Business
Trican Announces Continuation of Low Emissions Fracturing Fleet Upgrade Program
Calgary, Alberta--(Newsfile Corp. - September 12, 2022) - Trican Well Service Ltd. (TSX: TCW) ...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"Trican Announces Continuation of Low Emissions Fracturing Fleet Upgrade ProgramCalgary, Alberta--(Newsfile Corp. - September 12, 2022) - Trican Well Service Ltd. (TSX: TCW) (\"Trican\" or the \"Company\") announced today that it will continue to expand its fleet of next generation, low emissions fracturing equipment by upgrading its fourth set of existing pumping equipment (\"the fleet\") with CAT Tier 4 dynamic gas blending (\"DGB\") engines. The Company will be upgrading 42,000 hydraulic horsepower (\"HHP\") from conventional diesel engines to Tier 4 DGB engines, bringing Trican's total Tier 4 fleet to 168,000 HHP. The Tier 4 DGB engine displaces up to 85% of diesel with clean burning natural gas, reducing CO2 and particulate matter emissions. Combined with Trican's idle reduction technology, the fleet will lower overall fuel consumption and emissions which are key components in Trican's commitment to Environmental, Social and Governance (\"ESG\") initiatives with the goal of being Canada's lowest emitting pressure pumping company. \"Our existing Tier 4 equipment has been highly utilized and we are very pleased with the operational and financial performance of these assets,\" stated Brad Fedora, President & Chief Executive Officer of Trican. \"Demand for the Tier 4 equipment continues to grow and we are excited to move forward with our upgrade program.\"CAPITAL BUDGET UPDATEThe cost to upgrade the fourth low emissions fleet is expected to be approximately $32 million which is anticipated to be spent in 2022. Accordingly, the Company's 2022 capital budget has been increased to $114 million. The Company anticipates that its capital program will be funded from cash on hand and free cash flow.FORWARD-LOOKING STATEMENTSCertain statements and other information contained in this press release constitute \"forward-looking information\" and/or \"statements\" within the meaning of applicable Canadian securities legislation (collectively \"forward-looking statements\"), including, but not limited to, statements regarding the timing for completion of the upgrades, performance of the Tier 4 engine technology and the growing demand for the Tier 4 equipment. All statements in this press release other than those relating to historical facts or current conditions are forwar- looking statements. Forward-looking statements are often, but not...