Total Energy Services Inc. Announces Preliminary 2014 Capital Expenditure Budget
17 Janeiro 2014 - 5:03PM
Marketwired
Total Energy Services Inc. Announces Preliminary 2014 Capital
Expenditure Budget
CALGARY, ALBERTA--(Marketwired - Jan 17, 2014) - Total Energy
Services Inc. ("Total") (TSX:TOT) announces its preliminary 2014
capital expenditure budget of $31.2 million. Included in this
budget is $20.0 million for expansion of the natural gas
compression rental fleet, $6.9 million for maintenance capital
expenditures and $4.3 million for the purchase of equipment for the
Contract Drilling Services and Compression and Process Services
divisions.
In addition, Total has $22.8 million of remaining 2013 capital
expenditure commitments that will carry forward into 2014. Included
in this carry forward is $10.7 million for the construction of a
new 4200 meter AC electric drilling rig and the upgrade of an
existing single drilling rig, both of which are scheduled for
completion during the second quarter of 2014. Also included is $7.9
million related to expansion of the natural gas compression rental
fleet and $4.2 million for infrastructure projects and capital
equipment procurements that were commenced in 2013.
Total intends to finance the capital expenditures detailed above
with cash on hand, operating cash flow and its $35 million credit
facility which is currently undrawn and fully available.
Total is a growth oriented energy services corporation involved
in contract drilling services, rentals and transportation services
and the fabrication, sale, rental and servicing of natural gas
compression and process equipment. The common shares of Total are
listed and trade on the TSX under the symbol "TOT".
The Toronto Stock Exchange has neither approved nor
disapproved of the information contained herein.
Total Energy Services Inc.Mark KearlVP Finance and CFO(403)
216-3920investorrelations@totalenergy.cawww.totalenergy.ca
Total Energy Services (TSX:TOT)
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