Ensign Energy Services Inc. (ticker: ESI) announced a CapEx of $64 million, comprised of $43 million for capital maintenance on the fleet and $21 million for equipment and optimization upgrades to the current fleet. Ensign said that the capital plan focuses on the continuation of appropriate certification and preventative maintenance of its high spec fleet, in addition to the selective addition of higher capacity pumps, high torque top drive upgrades, and enhanced “Ensign Edge” drilling optimization systems.
The company projects that the 2017 net CapEx will be approximately $105 million. This included two new build drilling rigs (1 ADR-1500 and 1 ADR-850), one new well servicing rig destined for the Permian basin, and major upgrade to two 1500 HP rigs into super-spec ADR-1500s.
New board member
Ensign appointed Gary Casswell to its board of directors, effective December 4, 2017. Casswell has over 35 years of experience as a senior executive in the onshore and offshore drilling industries. His industry career most recently included tenure as the President and CEO of Northern Offshore Ltd., a Bermuda-based offshore drilling company, listed on the Oslo exchange, with offshore rigs used in both benign and harsh environments worldwide. Prior to that, Casswell acted as the VP of Eastern Hemisphere Operations for Pride International, a Houston, Texas based drilling company that was acquired by Ensco plc in 2011.
Casswell has lived and worked extensively throughout the Middle East, including in Kuwait, Saudi Arabia and Oman, and has extensive experience in the United States land drilling market. He obtained a Bachelor of Science degree in Business Administration from the University of California, Long Beach in 1980.
