Total Energy Services Inc. Announces Preliminary 2022 Capital Expenditure Budget
January 10 2022 - 7:35PM
Total Energy Services Inc. (TSX:TOT) ("Total" or the “Company”)
announces its preliminary 2022 capital expenditure budget of $26.1
million. Included in this budget is $6.7 million of expansion
capital and $19.4 million for equipment maintenance and upgrades.
In addition, approximately $2.0 million of 2021 capital expenditure
commitments will carry forward into 2022.
$6.7 million of expansion capital is being
allocated primarily to the Company’s Compression and Process
Services segment to support the continued growth of its North
American compression rental and parts and service businesses.
The $19.4 million capital maintenance budget
will be directed towards equipment upgrades, re-certifications and
maintenance in all business segments, including $6.8 million for
upgrades to the Canadian drilling rig fleet in response to strong
customer demand for high performance rigs that minimize the
environmental impact of drilling operations.
Total intends to finance its preliminary 2022
capital expenditure budget with cash on hand and cash flow from
operations.
Total Energy provides contract drilling
services, rentals and transportation services, well servicing and
compression and process equipment and service to energy and other
resource industries from operation centers in North America and
Australia. The common shares of Total Energy are listed and trade
on the TSX under the symbol TOT.
For further information, please contact Daniel
Halyk, President & CEO at (403) 216-3921 or by e-mail at:
investorrelations@totalenergy.ca or visit our website at
www.totalenergy.ca.
The TSX has neither approved nor disapproved of
the information contained herein.
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