Alberta, , Canada
Engineering Products - Services,
Proprietorship Firm Since 1996
Peak Energy Services Trust is a diversified energy services organization providing oil field equipment and related services to the energy industry in western Canada and the mid-western United States of America.
Founded in 1996, Peak has experienced significant growth by acquiring complementary service companies, integrating services and diversifying product lines.
Peak operates two segments: Drilling Services and Production Services. The Drilling Services segment offers well-site accommodations, solids control, access matting, environmental services and other drilling related assets. The Production Services segment offers products and services focused towards the completion and production of oil and gas wells and includes products and services such as 400 BBL upright tanks, pressure vessels, service rig equipment, pumps, blowback tanks, flare stacks and specialized fluid handling services.
From August 1996 to May 2005 the Company has successfully completed 22 acquisitions for a total investment of approximately $144 million. Effective April 1, 2004, Peak streamlined its operations by consolidating all of its entities and their respective assets into one full service operation under the ?Peak? brand.
Peak?s goal is to provide a full range of drilling, production and completion related services to further establish itself as a dominant supplier for oil and gas producers throughout western Canada and the mid-western United Sates of America. Peak?s integrated package of services enables customers to become more efficient and reduce their cost structure by using a smaller number of suppliers over a broad geographic region.
The Company?s strategy for growth is to carefully scrutinize each acquisition opportunity to meet stringent investment criteria. Management will continue to seek out acquisition opportunities that will expand the Company?s business capabilities and provide value for Peak unit holders in the form of enhanced unit value and increased monthly distributions. Peak?s business is highly dependent on drilling and production activity levels in the western Canadian oil and gas sector and mid-western United States of America.
In 2004, Peak generated record revenue of $70.3 million, increasing 27% over 2003. Drilling activity, an indicator utilized by Peak to benchmark its performance, increased by 5% over the corresponding period. Earnings before interest, taxes, depreciation and amortization (?EBITDA?) increased by a corresponding 28% over the same time period from $19.3 million in 2003 to a record $24.6 million in 2004. This resulted in an increase in net income of 165% from $3.0 million in 2003 to $8.1 million in 2004.
For the first quarter of 2005 Peak?s revenue continued to show year over year strengthening, increasing by 34% percent from $18.7 million in the first quarter of 2004 to $25.1 million in 2005. Drilling activity increased 1% over the same period. The increase in revenue resulted in EBITDA of $11.0 million for the first three months of 2005, representing an increase of 44% from the EBITDA of $7.6 million generated during the first quarter of 2004. Cash flow increased a corresponding 67% from $6.3 million for the first 3 months of 2004 to $10.6 million for the same period in 2005. Net income increased 135% from $2.9 million in the first 3 months of 2004 to $6.7 million for the same period in 2005.
We Provide following Drilling Products: - CENTRIFUGES - CONE TANK - GENERATOR / CATERPILLAR MODEL 3208 - LIGHT PLANT - POLYMER INJECTION TANK - PREMIX TANK - PUMPS - RIG MATS - SHALE TANK - SURFACE TANK. Our Services Included : - WELLSITE ACOMMODATIONS - ACCESS MATTING - WASTEWATER TREATMENT
Suite 1800, 530 - 8th Avenue S.W.
Alberta - T2P 3S8 () Canada