ENSERCO secures US$30m revolving credit facility

News | 14 August 2017

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ENSERVO, a US service provider for onshore oil and gas producers, completed a US$30m revolving credit facility with East West Bank on 11 August 2017.

The three-year facility replaces the company’s previous credit agreement with PNC Bank, and will be used to expand the company’s operations and for general corporate purposes. 

ENSERVO specialises in oilfield services such as acidizing and frac water heating, operating across seven US oil and gas basins including Texas, Kansas, and Pennsylvania.

“We are very pleased with the favourable terms of our new credit agreement, which will increase our financial flexibility and help us capitalise on our considerable potential to expand our operations in a recovering energy environment,” said Ian Dickinson, CEO of ENSERVCO. 

“East West Bank is a high quality senior lender, and their team worked very hard to understand our business and design a facility that allows us to pursue some exciting opportunities to grow market share in our core well enhancement service offerings and accelerate growth of our new water transfer business.”

The credit facility was secured against ENSERVO’s equipment fleet and accounts receivables.  

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