Calfrac Enters Russian Well Service Market
Calfrac Well Services has entered into long-term contracts for the supply of two Deep Coiled Tubing Units including nitrogen and fluid pumping together with related well service equipment. These units are destined for Western Siberia to be put into field service prior to the end of the third quarter of 2005. This equipment will be supplied from Calfrac's current Canadian operating fleet and will be retrofitted for Russian operations. Calfrac intends to replace these units in Canada with newly manufactured units which are included in its 2005 Capital Program (previously announced on May 12, 2005). These replacement units are expected to be in service in Canada in October of this year.
Calfrac's intention is to continue to review other long term supply based opportunities from its Moscow Region Headquarters with the mandate to expand its Russian operation into Calfrac's other service lines including fracturing, acidizing and cementing and to diversify its customer base.
Calfrac is fortunate to have senior executives and management with a
great deal of Russian well service industry experience earned from their
association and employment with service companies with long and successful
involvement in the Russian well service market. As a result Calfrac believes
that it is well positioned to effectively and profitably operate and grow in
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