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Ensign Energy Services Inc. - Secures Flexible Credit Facility Reduction Plan
By AP News - Apr 16, 2025, 12:47 AM ET
Last Updated - Apr 16, 2025, 12:47 AM EDT
CALGARY, AB, April 15, 2025 /CNW/ - Ensign Energy Services Inc. ("Ensign" or "the Company") announced today an amendment to its Credit Facility, demonstrating its ongoing commitment to prudent financial management and enhanced liquidity. The available borrowings under the Credit Facility were originally scheduled to be reduced by $75.0 million on June 30, 2025. The Company has had the terms of its Credit Facility amended so that there will be a phased reduction of $25.0 million on June 30, 2025, $25.0 million on September 30, 2025, and $25.0 million on December 31, 2025. This reduction plan will bring the available borrowings under the Credit Facility to the final size of $700.0 million at December 31, 2025.
The revised structure provides the Company with greater financial flexibility while maintaining its disciplined approach to debt reduction. By spreading the reduction over three quarters, the company ensures sustained liquidity to support operational excellence, invest in growth opportunities when they present themselves, and navigate dynamic market conditions.
Ensign is a global leader in oilfield services, headquartered out of Calgary, Alberta, operating in Canada, the United States and internationally. We are one of the world's top land-based drilling and well servicing contractors serving crude oil, natural gas, and geothermal operators. Our premium services include contract drilling, directional drilling, underbalanced and managed pressure drilling, rental equipment, well servicing and production services. Please visit our website at ensignenergy.com.
Ensign's Common Shares are publicly traded though the facilities of the Toronto Stock Exchange under the trading symbol ESI.
SOURCE Ensign Energy Services Inc.
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