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Ensign Energy Services Inc. - Announces 2018 Capital Expenditure Plan and Appointment of New Director
Ensign Energy Services Inc. - Announces 2018 Capital Expenditure Plan and Appointment of N...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n\n\n\nEnsign Energy Services Inc. - Announces 2018 Capital Expenditure Plan and Appointment of New Director\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\nCanada NewsWire\nCALGARY, Dec. 7, 2017\n\n\n\nCALGARY, Dec. 7, 2017 /CNW/ - This news release contains forward looking statements within the meaning of applicable securities law. See the section below called \"Cautionary Statements on Forward Looking Information\" for full disclosure of such forward looking information and the risks to which they are subject. All currency referred to herein is Canadian dollars. \n\nEnsign Energy Services Inc. (\"Ensign\" or \"the Company\") (TSX: ESI) announces a 2018 capital expenditure plan of $64 million, comprised of $43 million for capital maintenance on the fleet and $21 million of equipment and optimization upgrades to the current fleet.\n\nEnsign's capital plan focuses on the continuation of appropriate certification and preventative maintenance of its high spec fleet in addition to the selective addition of higher capacity pumps, high torque top drive upgrades, and enhanced \"Ensign Edge\" drilling optimization systems in order to service the long reach lateral horizontal market and enhance margins.\n\nWe project the 2017 net capital expenditures to be approximately $105 million, which included delivery of two (2) new build drilling rigs (1 ADR-1500, 1 ADR-850), one new well servicing rig destined for the Permian basin, and major upgrades to two (2) 1500 HP rigs into super-spec ADR-1500's, also for the long reach horizontal Permian area.\n\nThe Company is also pleased to announce the appointment of Mr. Gary Casswell to its Board of Directors, effective December 4, 2017. Mr. Casswell has over 35 years of experience as a senior executive in the onshore and offshore drilling industries. His industry career most recently included tenure as the President & Chief Executive Officer of Northern Offshore Ltd., a Bermuda-based offshore drilling company, listed on the Oslo exchange, with offshore rigs used in both benign and harsh environments worldwide. Prior to that, Mr. Cassw...