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Calgary, AB (Jan 16, 2016) – 1st Rate Energy Services Inc. ("1st Rate" or "the Corporation") is pleased to announce that 1st Rate has acquired the Canadian Production Testing and related assets of Enseco Energy Services Corp. ("Enseco"). The acquisition will add 25 Production Testing Vessels, 5 Storage Vessels, 11 Line Heaters as well as multiple high pressure pipe packages, flare stacks, office trailers and ancillary equipment to 1st Rate’s current fleet. The acquisition represents a 50% increase in fleet size in North America.
"This acquisition is timely and opportunistic for 1st Rate and allows the Corporation to reduce and eliminate 3rd party rental charges and pass those savings on to its clients. This acquisition increases the overall blend of high pressure equipment while adding larger low stage storage vessels that are required in today’s operations and we believe our clients will benefit from our expanded fleet offering and corresponding ticket price reductions," says Chris Wilson, president.
In addition to the Production Testing equipment acquisition, 1st Rate will be opening an operating base in Grande Prairie, AB to better serve its clients.