Equipment required to fulfill the contractual commitments will be supplied from Calfrac's existing North American operating fleet and fracturing operations are anticipated to commence early in the fourth quarter of this year. Over the term of the contract, estimated gross revenue is expected to be approximately US$75 million, including subcontracted services.
Calfrac believes that entry into the Mexican well service market provides an exciting opportunity for the company to expand in a major international fracturing market, which has substantial potential for future growth. Entry into this market is a continuation of Calfrac's strategy of diversifying geographically into new markets that are not dependent on natural gas drilling in the United States and Canadian markets.
Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol "CFW". Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Mexico and western Siberia in Russia.
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