Ensign Energy Services Inc ESVIF

Primary Symbol: T.ESI

Energy Oil & Gas Drilling

Ensign Energy Services Inc. is a Canada-based international oilfield services contractor. The Company provides oilfield services to the oil and natural gas industry in Canada, the United States and internationally. Its services include contract drilling, directional drilling, underbalanced and managed pressure drilling, rental equipment, well servicing and production services. It offers a fleet of rigs, a range of drilling services, and also delivers customized solutions. The Company's well services include well completion and re-completions, well abandonment, production workovers, downhole pump servicing and/or replacement, well sidetracking and deepening, fishing and swabbing operations, and corod injection. The Company's ASR 150, is a fully automated service rig that eliminates all manual manipulation of tubulars from the pipe rack to the make-up of a connection, reducing the number of personnel on the rig floor. It provides pressure testing, tool rentals or torque wrenches.

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Ensign Energy Services Inc

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Post by Possibleidiot01on Mar 01, 2024 7:02am

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Post# 35908494

Q4 - most important section to me

Net repayments against debt totaled $217.6 million since December 31, 2022 , exceeding the Company's 2023 debt reduction target.
Since the first quarter of 2019, when the Company's total debt, net of cash, peaked at $1,688.1 million , the Company has reduced net debt by $498.2 million over the past five years. Notably, the Company reduced net debt by almost $500.0 million while completing two counter-cyclical, accretive acquisitions over the same five year period, totaling $162.7 million .
The Company's debt reduction for 2024 is targeted to be approximately $200.0 million . Our target debt reduction for the period beginning 2023 to the end of 2025 is approximately $600.0 million . If industry conditions change, this target could be increased or decreased.
In the fourth quarter of 2023, the Company agreed on a three-year $369.0 million term credit facility agreement with its syndicate of lenders (the " Term Facility "). Concurrently with the new Term Facility agreement, the Company has also amended and extended the existing $900.0 million Credit Facility. The maturity date of the Credit Facility has been extended for three years to October 2026 . The Company now expects the blended interest rate between the Term Facility and Credit Facility for the fiscal 2024 to be approximately eight percent. In addition, the Company's outstanding Senior Notes were redeemed during the fourth quarter of 2023.