Service & Supply | Oilfield Services | Frac Markets - Pressure Pumping | Frac Markets - Frac Trends
Calfrac Taps Credit Facility To Increase CapEx; Frac Fleet
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Calfrac Well Services Ltd. is increasing its capital spend from $210 million to $360 million, including carryover capital. A portion of the increased capital spending is expected to occur in 2015.
The incremental capital spending will be funded by Calfrac's existing credit facilities and cash flow. At June 30, 2014, Calfrac had approximately $247 million available under its existing credit facilities.
The majority of the capital program increase is related to the construction of two fracturing fleets totaling 80,000 horsepower for Calfrac's United States operations, a 35,000 horsepower fracturing fleet for Canada and a 40,000 horsepower fracturing fleet that will operate in the Vaca Muerta shale play in Argentina.
In addition, two new twin cementing units will be constructed for Calfrac's…
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