Press

CWC Energy Services Corp. Announces 2017 Capital Expenditure Budget

Posted by Katie Woodward - OilVoice

07-Dec-2016


CALGARY, Dec. 6, 2016 /CNW/ - (TSXV: CWC) CWC Energy Services Corp. ("CWC" or the "Company") is pleased to announce that the Board of Directors has approved a 2017 capital expenditure budget of $5.9 million, $0.5 million of which is growth capital to improve certain well servicing equipment while the remaining $5.4 million is maintenance and infrastructure capital related to recertifications, additions and upgrades to field equipment for the drilling rigs, service rigs and coil tubing divisions as well as information technology infrastructure. The increase to the 2017 capital expenditures budget compared to the 2016 capital expenditure budget of $2.6 million is consistent with CWC's commitment to safety and operational efficiency with high quality and well maintained equipment.  CWC intends to finance its 2017 capital expenditures budget from operating cash flows.

The Company continues to be committed to disciplined fiscal management and pursuit of opportunities driven by the current industry environment. Management continues to evaluate and assess merger and acquisition opportunities of oilfield service businesses and assets that are best-in-class that would have the potential to increase shareholder value.



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