CALGARY — Total Energy Services Inc. says it is planning $61.9 million in capital spending for 2025.
The company says the plan comprises $34.3 million of expansion capital and $27.6 million for equipment maintenance and recertifications.
The expansion spending includes $27.8 million for Canadian drilling and service rig upgrades and $6.5 million for continued growth of the North American natural gas compression rental fleet and parts and service business.
Total Energy also says $16.6 million of 2024 capital spending commitments, primarily related to Australian drilling and service rig upgrades, will carry forward into 2025.
The company plans to finance the capital spending with cash on hand and cash flow from operations.
Total Energy provides contract drilling services, rentals and transportation services in North America and Australia.
This report by The Canadian Press was first published Jan. 7, 2025.
Companies in this story: (TSX:TOT)
The Canadian Press
