Ensign Energy Services Inc. Reports 2013 Results

 CALGARY, March 17, 2014 /CNW/ -  Overview  Ensign Energy Services Inc. ("Ensign" or the "Company") generated the second  highest revenue in its history of $2,098.0 million for the year ended December  31, 2013, a decrease of five percent over revenue of $2,197.3 million recorded  in the prior year.  Operating earnings, expressed as adjusted EBITDA (defined  as earnings before interest, income taxes, depreciation, share-based  compensation expense (recovery) and foreign exchange and other), for 2013 were  $485.7 million ($3.18 per common share), a 13 percent decrease from adjusted  EBITDA of $561.0 million ($3.67 per common share) for the year ended December  31, 2012.  Net income for the year ended December 31, 2013 was $128.9 million  ($0.84 per common share), a 41 percent decrease from $217.5 million ($1.42 per  common share) recorded in 2012.  Excluding the tax-effected impact of  share-based compensation expense (recovery) and foreign exchange and other,  adjusted net income for the year ended December 31, 2013 totaled $143.9  million ($0.94 per common share), 34 percent lower than adjusted net income of  $219.5 million ($1.44 per common share) recorded for the year ended December  31, 2012.  Funds from operations for 2013 decreased 14 percent to $435.6  million ($2.85 per common share) from $506.4 million ($3.32 per common share)  in the prior year.  During the fourth quarter of 2013, the Company generated revenue of $536.0  million, an increase of one percent from revenue of $530.1 million recorded in  the fourth quarter of 2012.  Adjusted EBITDA was $112.5 million ($0.74 per  common share) for the fourth quarter of 2013, a decrease of nine percent from  adjusted EBITDA of $123.9 million ($0.81 per common share) recorded in the  fourth quarter of 2012.  Net income decreased 45 percent to $26.9 million  ($0.18 per common share) compared to $48.5 million ($0.32 per common share)  recorded in 2012.  Adjusted net income for the fourth quarter of 2013 totaled  $27.9 million ($0.18 per common share), 42 percent lower than adjusted net  income of $48.4 million ($0.32 per common share) recorded for the fourth  quarter of 2012.  Funds from operations were $101.2 million ($0.66 per common  share) for the fourth quarter of 2013, a 13 percent decrease from $116.6  million ($0.76 per common share) recorded in the fourth quarter of 2012.  North American customers reduced their demand for oilfield services in late  2012 and into the start of 2013 in reaction to unfavorable global economic  conditions and concerns regarding the economics of oil and natural gas  projects.  The reduced demand for North American oilfield services negatively  impacted operating and financial results in 2013 compared to 2012.  In  addition, Canadian oilfield services were hindered in 2013 by a particularly  wet spring break-up that impeded the movement of the Company's equipment.   Results from the Company's international operations were stronger in 2013  compared to 2012, mainly due to increased demand in the eastern hemisphere and  the strategic growth of the Company's fleet to meet rising levels of demand  for oilfield services.  International and United States financial results were  positively impacted by the strengthening of the average United States dollar  foreign exchange rate on translation to Canadian dollars.  During 2013, the  average United States dollar foreign exchange rate increased by approximately  three percent against the Canadian dollar when compared to 2012.  Despite a decrease in demand for oilfield services in some of the areas where  the Company operates, growth of the Company's global equipment fleet helped to  mitigate the overall decrease to activity levels.  In 2013 the Company added  five new Automated Drill Rigs ("ADR(®)") to its drilling rig fleet: two in  the Canadian market and three in the United States market through the new  build program.  All of the newly constructed ADRs are subject to long-term  contracts.  The new build program also added seven new well servicing rigs:   six in Canada and one in the United States.    In addition, the Company  expanded its existing directional drilling business in Canada through the  acquisition of substantially all of the assets of Departure Energy Services  Inc. ("Departure") and expanded its existing oilfield rental business in  Canada through the acquisition of substantially all of the assets of EGOC  Enviro Group of Companies ("EGOC"), both in the second quarter of 2013.   During 2013, an additional drilling rig was relocated to the international  market from the Company's United States fleet.  Consistent with prior years, the Company increased its dividend in the fourth  quarter of 2013 to a quarterly dividend rate of $0.1175 per common share, a  6.8 percent increase from the previous quarterly dividend rate of $0.1100 per  common share.  The Company first started paying a dividend in 1995 and has  increased its annual dividend at a 17 percent compound annual growth rate from  1995 to the current year.  The Company exited 2013 with a working capital deficit of $71.1 million  compared to positive working capital of $13.9 million at December 31, 2012.   The working capital deficit position was due to existing cash resources being  utilized in 2013 to fund the second quarter acquisitions of Departure and EGOC  mentioned above, as well as funding the current new build program.  The  Company's revolving credit facilities provide for available borrowings of  $70.7 million at December 31, 2013 compared to $164.3 million at December 31,  2012.  FINANCIAL AND OPERATING HIGHLIGHTS  ($ thousands, except per share data and operating information)                                  Three months ended                                      December 31           Year ended December 31                          2013                  %                                %                                    2012   change        2013        2012   change     Revenue           536,044   530,106        1   2,098,011   2,197,321      (5)     Adjusted EBITDA     1                 112,461   123,915      (9)     485,712     560,975     (13)     Adjusted EBITDA               per share 1                                                                         Basic             $0.74    $0.81       (9)       $3.18       $3.67     (13)       Diluted           $0.73    $0.81      (10)       $3.16       $3.67     (14)                                                                                  Adjusted net     income 2           27,947    48,367     (42)     143,909     219,504     (34)     Adjusted net     income per share              2                                                                                   Basic             $0.18     $0.32     (44)       $0.94       $1.44     (35)       Diluted           $0.18     $0.32     (44)       $0.94       $1.43     (34)                                                                                  Net income         26,895    48,489     (45)     128,865     217,522     (41)     Net income per                share                                                                               Basic             $0.18     $0.32     (44)       $0.84       $1.42     (41)       