Business
IROC Energy Services Corp. announces approval of $21 million capital expenditures
CALGARY, Nov. 23, 2011 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (TSXV...
About this update from Information Services Corp. Class A
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Nov. 23, 2011 /CNW/ - IROC Energy Services Corp. (\"IROC\" or the\n \"Corporation\") (TSXV: \"ISC\") is pleased to announce the Board of\n Directors has initially approved $21 million for capital spending for\n 2012. The bulk of the new equipment will be built and deployed to meet\n existing demand in our service rig and rental divisions. A strong\n balance sheet and excess free cash flow will allow IROC a great deal of\n flexibility in dealing with additional opportunities for growth as they\n develop during the first half of 2012.\n\n\nEagle Well Servicing\nEagle Well Servicing (\"Eagle\") is IROC's largest operating\n division. Eagle started 2011 with 36 rigs and expects to exit 2011 with\n 43 rigs. For 2012, the Corporation has budgeted $12.5 million for an\n additional 5 service rigs, with the first rig expected to be delivered\n at yearend and the remaining 4 service rigs currently scheduled for\n delivery during the first half of 2012. This will bring our currently\n planned fleet configuration to 47 service rigs, consisting of 22\n singles, 22 doubles, 1 heavy double, and 2 slant rigs. Building slots\n for the 5 additional service rigs have been secured and the Corporation\n has started to commit to capital expenditures relating to these new\n service rigs. These 5 new service rigs were previously announced in our\n news release dated October 25, 2011.\n\n\nAero Rental Services \nWith the increase in drilling and field service activity in the last 12\n months, IROC's rental services division remains strong and continues to\n grow. For 2012, the Corporation has approved $8.0 million for Aero to\n continue increasing its rental assets through targeted equipment\n purchases aimed at meeting current or anticipated customer demand,\n primarily in our core competency of pressure control.\n\n\nHelix Coil Services\nHelix Coil Services began operations in July 2011 with the deployment of\n two truck mounted units, each with 2\" capabilities placing the\n equipment in the intermediate size range. We have also added one\n trailer unit with 2\" capabilities along with pumping and crane support\n equipment. The coil operation is very complementary to our other\n service lines and, as expansion opportunities present themselves, we\n will not hesitate to act upon them. However, at...