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Ensign Energy Services Inc. Q2-2019 Earnings, Price Target

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Ensign Energy Services Inc.(ESI-TSX) provides oilfield drilling and well maintenance services to the crude oil and natural gas industries in Canada, the United States and internationally. As at Dec-31-2018, Ensign owned 335 land drilling rigs worldwide in their three main geographic operating regions (137 in Canada, 151 in the United States and 47 internationally). They also operate five 5 drilling rigs that are owned through a joint venture in which they hold a 60% interest. Land drilling forms the major business activity in each area of operation. Ensign also owned 27 specialty coring rigs in Canada, 108 well servicing rigs (62 in Canada and 46 in the US) and various oilfield services support equipment. US operations contribute 65% of revenues, Canada – 19% with the balance from Venezuela, Oman, Argentina and Australia. Total assets as of Jun-30-2019 are $3.7B, comprised mainly of drilling equipment and accounts receivable.

Seasonality

Canadian oilfield services operations are impacted by weather conditions that hinder the ability to move heavy equipment. The timing and duration of spring break-up, restricts moving heavy equipment on secondary roads, restricts movement of equipment in and out of certain areas, thereby negatively impacting equipment utilization levels. Activities in certain areas in northern Canada are restricted to winter months when the ground is frozen solid enough to support heavy equipment. Rig utilization is at its lowest during the second and third quarters of the year. To mitigate the impact of Canadian weather conditions the strategy is to expand into markets not subject to the same seasonality and by working with customers in planning the timing of their drilling programs.

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