Diluted           $0.18     $0.32     (44)       $0.84       $1.42     (41)                                                                                  Funds from     operations 3      101,209   116,555     (13)     435,611     506,355     (14)     Funds from     operations per                share 3                                                                             Basic             $0.66     $0.76     (13)       $2.85       $3.32     (14)       Diluted           $0.66     $0.76     (13)       $2.84       $3.31     (14)                                                                                  Weighted average     shares - basic    152,809     (000s)                      152,617       -      152,693     152,664        -     Weighted average     shares - diluted  153,613     (000s)                      152,921       -      153,620     152,995        -                                                                                  Drilling                                                                            Number of                                                                         marketed rigs                                                              Canada4           121       124      (2)         121         124      (2)         United States     117       121      (3)         117         121      (3)         International                                                 54        -         5                  54        54        -          54       Operating days                                                                      Canada 4        3,457     4,135     (16)      14,183      18,398     (23)         United States   5,778     5,555        4      22,955      24,226      (5)         International                                                         (2)         5               2,888     3,010      (4)      11,384      11,612                                                                                  Well Servicing                                                                      Number of                                                                         marketed rigs                                                              Canada             95        99      (4)          95          99      (4)         United States      45        46      (2)          45          46      (2)       Operating hours                                                                     Canada         30,324    35,054     (13)     121,159     140,978     (14)         United States  30,057    28,097        7     105,260     121,766     (14)     1Adjusted EBITDA is defined as "income before interest expense, income     taxes, depreciation, share-based compensation expense (recovery) and     foreign exchange and other".  Management believes that in addition to     net income, Adjusted EBITDA and Adjusted EBITDA per share are useful     supplemental measures as they provide an indication of the results     generated by the Company's principal business activities prior to     consideration of how these activities are financed, how the results are     taxed in various jurisdictions, how the results are impacted by foreign     exchange or how the results are impacted by the accounting standards     associated with the Company's share-based compensation plans.  Adjusted     EBITDA and Adjusted EBITDA per share as defined above are not     recognized measures under International Financial Reporting Standards     and accordingly may not be comparable to measures used by other     companies.     2 Adjusted net income is defined as "net income before share-based     compensation expense (recovery) and foreign exchange and other,     tax-effected using an income tax rate of 35 percent".  Adjusted net     income and Adjusted net income per share are useful supplemental     measures as they provide an indication of the results generated by the     Company's principal business activities prior to consideration of how     the results are impacted by foreign exchange and how the results are     impacted by the accounting standards associated with the Company's     share-based compensation plans, net of income taxes.  Adjusted net     income and Adjusted net income per share as defined above are not     recognized measures under International Financial Reporting Standards     and accordingly may not be comparable to measures used by other     companies.     3 Funds from operations is defined as "cash provided by operating     activities before the change in non-cash working capital".  Funds from     operations and Funds from operations per share are measures that     provide additional information regarding the Company's liquidity and     its ability to generate funds to finance its operations.  Management     utilizes these measures to assess the Company's ability to finance     operating activities and capital expenditures.  Funds from operations     and Funds from operations per share are not measures that have any     standardized meaning prescribed by International Financial Reporting     Standards and accordingly may not be comparable to similar measures     used by other companies.     4Excludes coring rigs.     5 Includes workover rigs.  2013 Highlights         --  Revenue for 2013 was the second highest in the Company's             history at $2,098.0 million, down five percent from the record             level set in 2012.  For the fourth quarter of 2013 revenue was             comparable to the fourth quarter of 2012, increasing one             percent.         --  Five new ADRs were added to the Company's drilling fleet: two             in the Canadian market and three in the United States market.              The new build program also added seven new well servicing             rigs:  six in Canada and one in the United States.  In             addition, the Company retrofitted four drilling rigs in 2013:              two in Canada, one in the United States and one in the             international market.         --  Revenue by geographic area for the three and twelve months             ended December 31, 2013:       o Canada - fourth quarter: 30 percent, 2013: 32 percent;       o United States - fourth quarter: 44 percent, 2013: 42 percent; and       o International - fourth quarter: 26 percent, 2013: 26 percent.         --  Adjusted EBITDA for 2013 was $485.7 million, a 13 percent             decrease from adjusted EBITDA of $561.0 million for the year             ended December 31, 2012.  For the fourth quarter of 2013,             adjusted EBITDA was $112.5 million, down nine percent from             adjusted EBITDA of $123.9 million recorded in the fourth             quarter of 2012.  Funds from operations for 2013 decreased 14             percent to $435.6 million from $506.4 million in the prior year             and decreased 13 percent in the fourth quarter of 2013 to             $101.2 million from $116.6 million recorded in the fourth             quarter of the prior year.         --  Canadian drilling recorded 14,183 operating days in 2013, a 23             percent decrease from 18,398 operating days in the previous             year.  Canadian well servicing hours decreased by 14 percent in             the year ended December 31, 2013 from the prior year.  