CALGARY, ALBERTA--(Marketwire - Sept. 18, 2012) - Total Energy Services Inc. ("Total") (TOT.TO) announces that it has increased its 2012 capital expenditure budget to $95.9 million. Included in this $18.6 million increase is $10.6 million for the purchase of the 58,000 square foot main fabrication facility located in southeast Calgary that is currently leased by Total's Gas Compression Services division, Bidell Gas Compression ("Bidell"). The remaining $8.0 million relates to the construction and equipping of a new 41,000 square foot fabrication facility for Bidell to be located adjacent to the main fabrication facility. Upon completion of this new facility, which is expected by the third quarter of 2013, Total will own approximately 100,000 square feet of gas compression fabrication capacity. In addition, approximately 40,000 square feet of fabrication space is currently leased by Bidell. As such, the addition of the new facility will increase Bidell's fabrication capacity by approximately 40%.
Total intends to finance its 2012 capital expenditure budget from cash on hand, operating cash flow and, if necessary, its $35 million credit facility which is currently fully available and undrawn.
Total is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas compression and process equipment. The common shares of Total are listed and trade on the TSX under the symbol "TOT".
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
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