Business
Orbit Garant Drilling Provides Update on Operations
Orbit Garant Drilling Provides Update on Operations Canada NewsWire VAL-D'OR, QC...
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n\n\n\nOrbit Garant Drilling Provides Update on Operations\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\nVAL-D'OR, QC, April 1, 2020\n\n\n\nVAL-D'OR, QC, April 1, 2020 /CNW/ - Orbit Garant Drilling Inc. (TSX: OGD) (\"Orbit Garant\" or the \"Company\") today provided an update on the impact of the COVID-19 crisis on its operations. As a result of the Québec provincial government's order to minimize non-essential business activities in the province until at least April 13, 2020, the Company's drilling operations in Québec have been suspended until further notice. Orbit Garant's international drilling operations have been significantly reduced as result of government restrictions on business activity to control the spread COVID-19, or customer decisions to reduce or delay certain projects in this environment. The Company remains active on most of its drilling projects in Nunavut Territory and in the provinces of Ontario and New Brunswick, although drilling activity on certain projects has been temporarily reduced. \nOrbit Garant considers the health and safety of its personnel, customers, suppliers, and the communities in which it operates to be a top priority. At this time, no employees of Orbit Garant have been diagnosed with COVID-19. The Company is closely monitoring this public health crisis and has implemented precautionary health and safety measures and controls across its operations, based on the recommendations, or directives, issued by the public health authorities and governments in the various jurisdictions in which the Company operates.  \nOrbit Garant's primary sources of liquidity are cash flows from operations, borrowings under a Credit Facility with its primary lender, National Bank of Canada Inc., and a term loan with Export Development Canada. The Company is currently in compliance with all of its borrowing agreements and it expects to be so in the near future. As part of its business continuity plan, the Company continues to manage its variable cost structure and cash to support its reduced level of operations du...