For the             fourth quarter of 2013, Canadian drilling recorded 3,457             operating days, a 16 percent decrease from 4,135 operating days             in the fourth quarter of 2012.  Canadian well servicing hours             decreased by 13 percent in the fourth quarter of 2013 compared             to the fourth quarter of 2012.         --  United States drilling recorded 22,955 operating days in 2013,             a five percent decrease from 24,226 operating days in the             previous year.  United States well servicing hours decreased by             14 percent in 2013 compared to 2012.  For the fourth quarter of             2013, United States drilling recorded 5,778 operating days, a             four percent increase over 5,555 operating days in the fourth             quarter of 2012.  United States well servicing hours increased             by seven percent in the fourth quarter of 2013 compared to the             fourth quarter of 2012.         --  International drilling recorded 11,384 operating days in 2013,             a two percent decrease from 11,612 operating days recorded in             2012. For the fourth quarter of 2013, international drilling             recorded 2,888 operating days, a four percent decrease from             3,010 operating days in the fourth quarter of 2012.         --  The Company declared a quarterly cash dividend on common shares             of $0.1175 per common share payable April 4, 2014.  In 2013 the             Company declared dividends of $0.4475 per common share, an             increase of five percent over dividends of $0.4250 per common             share declared in 2012.  The Company has increased its dividend             every year since the first dividend was paid in 1995.  Revenue and Oilfield Services Expense                        Three months ended December                                                 31           Year ended December 31     ($ thousands)          2013                  %                                %                                      2012   change        2013        2012   change                                                                                    Revenue                                                                               Canada            158,488   176,693     (10)     661,008     774,444     (15)       United States     235,829   213,667       10     890,767     944,580      (6)       International     141,727   139,746        1     546,236     478,297       14                                                                                                        536,044   530,106        1   2,098,011   2,197,321      (5)     Oilfield     services            399,856   384,553        4   1,524,173   1,555,509      (2)     expense                                                                                     Gross margin        136,188   145,553      (6)     573,838     641,812     (11)                                                                                    Gross margin           25.4     27.5                  27.4        29.2     percentage %   Revenue for the year ended December 31, 2013 was the second highest in the  Company's history totaling $2,098.0 million, a decrease of five percent from  the record level set for the year ended December 31, 2012 of $2,197.3 million.   The Company recorded revenue of $536.0 million for the three months ended  December 31, 2013, a one percent increase from the $530.1 million recorded in  the three months ended December 31, 2012.  Reduced demand for North American  oilfield services that began late in 2012 continued into 2013 weakening  financial results in the current year.  Demand in the current year was  hampered by continuing uncertainty in oil and natural gas economics in North  America.  However, demand for international oilfield services remained firm in  many of the areas in which the Company operates, producing generally stronger  results in 2013 compared to 2012. Demand for North American oilfield services  began to show signs of recovery late in 2013, particularly in the United  States, with revenue rates returning to levels more comparable with 2012  however Canada still remained at slightly reduced demand levels.  United  States results for the current year fourth quarter also reflect the additions  to the fleet from the new build program.  Throughout 2013, three new ADRs and  one new well servicing rig were added to the United States fleet which helped  to bring operating and financial results up in the fourth quarter of 2013 when  compared to the fourth quarter of 2012.  Gross margin as a percentage of revenue decreased in 2013 to 27.4 percent from  29.2 percent in 2012.  Gross margin as a percentage of revenue for the fourth  quarter of 2013 decreased to 25.4 percent compared to 27.5 percent for the  fourth quarter of the prior year.  Increased costs for labor and higher major  maintenance expenditures, which are generally expensed as incurred, negatively  impacted margins in the current year.  In addition several international rigs,  which are expected to begin work early in 2014, incurred start-up costs  towards the end of 2013.  Such expenditures negatively impacted 2013 gross  margins.  Canadian Oilfield Services                             Three months ended                   Year ended                                    December 31                  December 31                                              %                            %                         2013     2012   change      2013      2012   change     Drilling rigs1                                                                Opening balance    121      133                124       131                  Additions          -        1                  2         6                  Transfers2         -     (10)                  -      (10)                  Decommissions                                                               / Disposals        -        -                (5)       (3)       Ending balance     121      124      (2)       121       124      (2)     Drilling                                                             operating days1    3,457    4,135     (16)    14,183    18,398     (23)     Drilling rig                                                         utilization %1      31.1     36.2     (14)      32.3      38.8     (17)                                                                                 Well servicing                                                       rigs                                                                          Opening balance     94       99                 99       103                  Additions          1        -                  6         -                  Decommissions                                                               / Disposals        -        -               (10)       (4)       Ending balance      95       99      (4)        95        99      (4)     Well servicing                                                       operating hours   30,324   35,054     (13)   121,159   140,978     (14)     Well servicing                                                       utilization %       34.7     38.5     (10)      35.8      38.1      (6)     1Excludes coring rigs.     2Includes transfers to coring rigs.  