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Ensign Energy Services Inc. 2010 Annual Report

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Ensign Energy Services Inc. 2010 Annual Report 2010 Annual Report ENSIGN DELIVERS THIS IS ENSIGN Ensign Energy Services Inc. is an industry leader in the delivery of oilfield services in Canada, the United States and internationally. We are one of the world’s leading land-based drillers and well servicing providers for crude oil, natural gas and geothermal wells and are highly skilled in directional drilling. Since Ensign’s inception in 1987, we have accumulated an extensive equipment fleet characterized by flexibility and mobility for meeting the challenging demands of the crude oil and natural gas industry. We have also contributed to advancements in drilling and well servicing through the innovative use of technology, and have an established reputation for the highest safety standards and environmental stewardship. With headquarters in Calgary, Alberta, Ensign’s shares are listed on the Toronto Stock Exchange under the trading symbol ESI. On the Cover Ensign’s customers gain many advantages through our proprietary Automated Drill Rigs (ADR™) technology, including speed, flexibility, scalability, versatility and safety. Demand for the ADR™ is allowing us to expand our presence in North America’s fastest growing and most significant oil and shale gas resource plays, as well as int ernationally. 1 Ensign Delivers 28 Management’s Discussion and Analysis 68 Additional Information 2 Financial Strength 50 Operating Divisions Summary 69 Share Trading Summary 4 Anywhere in the World 52 Corporate Governance 70 10 Year Financial Information 6 Leading Technology and Expertise 53 Management’s Report 72 Operating Management 8 Operating Highlights 54 Auditors’ Report 75 Corporate and Field Offices 10 Letter to Shareholders 55 Consolidated Financial Statements 78 Directors 16 Operations Review 59 Notes to the Consolidated IBC Corporate Information 23 Building a Sustainable Company Financial Statements ENSIGN ENERGY SERVICES INC. 2010 ANNUAL REPORT ENSIGN DELIVERS Ensign has many competitive advantages, including: our financial strength; the diversity of our operations both geographically and in terms of the range of oilfield services we provide; our market-leading drilling technology; and the experience and skill of our employees. All these key differentiators set Ensign apart from our competitors and deliver strong results for our customers and our shareholders. Sunrise at Rig 150 in Louisiana, where we are expanding our operations in the Haynesville shale formation, a fast-growing natural gas resource play. PAGE 1 ENSIGN ENERGY SERVICES INC. 2010 ANNUAL REPORT ENSIGN DELIVERS… FINANCIAL STRENGTH Ensign has a strong balance sheet with positive net working capital and no long-term debt. As a result, we have the financial capacity to pursue new opportunistic growth opportunities – organic or acquisitions – anywhere in the world that meet our disciplined investment criteria. Our strong balance sheet also supports our robust dividend program. We have increased our dividend payout to shareholders every year since we first began paying dividends in 1995; and in November 2010, Ensign’s Board of Directors increased the quarterly dividend rate by 8.6 percent to $0.095 per common share. Annual Dividend Per Share Growth $0.4000 $0.3500 $0.3000 $0.2500 $0.2000 $0.1500 $0.1000 We are proud of growing dividends to $0.0500 our shareholders every year since we 0 started paying a dividend in 1995. 01 02 03 04 05 06 07 08 09 10 Dividend rates reflect the 3-for-1 stock split effective May 2001 and the 2-for-1 stock split effective May 2006. PAGE 2 ENSIGN DELIVERS... FINANCIAL STRENGTH FINANCIAL HIGHLIGHTS For the years ended December 31 ($ thousands, except per share data) 2010 2009 Change % Change Revenue 1,355,683 1,137,575 218,108 19 EBITDA (1) 326,483 308,954 17,529 6 EBITDA per share (1) Basic $2.13 $2.02 $0.11 6 Diluted $2.13 $2.02 $0.11 6 Adjusted net income (1) 122,314 131,159 (8,845) (7) Adjusted net income per share (1) Basic $0.80 $0.86 $(0.06) (7) Diluted $0.80 $0.86 $(0.06) (7) Net Income 121,426 125,436 (4,010) (3) Net income per share Basic $0.79 $0.82 $(0.03) (4) Diluted $0.79 $0.82 $(0.03) (4) Funds from operations (1) 297,017 257,406 39,611 15 Funds from operations per share (1) Basic $1.94 $1.68 $0.26 15 Diluted $1.94 $1.68 $0.26 15 Weighted average shares – basic (000s) 153,172 153,155 17 – Weighted average shares – diluted (000s) 153,173 153,261 (88) – (1) EBITDA, EBITDA per share, adjusted net income, adjusted net income per share, funds from operations, and funds from operations per share are not measures that have any standardized meaning prescribed by Canadian generally accepted accounting principles (“GAAP”), and accordingly, may not be comparable to similar measures used by other companies. Non-GAAP measures are defined on page 28. Revenue Net Income Funds From Operations ($ millions) ($ millions) ($ millions) 2000 400 500 400 1500 300 300 1000 200 200 500 100 100 Ensign expects that positive cash 0 0 0 0 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 flows and existing credit facilities will continue to support its future operations and capital expansion Gross Margin Net Income Per Share Funds From Operations initiatives. The Company continues ($ millions) ($) Per Share to operate with no long-term ($) debt and exited 2010 with a strong 800 3 3 balance sheet. 