CALGARY, March. 3, 2017 /CNW/ - Ensign Energy Services Inc. ("Ensign" or "the Company") announces the declaration by its Board of Directors of a regular quarterly dividend of $0.12 (twelve cents) per Common Share.
The Board of Directors of Ensign declared the dividend of $0.12 (twelve cents) per Common Share to be payable on April 4, 2017 to all Common Shareholders of record as of March 23, 2017. The dividend payment is pursuant to the quarterly dividend policy adopted by the Company. Pursuant to subsection 89(1) of the Canadian Income Tax Act ("ITA"), the dividend being paid is designated as an "eligible dividend", as defined in subsection 89(1) of the ITA.
The Company also announces that the dividend reinvestment plan (the "DRIP Plan") participation for the fourth quarter of 2016 was 39%. The DRIP Plan remains in effect for the forthcoming regular quarterly dividend. Note that participation in the DRIP Plan is not available to U.S. shareholders.
Those Shareholders wishing to receive their dividends in the form of common shares must enroll in the DRIP Plan. DRIP Plan shares will be issued directly from the treasury of Ensign at a price equal to 95% of the volume-weighted average price of the common shares traded on Toronto Stock Exchange during the time period prescribed by regulations and DRIP Plan.
To enroll in the DRIP Plan, beneficial Shareholders will be required to contact their broker who is a central securities depository participant and who holds the Shareholder's shares. Registered Shareholders must contact Computershare Trust Company of Canada (the "Plan Agent") National Customer Contact Centre at 1-800-564-6253. Once enrolled, participation in the DRIP Plan will continue automatically unless terminated. Enrollment Forms must be submitted to the Plan Agent at least five (5) business days before the record date.
Shareholders should carefully read the complete text of the DRIP Plan before making any decisions regarding their participation in the DRIP Plan. Participation in the DRIP Plan will not relieve shareholders of any liability for taxes that may be payable on dividends. Shareholders should consult their own tax advisors concerning the tax implementations of their participation in the DRIP Plan having regard to their own particular circumstances. The complete text of the DRIP Plan may be obtained from the Computershare Trust Company of Canada's website at www.investorcentre.com, by calling the Computershare Trust Company of Canada at 1-800-564-6253, or from Ensign's website at www.ensignenergy.com.
Ensign reserves the right to amend, suspend or terminate the DRIP Plan at any time, but such action shall have no retroactive effect that would prejudice the interest of the DRIP Plan participants. No brokerage commissions, administration costs or other service charges are payable to the Plan Agent in connection with the acquisition of DRIP Plan Shares under the DRIP Plan.
The foregoing announcement is for information purposes only and is not intended to constitute an offering of securities in any jurisdiction. Readers are cautioned that the eventual timing and details for the DRIP Plan include forward-looking statements, based on current expectations, which involve a number of risks and uncertainties. Actual events may differ materially from current expectations.
Ensign Energy Services Inc. is a global leader in oilfield services, headquartered out of Calgary, Alberta, operating in Canada, the United States and internationally. We are one of the world's top land-based drilling and well servicing contractors serving crude oil, natural gas and geothermal operators. Our premium services include contract drilling, directional drilling, underbalanced and managed pressure drilling, rental equipment, well servicing and production services. Please visit our website at www.ensignenergy.com.
Ensign's Common Shares are publicly traded though the facilities of the Toronto Stock Exchange under the trading symbol ESI.
SOURCE Ensign Energy Services Inc.
For further information: Ensign Energy Services Inc., 400 - 5th Avenue S.W., Suite 1000, Calgary, Alberta T2P 0L6 Canada; Mike Gray, Chief Financial Officer, Telephone: (403) 262-1361