The Company recorded revenue of $661.0 million in Canada for the year ended  December 31, 2013, a 15 percent decrease from $774.4 million recorded in the  year ended December 31, 2012.  Revenue generated in Canada decreased 10  percent to $158.5 million for the three months ended December 31, 2013, from  $176.7 million for the three months ended December 31, 2012.  In the fourth  quarter of 2013, Canadian revenues accounted for 30 percent of total revenue  (2012 - 33 percent), and during the year ended December 31, 2013, Canadian  revenues were 32 percent of total revenue (2012 - 35 percent).  Unfavorable price differentials for Canadian commodities and continued  industry uncertainty weakened demand for the Company's Canadian oilfield  services in 2013 compared to 2012.  Additionally, the Company's Canadian  operations were hampered in 2013 as the industry continued its transition from  shallow to deeper and longer reach drilling.  The resulting impact to activity  levels, combined with a particularly wet spring break-up in the current year,  reduced operating and financial results for the year ended December 31, 2013  compared to the year ended December 31, 2012.  These negative impacts were  somewhat offset by the positive impact from the expansion of the Company's  Canadian oilfield rentals and directional drilling equipment fleets in the  second quarter of 2013.  During the year ended December 31, 2013, operating days recorded by the  Company's Canadian operations decreased 23 percent compared to the level of  activity in the prior year.  Operating days in the fourth quarter of 2013  decreased 16 percent from the fourth quarter of 2012.  Similarly, Canadian  well servicing hours decreased by 14 percent in the year ended December 31,  2013 and by 13 percent in the fourth quarter of 2013 compared to the  corresponding periods in the prior year.  The Company decommissioned or disposed of five inactive drilling rigs and 10  inactive well servicing rigs during 2013 and added two new build ADRs and six  new well servicing rigs to the Company's Canadian equipment fleet in 2013.   The Company continues to transition its Canadian drilling fleet from shallow  drilling rigs to deeper drilling rigs in response to changing market dynamics.   In January, 2013, the Company disposed of its non-rig manufacturing facility  located in Calgary, Alberta.  United States Oilfield Services                               Three months ended                   Year ended                                      December 31                  December 31                           2013     2012        %      2013      2012        %                                           change                       change     Drilling rigs                                                                   Opening balance      117      116                121       117                  Additions            -        -                  3         5                  Transfers            -        5                (1)         5                  Decommissions        -        -                (6)       (6)                  / Disposals       Ending balance       117      121      (3)       117       121      (3)     Drilling             5,778    5,555        4    22,955    24,226      (5)     operating days     Drilling rig          53.7     50.2        7      54.0      57.4      (6)     utilization %                                                                              Well servicing                                                                rigs       Opening balance       45       46                 46        36                  Additions            -        1                  1        12                  Decommissions        -      (1)                (2)       (2)                  / Disposals       Ending balance        45       46      (2)        45        46      (2)     Well servicing      30,057   28,097        7   105,260   121,766     (14)     operating hours     Well servicing        72.6     66.4        9      64.2      78.1     (18)     utilization %  The Company's United States operations recorded revenue of $890.8 million for  the year ended December 31, 2013, down six percent from revenue of $944.6  million for the year ended December 31, 2012.  Revenue recorded in the United  States was $235.8 million in the fourth quarter of 2013, a 10 percent increase  from the $213.7 million recorded in the corresponding period of the prior  year.  The United States segment accounted for 44 percent of the Company's  revenue in the fourth quarter of 2013 (2012 - 40 percent); and 42 percent of  the Company's revenue in the current year (2012 - 43 percent), making it the  largest contributor to consolidated revenues in 2013, consistent with the  prior year.  The number of operating days recorded by the Company's United States  operations for the year ended December 31, 2013 decreased by five percent to  22,955 operating days from 24,226 operating days in 2012.  During the fourth  quarter of 2013 the Company recorded 5,778 operating days in the United  States, an increase of four percent over 5,555 operating days recorded during  the fourth quarter of the prior year.  United States well servicing hours in  the fourth quarter of 2013 were up seven percent compared to the fourth  quarter of the prior year and well servicing hours for 2013 were down 14  percent compared to 2012.  Activity levels were down in the United States for the majority of 2013  compared to the prior year as the demand for oilfield services by the  Company's customers continued to be held back in certain regions through much  of the year and did not start to show signs of recovery until later in the  year.  As a result, revenue rates were held down for the start of 2013 but  gradually increased throughout the year as demand began to pick up.  Overall,  this led to reduced operating and financial results for the year ended  December 31, 2013 compared to the year ended December 31, 2012.  Partially  offsetting this decrease was the strengthening of the United States dollar  against the Canadian dollar in the current year compared to 2012 and additions  to the United States fleet throughout 2013 as described below. The average  United States dollar foreign exchange rate increased approximately three  percent during 2013 compared to 2012.  During 2013, the Company added three new build ADRs and one new well servicing  rig to its United States fleet, transferred one drilling rig to its  international equipment fleet and decommissioned or disposed of six inactive  drilling rigs and two inactive well servicing rigs.  International Oilfield Services                             Three months ended                   Year ended                                    December 31                  December 31                          2013    2012        %     2013     2012   % change                                         change     Drilling and                                                                workover rigs       Opening balance      54      58                54       59                    Additions           -       -                 -        2                    Transfers           -     (4)                 1      (4)                    Decommissions       -       -               (1)      (3)                    / Disposals       Ending balance       54      54                54       54          -     Drilling            2,888   3,010      (4)   11,384   11,612        (2)     operating days     Drilling rig         58.1    59.9      (3)     58.4     56.9          3     utilization %  International revenue totaled $546.2 million for the year ended December 31,  2013, a 14 percent increase from $478.3 million in 2012.  