Q4 2024 Ensign Energy Services Inc Earnings Call Transcript

Mar 07, 2025 / 05:00PM GMT

Release Date Price: C$2.25 (-8.16%)

Transcript

Key Points

Positve

Ensign Energy Services Inc (ESVIF) reduced its debt by $220 million in 2024, exceeding its target of $200 million.
The company generated $450 million of EBITDA in 2024, demonstrating strong financial performance.
Ensign Energy Services Inc (ESVIF) achieved 100% utilization in its Middle East and Latin American business units.
The company successfully upgraded approximately 20 rigs with operator funding and expanded its drilling solution penetration by 25% year over year.
Ensign Energy Services Inc (ESVIF) ended the year with its second-best safety performance in the company's history, with three divisions operating without incidents.

Negative

Total operating days were down by 7% for the year ended December 31, 2024, with a significant decrease of 23% in the United States operations.
Revenue for the year ended December 31, 2024, decreased by 6% compared to the prior year, totaling $1.68 billion.
Adjusted EBITDA for 2024 decreased by 8% compared to 2023, primarily due to reduced activity in the US because of customer consolidation and depressed natural gas prices.
The company faced decreased activity in the United States division as a result of customer consolidation and depressed natural gas prices.
Ensign Energy Services Inc (ESVIF) experienced a 12% decrease in adjusted EBITDA for the fourth quarter of 2024 compared to the same period in 2023.

Operator

Good afternoon, ladies and gentlemen, and welcome to the Ensign Energy Services Incorporated fourth-quarter 2024 results conference call. (Operator Instructions) This call is being recorded on Friday, March 7, 2025.

I would now like to turn the conference over to Nicole Romanow, Investor Relations. Please go ahead.

Nicole Romanow

Ensign Energy Services Inc - Investor Relations

Thank you, Constantin. Good morning and welcome to Ensign Energy Services' fourth-quarter and year-end 2024 conference call and webcast. On our call today, Bob Geddes, President and COO; and Mike Gray, Chief Financial Officer, will review Ensign's fourth-quarter and year-end highlights and financial results followed by our operational update and outlook. We'll then open the call for questions.

Our discussion today may include forward-looking statements based upon current expectations that involve several business risks and uncertainties. The factors that could cause results to differ materially include, but are not limited to political, economic, and market conditions,

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