CALGARY, ALBERTA--(Marketwired - Jan. 17, 2014) - Total Energy Services Inc. ("Total") (TOT.TO) announces its preliminary 2014 capital expenditure budget of $31.2 million. Included in this budget is $20.0 million for expansion of the natural gas compression rental fleet, $6.9 million for maintenance capital expenditures and $4.3 million for the purchase of equipment for the Contract Drilling Services and Compression and Process Services divisions.
In addition, Total has $22.8 million of remaining 2013 capital expenditure commitments that will carry forward into 2014. Included in this carry forward is $10.7 million for the construction of a new 4200 meter AC electric drilling rig and the upgrade of an existing single drilling rig, both of which are scheduled for completion during the second quarter of 2014. Also included is $7.9 million related to expansion of the natural gas compression rental fleet and $4.2 million for infrastructure projects and capital equipment procurements that were commenced in 2013.
Total intends to finance the capital expenditures detailed above with cash on hand, operating cash flow and its $35 million credit facility which is currently undrawn and fully available.
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.