by Adriano Marches
CalFreak Well Services Ltd said on Thursday it has increased its line of credit to Canadian $250 million, roughly US$197.3 million, as well as its capital budget as it seeks to expand its North American operations. .
The Canadian oilfield-services company said it used the Accordion facility of its syndicated loan to raise C$205 million from C$25 million.
With a C$45 million operating facility, the company’s liquidity capacity is now C$250 million, it said.
Additionally, Calfrac said it has approved an increase in its 2021 capital budget by 15% to $70 million as it supports the growth of its North American operations during this year and next.
“The increase in our credit facilities provides additional financial flexibility to advance our strategy in the context of an improved business environment, while an increase in our capital program will ensure that the company’s fleet is maintained to our higher standards and to take on CalFrack The benefits of increased activity are anticipated for 2022,” said Chief Financial Officer Mike Olinek.
Write to Adriano Marchese at [email protected]