600 2 2 400 1 1 200 0 0 0 06 07 08 09 10 06 07 08 09 10 06 07 08 09 10 PAGE 3 ENSIGN ENERGY SERVICES INC. 2010 ANNUAL REPORT ENSIGN DELIVERS… ANYWHERE IN THE WORLD Ensign is well positioned to pursue new opportunities anywhere in the world and respond flexibly to our customers’ changing needs. Geographically, our global reach today extends to 13 countries in North and South America, the Middle East, Africa and the Asia-Pacific region, and we are a leading provider of oilfield solutions in many of the world’s most prolific and growing crude oil and natural gas resource plays. We offer a wide spectrum of oilfield services – contract drilling; directional drilling; underbalanced drilling and managed pressure drilling; well servicing; rental equipment; production testing; wireline; and manufacturing services. Moreover, we have experience operating in all climatic conditions – arctic to equatorial; deserts to rainforests. Three Ensign rigs operating together in Oman. Rig 118 in Alberta. ENSIGN DELIVERS... ANYWHERE IN THE WORLD Canada United States Libya Mexico United Arab Emirates Oman Thailand Venezuela Gabon Indonesia Australia Argentina New Zealand Contract Drilling 2010 Rig Count by Depth (metres) Total ADR™ 0-1,000 1,001-2,000 2,001-3,000 3,001-4,000 4,001-5,000 5,000+ Canada (1) 174 36 25 34 42 30 7– United States 80 25 2813 23 54 International (2) 59 20 –4415 88 313 81 27 46 59 68 20 12 (1) Includes oil sands coring/coal bed methane rigs (2) Includes workover rigs Service Rig Classifications Medium and Total Slant Single Skid Single Mobile Single Mobile Double Heavy Double Canada 99 13 1 65 13 7 United States 24 –––321 123 13 1 65 16 28 Revenue Employees Drilling Rigs Service Rigs and ($ millions) Workover Rigs 7 7 52 18 316.4 1,84718 24 546.3 3,337 174 80 Canada 493.0 2,171 99 United States International PAGE 5 ENSIGN ENERGY SERVICES INC. 2010 ANNUAL REPORT ENSIGN DELIVERS… LEADING TECHNOLOGY AND EXPERTISE Our technological leadership is a major driver for our business. Our customers demand and deserve efficiency and our market-leading Automated Drill Rig (ADR™) delivers for them. The ADR™ is purpose-built, fast, flexible, scalable, versatile, automated and safe. It also provides a smaller environmental footprint and is ideally suited for resource plays. In addition to our technology advantage, our customers also appreciate the experience and expertise of Ensign’s 7,400 well-trained employees who work to the highest international safety standards. Everywhere in the world we operate, our employees work hard and smart to provide customers with the world-class oilfield services they have come to expect from us. We expanded our directional drilling services offering in 2010 through both organic and opportunistic growth. ENSIGN DELIVERS... LEADING TECHNOLOGY AND EXPERTISE Rig 533 in California, where Ensign is the premier drilling contractor. PAGE 7 ENSIGN ENERGY SERVICES INC. 2010 ANNUAL REPORT OPERATING HIGHLIGHTS 2010 2009 Change % Change Drilling Number of rigs Canada Conventional 136 154 (18) (12) Oil sands coring/coal bed methane 38 28 10 36 United States 80 82 (2) (2) International 59 58 12 Operating days Canada 19,413 13,719 5,694 42 United States 15,254 9,797 5,457 56 International 10,014 7,212 2,802 39 Drilling rig utilization rate (%) Canada 30.6 20.3 10.3 50 United States 52.5 34.3 18.2 53 International 47.3 41.1 6.2 15 Well Servicing Number of rigs Canada 99 112 (13) (12) United States 24 18 6 33 Operating hours Canada 129,564 102,341 27,223 27 United States 53,618 35,205 18,413 52 Well servicing utilization rate (%) Canada 37.0 26.5 10.5 39 United States 71.9 53.6 18.3 34 PAGE 8 ENSIGN ENERGY SERVICES INC. 2010 ANNUAL REPORT ENSIGN DELIVERS § The most recent increases to our new build program are allowing us to add 19 new Automated Drill Rigs to our drilling rig fleet and 12 new well servicing Photo page rigs in 2011 and early 2012. Rig 121 in Wyoming. PAGE 9 ENSIGN ENERGY SERVICES INC. 2010 ANNUAL REPORT LETTER TO SHAREHOLDERS Dear Fellow Shareholders, We have also expanded our directional drilling services Although 2010 was, in many ways, another challenging offering through both organic and opportunistic growth.
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