /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\" or \"the Company\") (TSX: CFW) is pleased to announce that the Company has initiated a multi-year fracturing fleet modernization plan for its North American operations, which commences with the conversion of 50 Tier II pumping units into Tier IV dual-fuel capable dynamic gas blending (\"DGB\") pumping units. A Tier IV DGB engine displaces diesel in fracturing operations by increasing the use of natural gas and represents one of the cleanest pressure pumping options currently available in the market.\n \n \n This fleet modernization plan serves to meet the expanding Environmental, Social and Governance (\"ESG\") commitments of the Company's customers with the significant addition of next generation, low emission equipment. These multi-year investments totaling approximately\n \n $90.0 million\n \n will be offset in part by a reduction in the Company's planned annual maintenance capital expenditures related to certain major components for 2023 and 2024. This plan supplements the delivery of nine Tier IV DGB pumping units which were committed to in 2022 and are anticipated to be deployed by the end of the first quarter of 2023.\n \n \n \n Pat Powell\n \n , Calfrac's Chief Executive Officer, commented, \"Our newly constituted fleet modernization plan will optimize the conversion of Calfrac's existing Tier II equipment fleet into new, low emission Tier IV equipment over a multi-year horizon and underlies our significant commitment to meeting our client's ESG goals, while also improving our environmental footprint and performance in the field.\"\n \n \n \n FORWARD-LOOKING STATEMENTS\n \n \n \n This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words \"seek\", \"anticipate\", \"plan\", \"continue\", \"estimate\", \"...