(OTTAWA) - November 4, 2009 - Export Development Canada (EDC) today announced it has provided $35 million in financing towards a revolving credit facility for Calfrac Well Services Ltd. (Calfrac) of Calgary.
"Our financing for Calfrac is a great example of EDC working with private financial institutions to help a strong company with a global presence position itself for the recovery in the world economy," said Stephen Poloz, Senior Vice-President, Financing Products Group, EDC.
The financing agreement was facilitated under EDC's temporary two-year broadening of its mandate to undertake domestic financing, insurance, surety and bonding. EDC's domestic powers were enacted on March 12, 2009.
Doug Ramsay, President and Chief Executive Officer of Calfrac, said the financing from EDC will support Calfrac's international expansion and general corporate purposes.
"We are very pleased to have EDC join our syndicate of financial institutions to assist us in our vision to further establish Calfrac as a preeminent global oilfield service company," said Mr. Ramsay.
"Calfrac's strong Canadian roots, combined with its leading technologies, continue to open many international growth opportunities that, with the assistance of EDC, we hope to capitalize on in the future."
Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Russia, Mexico and Argentina.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada's Top 100 Employers for nine consecutive years.
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Media contact:
Phil Taylor
Export Development Canada
Tel: (613) 598-2904
Blackberry: ptaylor@edc.ca
