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Thursday, February 19, 2009 1:38:05 PM
By acquiring the well established TC Backhoe & Directional Drilling Inc., Enterprise Oilfield will be able to perform better than most oil field service companies that are less diversified. TC generates more than 75% of its revenues from infrastructure, and the rest from the energy service sector. The utility infrastructure & directional drilling business accounted for 39% of Enterprise’s revenues for the 9 months ended September 2008.
Currently, services provided by this segment includes installation of underground power, telecommunications and natural gas lines for some large companies, such as Shaw Communications (NYSE: SJR) and Fortis Inc. (TSX: FTS). According to management, the bulk of the company’s services are concentrated in urban areas, where utilizing directional drilling techniques for underground installation minimizes disruptions during the development of industrial, commercial and residential properties.
Because the utility infrastructure & directional drilling segment is a less seasonable business, it provides Enterprise with relatively stable revenues. Total infrastructure spending in the Province of Alberta grew rapidly at average annual rates of 13.3% and 17.5% during 2004–2008. Although the growth in the province will most likely slow down from the high levels seen in the past few years, it is expected to remain relatively strong compared with the national average.
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