The following is a summary of the Ensign Energy Services Inc. (ESVIF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Third quarter revenue was $434.6 million, representing a 2% decrease year-over-year.

• Adjusted EBITDA for Q3 2024 totaled $119 million, a 1% increase compared to the prior year.

• The company reduced its debt by $135 million year-to-date and plans to continue debt reduction towards a $600 million target over three years.

• Capital expenditures for Q3 2024 were $33.5 million, with continuation of investment in maintenance and upgrade projects.

Business Progress:

• Canadian operations saw an 18% increase in operating days, leading in company's activity growth.

• A focus on high-spec rig demand in Canada, with considerable bookings into 2025.

• International operations remained steady, with 17 out of 30 rigs active.

• Continued deployment and expansion of EDGE Autopilot drilling rig control systems.

Opportunities:

• High-spec drilling rigs in Canada are fully booked till the first quarter of 2025, indicating strong future activity and potential rate increases.

• International contracts, especially in the Middle East, show strong demand with performance-based contracts enhancing revenue prospects.

Risks:

• The U.S. operation faces challenges with depressed natural gas prices and reduced short-term work due to recent mergers and acquisitions impacting drilling activity.

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