CALGARY, Alberta, Jan. 07, 2025 (GLOBE NEWSWIRE) -- Total Energy Services Inc. (TSX:TOT) ("Total" or the "Company") announces its preliminary 2025 capital expenditure budget of $61.9 million which includes $34.3 million of expansion capital and $27.6 million for equipment maintenance and recertifications.
Included in 2025 expansion capital is $27.8 million for Canadian drilling and service rig upgrades and $6.5 million for continued growth of the North American natural gas compression rental fleet and parts and service business. In addition, approximately $16.6 million of 2024 capital expenditure commitments primarily related to Australian drilling and service rig upgrades currently underway will carry forward into 2025.
The $27.6 million capital maintenance budget for 2025 will be directed towards equipment re-certifications and maintenance in all business segments and includes the purchase of new drill pipe.
The Company intends to finance its capital expenditure program 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.
