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Essential Expands Mast Rig Fleet While Lowering Spending
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Essential Energy Services Ltd. has announced fourth quarter and year end results.
Garnet Amundson, President and Chief Executive Officer said: "2014 was generally a strong year for Essential however, we saw a drop-off in activity in December. EBITDAS(1) for the fourth quarter was $22.0 million, which is higher than the prior year quarter of $20.7 million. The increase reflects stronger demand for our masted coil tubing operations and our downhole tools and rentals business. For the year, EBITDAS(1) was $67.6 million, ahead of $66.1 million in 2013."
Demand for our services in the first quarter of 2015 has fallen off, reflecting the impact that low commodity prices are having on the oilfield services sector. Industry-wide activity is widely anticipated to be much weaker in 2015 than in 2014…
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