Ensign Energy Services cuts capital spending plan, executive salaries

Must Read

PRRD to review 2020 Regional Grant-in-Aid applications on April 23

DAWSON CREEK, B.C. - The Peace River Regional District has provided an update in regard to the 2020 Regional...

Number of coronavirus cases up to 1,066 in BC, ethical framework released for health workers

VICTORIA, B.C. – Provincial Health Officials provided an update, on Wednesday afternoon, on the latest information regarding the coronavirus...

City of Dawson Creek to layoff some staff

DAWSON CREEK, B.C. - The City of Dawson Creek has announced they will layoff 75 employees.

CALGARY — Ensign Energy Services Inc. is cutting its capital budget and says its top executives will take a pay cut as it moves to deal with the crash in the oilpatch due to COVID-19 and the oil price war between Russia and Saudi Arabia.

The oilfield services company says its capital spending plan has been reduced to $60 million from its earlier plan for $100 million.

Ensign says the new plan is comprised largely of maintenance capital items.

- Advertisement -

Community Interviews with Moose FM

The company also says it’s cutting the salary of its chair by 40 per cent, while its president and chief operating officer will see a 20 per cent reduction

Other named executive officers will have their salaries cut by 12.5 per cent and members of the company’s board will have their cash retainers cut by 20 per cent and equity compensation reduced by 40 per cent.

Ensign provides drilling as well as well servicing and production services.

This report by The Canadian Press was first published March 23, 2020.

Companies in this story: (TSX:ESI)


The Canadian Press

Latest Stories from Energeticcity.ca

More Articles Like This