EDMONTON, Oct. 6 /CNW/ - Hyduke Energy Services Inc. ("Hyduke") (TSX:HYD), is pleased to announce that is has recently been awarded a contract to provide four partial drilling rig equipment packages for a Mexican drilling contractor. The contract, valued at approximately $17,400,000, will be completed over the next five months with the first rig package being delivered in December 2009 and the final rig package being delivered in March 2010.
Gordon McCormack, President and Chief Executive Officer, commented, "We are extremely pleased with winning this contract. Hyduke was able to win this contract in the face of stiff competition from all major North American equipment manufacturers as demand in Canada and the US remains low. International market development is a key part of Hyduke's strategic plan and our strong commitment to servicing our international customers is demonstrated by our continued success in international markets."
Hyduke is an integrated oilfield services company with over thirty years experience in the manufacture, repair and distribution of oilfield equipment and supplies in Canada and worldwide. Hyduke specializes in providing customized, integrated solutions to the drilling and well service industries including:
- Turn-Key Equipment - drilling rig and service rig packages including
in-house design, engineering and drafting, major component
procurement and overall project management;
- Life Cycle Management - inspection, certification, service, repair
and supply services throughout the operating life of the drilling or
well service rig; and
- Single Source Supply - providing new capital equipment, repair and
maintenance on existing capital equipment and supply of operating
Hyduke is headquartered in Nisku, Alberta and has facilities in Edmonton, Calgary, Nisku, Leduc, Red Deer and Lloydminster, Alberta.
Hyduke operates in three operating segments. The Drilling Equipment segment includes manufacture and repair of land based drilling rigs and drilling rig structures, supply and repair of drilling rig equipment, procurement and distribution of drilling supplies, supply and service of pneumatic controls, engineering and design of drilling rigs and inspection and certification of drilling rig equipment. The Well Service Equipment segment includes manufacture and repair of well service rigs, mobile and skid mounted pump units and other well service equipment, procurement and distribution of well servicing supplies, supply and service of pneumatic controls, engineering and design of well service rigs and inspection and certification of well service equipment. The Other Oilfield Services segment includes manufacture and distribution of cased hole and overburden drill bits and drilling systems, custom and production machining services, distribution and repair of truck-mounted equipment including cranes, winches and dump boxes and industrial sandblasting, painting and collision repair.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this News Release.
Forward Looking Statements
This report contains certain forward-looking statements relating, but not limited to, operations, anticipated financial performance, business prospects and strategies of Hyduke. Forward-looking information typically contains statements with words such as "anticipate", "believe", "estimate", "expect", "plan", "intend" or similar words suggesting future outcomes or outlooks on, without limitation, estimates of business activity, supply and demand for the Company's products, the estimated amounts and timing of capital expenditures, anticipated future debt levels, or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance. Readers are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties both general and specific that may cause actual future results to differ materially from those contemplated and contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. These factors may affect anticipated earnings or assets and include, but are not limited to: industry activity levels, market liquidity, customer credit risk, competition, oil and gas prices, product liability, fixed price contracts, development of new products, uninsured and underinsured losses, access to additional financing, source of supply of raw material and third party components, availability of key personnel, agreements and contracts, government regulations, foreign exchange exposure, interest rate risk, international scope of operations, environmental health and safety regulations and Hyduke's anticipation of and success in managing the risks implied by the foregoing. The Company cautions that the foregoing list of important factors is not exhaustive. Hyduke undertakes no obligation to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities legislation.
SOURCE Hyduke Energy Services Inc.
For further information: For further information: Gordon R. McCormack, President and Chief Executive Officer, (780) 955-0355; Veronica Dutchak, Chief Financial Officer, (780) 955-0355