CALGARY — Ensign Energy Services Inc. is cutting its capital budget and says its top executives will take a pay cut as it moves to deal with the crash in the oilpatch due to COVID-19 and the oil price war between Russia and Saudi Arabia.
The oilfield services company says its capital spending plan has been reduced to $60 million from its earlier plan for $100 million.
Ensign says the new plan is comprised largely of maintenance capital items.
The company also says it’s cutting the salary of its chair by 40 per cent, while its president and chief operating officer will see a 20 per cent reduction
Other named executive officers will have their salaries cut by 12.5 per cent and members of the company’s board will have their cash retainers cut by 20 per cent and equity compensation reduced by 40 per cent.
Ensign provides drilling as well as well servicing and production services.
This report by The Canadian Press was first published March 23, 2020.
Companies in this story: (TSX:ESI)
The Canadian Press