Total Energy Services Inc. Increases 2013 Capital Expenditure Budget
June 6, 2013 (Source: Marketwired) — Total Energy Services Inc. (“Total”) (TSX:TOT) announces that it has increased its 2013 capital expenditure budget to $68.6 million. Included in this $23.7 million increase is $18.6 million for Total’s Rentals and Transportation Services division and $5.1 million for infrastructure to support existing operations and future growth in all divisions.
The capital allocated to the Rentals and Transportation Services division will be directed towards the replacement or upgrade of approximately 260 pieces of rental equipment and 11 heavy trucks and trailers and the addition of approximately 60 pieces of new rental equipment. Upon completion of this capital program and the disposal of redundant assets, which is expected by the end of 2013, Total will have an owned heavy truck fleet consisting of 106 units with an average age of three years and approximately 9,900 pieces of rental equipment.
Total intends to finance its 2013 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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