October 27, 2016 11:30 ET
CALGARY, ALBERTA--(Marketwired - Oct. 27, 2016) - Total Energy Services Inc. ("Total" or the "Company") (TSX:TOT) announces that it has increased its 2016 capital expenditure budget from $17.2 million to $25.5 million. This $8.3 million increase is primarily directed towards continued growth of Total's Rental and Transportation Services segment in Canada and the United States.
$5.9 million is being invested to grow the Rental and Transportation Services segment's Canadian fluid management business. In addition to the purchase of new equipment, Total has acquired a high quality fleet of eight heavy trucks and trailers that will expand the Company's fluid transportation capabilities in western Canada. In conjunction with this investment, the Company's Rental and Transportation Services segment has established a branch in Saskatoon, Saskatchewan to support existing operations and expand the Company's presence beyond the upstream oil and gas industry.
Total intends to finance its 2016 capital expenditure budget from cash on hand, operating cash flow and, if necessary, its $65 million credit facility which is currently 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.
Total Energy Services Inc.Daniel HalykPresident & CEO(403) email@example.com
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