Mr. Daniel Halyk reports

TOTAL ENERGY SERVICES INC. COMPLETES ACQUISITION OF SAXON ENERGY SERVICES AUSTRALIA PTY LTD.

Total Energy Services Inc.'s wholly owned subsidiary Savanna Energy Services Pty. Ltd. (Savanna Australia) has completed the acquisition of all of the shares of Saxon Energy Services Australia Pty. Ltd. from SLB. The company paid $34.8-million (U.S.) on completion and $2-million (U.S.) less any postcompletion adjustments will be paid on the first anniversary of completion.

The acquisition of Saxon increases Savanna Australia's land drilling rig fleet to 16 rigs and substantially increases the depth capacity of such fleet. A 17th drilling rig is currently under construction for Savanna Australia and is scheduled to commence operating in July, 2024, under a long-term contract.

The acquisition of Saxon was financed utilizing cash on hand and existing credit facilities.

Concurrent with the acquisition of Saxon, Muhammad Yasir Nisar was appointed assistant vice-president, drilling services, of Total Energy. Mr. Nisar is a mechanical engineer who has been employed by SLB since 2006 in various roles of increasing responsibility within SLB's global land drilling business. Most recently, Mr. Nisar was in charge of Saxon, a position he held since mid-2019. Mr. Nisar will remain in Australia to assist with the integration of Saxon into Savanna Australia, following which he will relocate to Calgary, Canada.

Headquartered in Calgary, Alta., Total Energy provides contract drilling services, rentals and transportation services, well servicing, and compression and process equipment and services to the energy and other resource industries from operation centres in North America and Australia. The common shares of Total Energy are listed and trade on the Toronto Stock Exchange under the symbol TOT.

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