Ensign Energy Services Inc T.ESI

Alternate Symbol(s): ESVIF

Energy Oil & Gas Drilling

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.

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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.