International  revenue totaled $141.7 million in the fourth quarter of 2013, a one percent  increase from $139.7 million recorded in the corresponding period of the prior  year.  International operations contributed 26 percent of the Company's  revenue in the fourth quarter of 2013 (2012 - 27 percent) and 26 percent in  the year ended December 31, 2013 (2012 - 22 percent).  The Company's international operations recorded 11,384 operating days in 2013,  a two percent decrease from 11,612 operating days recorded in 2012.   International operating days for the three months ended December 31, 2013  decreased four percent over the comparable prior year period to 2,888  operating days compared to 3,010 operating days in the fourth quarter of 2012.  Strategic investments made in 2012 and 2013 in the Company's international  operations helped to increase the average revenue rates per day for  international operations in the current year compared to the prior year.   Revenues for international oilfield services were mainly consistent in the  fourth quarter of 2013 compared to the fourth quarter of 2012.  The Company  expanded its operations late in 2013 with the start-up of one drilling rig  deployed in Kurdistan. Two new build ADR's were added to the Australian  equipment fleet late in 2012 and two existing drilling rigs were relocated to  the international market from North America.  An additional drilling rig was  relocated during the current year to Australia from the Company's United  States fleet.  Despite strength in certain international areas, the Company  continues to experience challenges in Latin America.  Consistent with the translation of results from the Company's United States  operations, the operating results from the Company's international operations  were improved on translation into Canadian dollars by the three percent  strengthening of the United States dollar relative to the Canadian dollar in  2013 when compared to the prior year.  As part of the Company's international operations it provides oilfield  services in Venezuela pursuant to long-term contracts. These existing  contracts are set to expire in the next 12 months and due to the current  political unrest in Venezuela there is no assurance that the Company will be  able to renew these contracts in Venezuela or on financial terms acceptable to  the Company. In addition, as at December 31, 2013, the Company had net  accounts receivable of approximately $38.5 million for work performed in  Venezuela and again, due to the current political unrest in Venezuela, there  is no assurance that the Company will be successful in collecting all or any  of such outstanding balance.  Depreciation                            Three months ended                                   December 31       Year ended December 31     ($ thousands)      2013                 %                            %                                 2012   change      2013      2012   change     Depreciation     69,153   54,029       28   248,026   220,227       13  Depreciation expense increased 13 percent to $248.0 million for the year ended  December 31, 2013 compared with $220.2 million for the year ended December 31,  2012.  Depreciation expense totaled $69.2 million for the fourth quarter of  2013 compared with $54.0 million for the fourth quarter of 2012, an increase  of 28 percent.  Higher depreciation expense in 2013 over 2012 was attributable  to higher-valued equipment being added to the Company's global fleet  throughout the latter half of 2012 and 2013 in addition to the impacts of the  second quarter acquisitions of assets from EGOC and Departure.  General and Administrative Expense                              Three months ended     Year ended December 31                                     December 31     ($ thousands)        2013     2012        %     2013     2012        %                                          change                     change     General and        23,727   21,638       10   88,126   80,837        9     administrative       % of revenue          4.4      4.1               4.2      3.7  General and administrative expense totaled $88.1 million (4.2 percent of  revenue) for the year ended December 31, 2013 compared with $80.8 million (3.7  percent of revenue) for the year ended December 31, 2012, an increase of nine  percent.   General and administrative expense increased 10 percent to $23.7  million (4.4 percent of revenue) for the fourth quarter of 2013 compared with  $21.6 million (4.1 percent of revenue) for the fourth quarter of 2012.  The  increase in general and administrative expense reflects the negative  translational impact of a stronger United States dollar on United States and  international administrative expenses in the current year and increased costs  to support growing international operations.  Share-Based Compensation Expense (Recovery)                              Three months ended      Year ended December 31                                     December 31     ($ thousands)       2013     2012         %     2013      2012        %                                          change                      change     Share-based      (4,045)                382    2,049              (160)     compensation               (840)                       (3,397)  Share-based compensation expense (recovery) arises from the Black-Scholes  valuation accounting associated with the Company's share-based compensation  plans, whereby the liability associated with share-based compensation is  adjusted for the effect of granting and vesting of employee stock options and  changes in the underlying price of the Company's common shares.  For 2013, share-based compensation was an expense of $2.0 million compared  with a recovery of $3.4 million for the year ended December 31, 2012.  For the  three months ended December 31, 2013, share-based compensation recovery was  $4.0 million compared with a recovery of $0.8 million recorded in the fourth  quarter of 2012.  The change in share-based compensation expense for the three  and twelve months ended December 31, 2013 arises from the change in the fair  value of share-based compensation liability primarily due to changes in the  price of the Company's common shares during the year and the expiry of options  at the end of the year.  The closing price of the Company's common shares was  $16.73 at December 31, 2013, compared with $15.37 at December 31, 2012 and  $17.64 at September 30, 2013.  