CALGARY, Dec. 3, 2015 /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 January 6, 2016 to all Common Shareholders of record as of December 15, 2015. 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 total dividends declared by Ensign for its 2015 fiscal year amount to $0.48 per Common Share, up from total dividends of $0.4725 per Common Share declared for the 2014 fiscal year. Ensign has increased the amount of dividends declared in each fiscal year since the Company began paying a dividend in September 1995. Due to current market conditions, Ensign is holding rather than increasing the dividend for this quarter, and may make further adjustments to dividends as market conditions evolve.
Ensign's capital budget for 2016 has been approved by its directors at $60 million. The capital budget reflects a focus on retaining a strong balance sheet, in line with difficult market conditions. Newbuild ADR® drilling rigs partially constructed in 2015 and for which construction was previously paused, will be considered for reactivation as market conditions warrant.
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 Common Shares are publicly traded through 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, Mr. Timothy Lemke, Vice President Finance & Chief Financial Officer, Telephone: 403.262.1361