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Ensign Energy Services Inc T.ESI

Alternate Symbol(s):  ESVIF

Ensign Energy Services Inc. is a technologically advanced oilfield service provider. It provides oilfield services to the oil and natural gas industry in Canada, the United States and internationally. Its services include drilling, directional drilling, well servicing and rental equipment. Its 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. It offers a comprehensive range of resolutions, customized to meet the needs of its customers, including advanced drilling systems, automation technologies, directional drilling tools, and environmental innovations. Its 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 offers pressure testing, tool rentals or torque wrenches.


TSX:ESI - Post by User

Post by Schussing56on Aug 09, 2023 7:43am
270 Views
Post# 35578997

Q2 Results

Q2 Results1. Ensign beats Ebitdas estimates modestly: $116.6 million compared to projected $113 million

2. US rig count has been reduced leading to flat projections for Q3

3. Management has commenced discussions with its syndicate to extend its credit facility and obtain a new term loan that will be used to repay the 9.25% April 2024 Senior Notes and remains confident in its ability to refinance its debt which will likely be completed by Q3/23. Year-to-date, management has paid down $112.5 million of debt, and remains on track for its 2023 debt reduction target of $200.0 million as well as its longer-term target of $600.0 million from 2023 to 2025.

4. Q2/23 results were relatively in-line with expectations. Note that the weakness in natural gas pricing is broadly expected to be short-lived. To the extent that Ensign can be successful in refinancing its debt, we would view that as a positive near-term catalyst. In this context, we are maintaining our BUY rating and $5.00/share target price.
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