Interest Expense                           Three months ended        Year ended December 31                                  December 31     ($              2013     2012   % change      2013     2012   % change     thousands)       Interest       5,395    3,862         40    18,795   18,666          1     expense       Interest       (307)    (139)        121   (1,320)    (504)        162     income                      5,088    3,723         37    17,475   18,162        (4)  Interest is incurred on the Company's $10.0 million Canadian-based revolving  credit facility (the "Canadian Facility"), the $400.0 million global revolving  credit facility (the "Global Facility") and the USD $300.0 million Notes  issued in February 2012.  The amortization of deferred financing costs  associated with the issuance of the Company's long-term debt is included in  interest expense for the years ended December 31, 2013 and 2012.  Interest expense in 2013 compared to 2012 was mainly consistent, increasing  only one percent.  For the three months ended December 31, 2013 interest  expense increased 40 percent to $5.4 million compared to $3.9 million for the  three months ended December 31, 2012 due to increased draws on the Global  Facility.  Interest income was higher in 2013 compared to 2012 as a result of  higher average balances of interest-earning cash and cash equivalents in 2013  compared to 2012.  Foreign Exchange and Other                    Three months ended December      Year ended December 31                                             31     ($               2013   2012      % change     2013    2012   % change     thousands)      Foreign     exchange and    5,664    653           767   21,095   6,446        227     other   Included in this amount are foreign currency movements in the Company's  subsidiaries which have functional currencies other than Canadian dollars and  the impact of the conversion of the Australian operations from Australian  dollars to United States dollars.  For the three months ended December 31,  2013 the Australian dollar weakened by approximately five percent against the  United States dollar causing a foreign currency loss on translation of the  Company's USD denominated debt into Australian dollars.  During the year ended  December 31, 2013 the Australian dollar weakened by approximately 16 percent  against the United States dollar.  In general the United States dollar  strengthened in 2013 compared to 2012 when compared to other world currencies.  Income Taxes                           Three months ended        Year ended December 31                                  December 31     ($               2013     2012         %     2013      2012   % change     thousands)                       change      Current         6,601    4,172        58   43,171    45,189        (4)     income tax       Deferred        3,105   13,689      (77)   25,031    56,826       (56)     income tax                      9,706   17,861      (46)   68,202   102,015       (33)     Effective     income tax       26.5     26.9               34.6      31.9     rate %    For the year ended December 31, 2013, the effective income tax rate was 34.6  percent compared with 31.9 percent for the year ended December 31, 2012.  The  effective income tax rate for the three months ended December 31, 2013 was  26.5 percent compared with 26.9 percent for the three months ended December  31, 2012.  The increase in the overall effective rate in 2013, when compared  with 2012, is due to the tax impact of the currency devaluation that occurred  in Venezuela in February 2013, as well as the impact of foreign exchange  translation losses for which the effective tax rate varies from statutory  rates.  The decrease in the effective income tax rate for the three months  ended December 31, 2013 as compared to the three months ended December 31,  2012 is due to a higher proportion of income earned in low rate jurisdictions.  For the three and twelve months ended December 31, 2013, the increased  proportion of the current income tax expense when compared to the total tax  expense is primarily attributable to the phased elimination of the deferral of  income tax related to the Company's partnerships operating in Canada.  The  decreased deferred income tax expense portion for the three and twelve months  ended December 31, 2013 when compared with the comparable prior year periods  is primarily attributable to the decrease in pre-tax profits.  Financial Position  The following chart outlines significant changes in the consolidated statement  of financial position from December 31, 2012 to December 31, 2013:     ($ thousands)                  Change      Explanation      Cash and cash                   45,650     See consolidated statements     equivalents                                of cash flows.     Accounts receivable             17,630     Increase reflects foreign                                                exchange fluctuations on                                                the consolidation of the                                                Company's foreign                                                subsidiaries and was offset                                                by a decrease in Canadian                                                operating activity in the                                                fourth quarter of 2013                                                compared to the fourth                                                quarter of 2012.     Inventories and other          (9,498)     Decrease was due to normal                                                course use of consumables                                                offset by additional                                                inventory.     Property and equipment         255,088     Increase was due to                                                additions to fixed assets                                                from the current new build                                                construction program; the                                                acquisitions of the EGOC                                                and Departure assets during                                                the second quarter; and a                                                strengthening of the USD                                                year-end foreign exchange                                                rate on the consolidation                                                of the Company's foreign                                                subsidiaries, offset by                                                depreciation.     Note receivable                  (741)     Decrease was due to the                                                reclassification of the                                                current portion to accounts                                                receivable offset by                                                accretion of interest                                                income during 2013.     Accounts payable and            62,535     Increase reflects foreign     accruals                                   exchange fluctuations on                                                the consolidation of the                                                Company's foreign                                                subsidiaries and timing of                                                payments to external                                                vendors during the year.     