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Western Energy Services Corp (T:WRG)

Business Focus: Oil & Gas Drilling (NEC)

Sector:  Energy Industry:  Oil & Gas Drilling
See Regulatory Filings on SEDAR
Company Contact
Address: Suite 1700, 215 - 9th Avenue SW
Tel: N/A
IR: See website
Key People
Alex R N MacAusland
President, Chief Executive Officer, Founder, Director
Jeffrey K. Bowers
Chief Financial Officer, Senior Vice President - Finance, Secretary
Peter J. Balkwill
Vice President - Finance
Daniel Vern Lundstrom
Vice President, Health, Safety and Environment
J. Aaron Macausland
General Manager - Horizon Drilling
Business Overview
Western Energy Services Corp. (Western) is a Canada-based oilfield service company. The Company is focused on providing contract drilling services through its division, Horizon Drilling (Horizon) in Canada, and its wholly owned subsidiary, Stoneham Drilling Corporation (Stoneham) in the United States. Western provides well servicing and oilfield rental equipment services in Canada through its wholly owned subsidiary Western Production Services Corp. (Western Production Services). Western Production Services' division, Eagle Well Servicing (Eagle) provides well servicing, and Aero Rental Services (Aero) provides oilfield rental equipment services. In Contract Drilling Services, the Company operates a fleet of approximately 57 drilling rigs specifically suited for drilling complex horizontal wells. In production services, the Company provides well servicing and oilfield equipment rentals primarily in Canada operates approximately 66 well servicing rigs.
Financial Overview
For the nine months ended 30 September 2021, WesternEnergy Services Corp revenues increased 19% to C$90.3M. Netloss decreased 11% to C$30M. Revenues reflect ProductionServices segment increase of 32% to C$39.1M, ContractDrilling segment increase of 11% to C$51.7M, Canada segmentincrease of 34% to C$84.4M. Lower net loss reflectsProduction Services segment income totaling C$1.7M vs. lossof C$2.7M, Corporate segment loss decrease of 5% to C$3.4M.
Employees: 460 as of Dec 31, 2020
Reporting Currency: Canadian Dollars
Enterprise value: $249.80M as of Sep 30, 2021
Annual revenue (TTM): $117.99M as of Sep 30, 2021
EBITDA (TTM): $7.09M as of Sep 30, 2021
Net annual income (TTM): -$37.52M as of Sep 30, 2021
Free cash flow (TTM): $3.84M as of Sep 30, 2021
Net Debt Last Fiscal Year: $238.88M as of Sep 30, 2021
Shares outstanding: 91,706,457 as of Dec 6, 2021
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization