Strad Energy Services Ltd. Provides Capital Expenditure Guidance for the Year 2017
June 28, 2017 at 08:50 am
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Strad Energy Services Ltd. provided capital expenditure guidance for the year 2017. For the year, the company approved an increase to its 2017 capital expenditure program of $11 million, from $15 million to $26 million. Approximately $10 million of the $11 million capital expenditure program increase will be used to fund organic growth opportunities within the Energy Infrastructure customer segment with a focus on the company's Matting product line. In addition, the Company will use the balance of the additional funds, or approximately $1 million, to continue its focus on the completions business as part of its Oil and Gas customer segment. Overall, $22 million of Strad's $26 million capital program is committed to fund organic growth opportunities within the Energy Infrastructure customer segment with a focus on the Company's Matting product line, an additional $1 million is committed to supporting the completions business as part of the Oil and Gas customer segment and $3 million is allocated for maintenance capital.
Strad Inc is a Canada-based company that provides industrial products and services for oil & gas, power transmission, pipeline and agriculture sectors. The Company rents a range of products, which include rig mats, wood/access mats, tank farms - upright and horizontal, light towers, well-site trailers, crane mats, fluid storage/tanks, frost fighters, mobile mat wash unit, among others. It provides mat management, project planning, mat mobilization & demobilization, mobile mat washing, among other services.