Operating lines of              94,535     Increase was due to     credit                                     additional draws during the                                                year on the global                                                revolving credit facility                                                and the impact of foreign                                                exchange fluctuations on                                                the consolidation of the                                                USD denominated debt held                                                by the Company's foreign                                                subsidiaries, offset by                                                repayments during the year.     Share-based                      (804)     Decrease was due to options     compensation                               which expired at the end of                                                the current year, offset by                                                an increase in the price of                                                the Company's common shares                                                as at December 31, 2013                                                compared with December 31,                                                2012.     Income taxes payable          (19,769)     Decrease was due to tax                                                instalments net of the                                                current income tax                                                provision for the year.     Dividends payable                1,166     Increase was due to a 6.8                                                percent increase in the                                                quarterly dividend rate in                                                the fourth quarter of 2013                                                compared to the dividend                                                rate in the fourth quarter                                                of 2012.     Long-term debt                  20,818     Increase was due to foreign                                                exchange fluctuations on                                                the USD denominated                                                long-term debt.     Deferred income taxes           45,037     Increase primarily due to                                                accelerated tax                                                depreciation of assets                                                added during the current                                                year.     Shareholders' equity           104,611     Increase due to net income                                                for the year and the impact                                                of foreign exchange rate                                                fluctuations on net assets                                                of foreign subsidiaries,                                                offset by the amount of                                                dividends declared in the                                                year.  Funds from Operations and Working Capital                    Three months ended December        Year ended December 31                                            31      ($                 2013      2012        %       2013      2012        %     thousands)                          change                        change     Funds from      101,209   116,555     (13)    435,611   506,355     (14)     operations       Funds from     operations        $0.66     $0.76     (13)      $2.85     $3.32     (14)     per share      Working                    13,861    (613)               13,861    (613)     capital        (71,146)                      (71,146)  Funds from operations totaled $435.6 million ($2.85 per common share) for  2013, a decrease of 14 percent compared to $506.4 million ($3.32 per common  share) generated in 2012.  During the three months ended December 31, 2013,  the Company generated funds from operations of $101.2 million ($0.66 per  common share) compared with $116.6 million ($0.76 per common share) for the  three months ended December 31, 2012, a decrease of 13 percent.  The decrease  in funds from operations in 2013 compared to 2012 is mainly due to reduced  demand for North American oilfield services in 2013 when compared to 2012.  At December 31, 2013, the Company's working capital was a deficit of $71.1  million compared to positive working capital of $13.9 million at December 31,  2012.  The Company's working capital was utilized in the second quarter of the  current year for the acquisitions of the assets of EGOC and Departure, in  addition to funding the Company's current new build program and dividend  payments throughout the year.  The Company expects funds generated by  operations, combined with current and future credit facilities, to fully  support current operating and capital requirements.  Existing revolving credit  facilities provide for total borrowings of $410.0 million, of which $70.7  million was available as at December 31, 2013.  Investing Activities                     Three months ended December 31           Year ended December 31     ($                   2013        2012        %        2013        2012        %     thousands)                              change                           change     Purchase of     property and    (106,912)    (80,329)       33   (342,225)   (306,689)       12     equipment       Acquisitions            -           -        -    (76,408)           -        -     Net change in     non-cash           20,687    (23,392)    (188)      17,845    (15,040)    (219)     working     capital      Cash used in     investing        (86,225)   (103,721)     (17)   (400,788)   (321,729)       25     activities   During the second quarter of 2013 the Company acquired the rental assets of  EGOC and the directional drilling assets of Departure with existing cash  balances and credit facilities. These acquisitions increased the Company's  presence in the rental and directional drilling markets in Western Canada.   The Company did not complete any significant acquisitions in 2012.  Purchases of property and equipment for the year ended December 31, 2013  totaled $342.2 million (2012 - $306.7 million) and for the three months ended  December 31, 2013 totaled $106.9 million (2012 - $80.3 million).  The  purchases of property and equipment relate primarily to expenditures made  pursuant to the Company's ongoing new build program.  Significant additions in  2013 as a result of the new build program include:         --  Completion of two new ADR® drilling rigs in Canada (one in the             first quarter and one in the third quarter);         --  Completion of three new ADR® drilling rigs in the United States             (one in each of the first, second and third quarters);         --  Construction of six new well servicing rigs in Canada (two in             each of the first and third quarters; and one in each of the             second and fourth quarters); and         --  Construction of one new well servicing rig in the United States             (third quarter).  