Ensign Energy Services

Ensign Energy Services Inc.
Company typePublic
TSX: ESI
IndustryOil and Gas Equipment & Services
Founded1987
Headquarters
Calgary, Alberta
,
Canada
Key people
N. Murray Edwards (Chairman)
ServicesDrilling
Directional Drilling
Well Servicing
Number of employees
5,000+ (2019)

Ensign Energy Services Inc. is a publicly traded Canadian company that provides oilfield services for the North American and international market.[1] Founded in 1987,[2] Ensign is headquartered in Calgary, Alberta. Ensign's Common Shares are publicly traded though the facilities of the Toronto Stock Exchange under the trading symbol ESI.[3]

Global Operations

Ensign is one of the world's land-based drilling and well servicing contractors serving crude oil, natural gas and geothermal operators.[verification needed] The company’s premium service is focused on contract drilling with complementary services such as directional drilling, underbalanced and managed pressure drilling, rental equipment, well servicing and production services.[4] Today, the company owns 302 drilling rigs and 102 service rigs across the globe. It has more than 5,000 employees, the majority of whom are field-based. [5]

 

North America

South America


Middle East

Oceania

History

1987 to 2007

Ensign was founded in 1987 as Ensign Resource Service Group.[2] It listed on the Toronto Stock Exchange in 1993. In the second quarter of 2005, the company changed its name from Ensign Resource Service Group to its current name.

2008 to Present

In 2011, the company was accused of option backdating;[6] it eventually reached a $4 million settlement.[7] In 2015–2016, it experienced significant losses of $104 million and $150 million; in the 2009 to 2016 period, it closed down 200 rigs.[8]

In August 2018, Ensign made a C$470 million hostile takeover offer for Trinidad Drilling.[9] On November 27, 2018, Ensign announced the successful acquisition of a total of 66.73 per cent of the outstanding common shares of Trinidad Drilling Ltd. ("Trinidad"), including the 9.82 per cent previously held by Ensign, which increased to 89.3 per cent by December 21, 2018. [10] The company reported a 72 per cent increase in revenue in its first full quarter since acquiring Trinidad Drilling Ltd. [11]

In 2019, the company was awarded significant new drilling contracts in the United States, Canada and the Middle East. [12]

See also

References

  1. ^ "Ensign retires 21 drilling rigs as slowing oilfield activity further shrinks industry". Calgary Herald. 2016-03-08. Retrieved 2018-08-17.
  2. ^ a b "Company History". Ensign Energy Services Inc. Archived from the original on 2017-11-10. Retrieved 2017-08-06.
  3. ^ "Ensign Provides an Update on New Drilling Rig Contracts (Permian, Canada, and International) and an Update on the Integration of Trinidad". Ensign Energy. 2018-03-28. Archived from the original on 2013-08-19. Retrieved 2020-01-07.
  4. ^ "Ensign Provides an Update on New Drilling Rig Contracts (Permian, Canada, and International) and an Update on the Integration of Trinidad". Ensign Energy. 2018-03-28. Archived from the original on 2013-08-19. Retrieved 2020-01-07.
  5. ^ "Investor Presentation". Ensign Energy. 2019-11-01. Retrieved 2020-01-07.
  6. ^ "Ensign Energy Services accused of option backdating | CBC News". CBC. Retrieved 2018-08-17.
  7. ^ "Ensign Energy Services stock option backdating suit ends in settlement | CBC News". CBC. Retrieved 2018-08-17.
  8. ^ "Ensign ends 2016 with $150M loss, shutters 26 rigs". Calgary Herald. 2017-03-06. Retrieved 2018-08-17.
  9. ^ "Ensign Goes Hostile in $358 Million Trinidad Drilling Bid". Bloomberg. 2018-08-13.
  10. ^ "Ensign Provides Update on Trinidad Acquisition, 2019 Capital Expenditure Plan, Operational Report and New Executive Vice President". Cision. 2019-02-14. Retrieved 2020-01-07.
  11. ^ "Ensign Energy Services posts Q1 beat as it digests Trinidad acquisition". The Canadian Press. 2019-05-13. Retrieved 2020-01-07.
  12. ^ "Ensign Provides an Update on New Drilling Rig Contracts (Permian, Canada, and International) and an Update on the Integration of Trinidad". Cision. 2019-05-28. Retrieved 2020-01-07.