CALGARY, Alberta, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Total Energy Services Inc. (TSX:TOT) ("Total" or the “Company”) announces its preliminary 2024 capital expenditure budget of $46.5 million which includes $22.4 million of expansion capital and $24.1 million for equipment maintenance and recertifications.

The 2024 expansion capital budget includes $17.4 million for rig upgrades in the Contract Drilling Services and Well Servicing segments. In addition, $5.0 million of expansion capital will be directed towards continued growth of the North American natural gas compression rental business.

The $24.1 million capital maintenance budget will be directed towards equipment re-certifications and maintenance in all business segments and the purchase of new drill pipe.

Approximately $14.2 million of 2023 capital expenditure commitments will carry forward into 2024. The Company intends to finance these remaining capital commitments and its 2024 capital expenditure budget with cash on hand and cash flow from operations.

Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to energy and other resource industries from operation centers in North America and Australia. The common shares of Total Energy are listed and trade on the TSX under the symbol TOT.

For further information, please contact Daniel Halyk, President & CEO at (403) 216-3921 or by e-mail at: investorrelations@totalenergy.ca or visit our website at www.totalenergy.ca.

The TSX has neither approved nor disapproved of the information contained herein.