SERVICE SECTOR / Ice Drilling Enterprises Inc. Announces $16 Million
Term Loan Facility and Major Expansion
ASE SYMBOL: IDF
JULY 3, 1998
CALGARY, ALBERTA--ICE Drilling Enterprises Inc. is pleased to
announce that its wholly-owned subsidiary, ICE Drilling Systems
Inc., has established a Credit Agreement with an affiliate of
EnSerCo, L.L.C. of Houston, Texas. EnSerCo, L.L.C. was created by
affiliates of Enron Capital & Trade Resources Corp. and SCF
Partners for the primary purpose of providing capital to the
oilfield service sector. The Credit Agreement provides a term
loan facility of up to Cdn $16.17 million.
Drawings under the term loan facility will retire existing
operating and term debt facilities, fund the fiscal 1999 capital
expenditure program of ICE Drilling Systems Inc. and provide
working capital. ICE Drilling Systems Inc. plans to double its
service capacity for the winter of 1998/99 by acquiring and/or
manufacturing seven surface control systems and seven on-site
nitrogen systems.
ICE Drilling Enterprises Inc. is an oilfield service company that
provides underbalanced, percussion hammer and related drilling
services. The establishment of this term loan facility will
enable ICE Drilling Enterprises Inc. to continue its rapid growth
to meet the increasing demand of, and to become a major
participant in, the underbalanced drilling industry.
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