Financing Activities                     Three months ended December           Year ended December 31                                              31     ($                 2013       2012        %       2013        2012         %     thousands)                           change                           change     Net     (decrease)     increase in     (1,772)   (30,586)     (94)     76,285     (1,398)   (5,557)     operating     lines of     credit      Issue of     senior                -          -        -          -     300,000     (100)     unsecured     notes      Repayment of          -          -        -          -   (403,279)       100     term loan       Issue of     capital               -          -        -      2,002          43     4,556     stock       Purchase of     shares held       (580)      (535)        8    (6,497)     (8,579)      (24)     in trust      Deferred     financing             -          -        -          -     (2,156)     (100)     costs       Dividends                                 7   (68,614)    (65,116)         5                    (18,019)   (16,854)     Net change     in non-cash       (964)      2,570    (138)      1,912       3,500      (45)     working     capital       Cash (used     in) provided              (45,405)     (53)      5,088                 (103)     by financing   (21,335)                                  (176,985)     activities   The Company's available operating lines of credit consist of a $400.0 million  Global Facility and a $10.0 million Canadian Facility.  The Global Facility is  available to the Company and certain of its wholly-owned subsidiaries, and may  be drawn in Canadian, United States or Australian dollars, up to the  equivalent value of $400.0 million Canadian dollars.  The amount available  under the Canadian Facility is $10.0 million or the equivalent in United  States dollars.  The change in the operating lines of credit for the year ended December 31,  2013 reflects funding for the ongoing new build program which is anticipated  to deliver an additional 12 new ADR(®) drilling rigs, one new well servicing  rig and 10 major retrofits of existing drilling rigs throughout 2014 and early  2015.  As of December 31, 2013, the operating lines of credit are primarily  being used to fund the Company's new build program and to support growth in  international operations.  In February 2012, the Company completed the private placement of USD $300.0  million of senior unsecured notes, with the proceeds from the issuance being  used to repay a portion of the USD $400.0 million unsecured term loan with the  remaining balance repaid in full in the second quarter of 2012.  On June 21, 2013 the Company received approval from the Toronto Stock Exchange  to acquire for cancellation up to three percent of the Company's issued and  outstanding common shares under a Normal Course Issuer Bid (the "Bid").  The  Company may purchase up to 4,599,367 common shares for cancellation.  The Bid  commenced on June 25, 2013, and will terminate on June 24, 2014, or such  earlier time as the Bid is completed or terminated at the option of the  Company.  As at December 31, 2013, no common shares have been purchased and  cancelled pursuant to the Bid.  The Company previously had a Bid that commenced on June 18, 2012, and  terminated on June 17, 2013, under which no common shares were purchased and  cancelled.  The Company increased its dividend in 2013 with a 6.8 percent fourth quarter  increase in the quarterly dividend rate to $0.1175 per common share from the  previous quarterly dividend rate of $0.1100 per common share.  During the year  ended December 31, 2013, the Company declared dividends of $0.4475 per common  share, an increase of five percent over dividends of $0.4250 per common share  declared in 2012.  The Company received $2.0 million from the issuance of  common shares in connection with exercises pursuant to the employee stock  option program in 2013 compared to nominal receipts for stock option exercises  in 2012.  Subsequent to December 31, 2013, the Company declared a dividend for the first  quarter of 2014. A quarterly dividend of $0.1175 per common share is payable  April 4, 2014 to all Common Shareholders of record as of March 25, 2014.  The  dividend is pursuant to the quarterly dividend policy adopted by the Company.   Pursuant to subsection 89(1) of the Canadian Income Tax Act ("ITA"), the  dividend being paid is designated as an eligible dividend, as defined in  subsection 89(1) of the ITA.  New Builds and Major Retrofits  During the year ended December 31, 2013, the Company commissioned three new  ADR(®) drilling rigs, one new well servicing rig and retrofitted one drilling  rig in the United States; two new ADR(®) drilling rigs, six new well  servicing rigs and retrofitted two drilling rigs in Canada; and retrofitted  one drilling rig transferred from the United States to Australia.  The Company continues to build new ADR(®) drilling rigs and upgrade existing  drilling rigs to meet the increasing technical demands of its customers.  In  Canada the Company is continuing to transition from shallow drilling to deeper  drilling, building new ADRs and upgrading existing drilling rigs for deeper  resource plays in the northwest part of the Western Canada Sedimentary Basin.   In the United States the Company builds new ADRs for specific resource plays  and has been upgrading existing drilling rigs for pad drilling operations in  the southern United States.  Internationally, the Company has been increasing  its capabilities, through a combination of new ADRs and major retrofits of  existing drilling rigs, to meet the requirements of specific markets.  The estimated delivery schedule for new ADRs, major retrofits of existing  drilling rigs and new well servicing rigs, by geographic area currently under  construction at December 31, 2013 is as follows:                                                Estimated Delivery Date                          Q1-2014   Q2-2014   Q3-2014   Q4-2014   Q1-2015   Total     New Build ADRs:                                                                   Canada                  -         -         2         2         -       4       United States           1         -         -         3         2       6       International           2         -         -         -         -       2                                                                                 Major Retrofits                                                                 to Drilling Rigs:       Canada                  1         -         2         -         -       3       United States           -         -         -         1         1       2       International           2         1         2         -         -       5     Total                     6         1         6         6         3      22                                                                                 Well Servicing                                                                  Rigs:       Canada                  -         -         -         1         -       1       United States           -         -         -         -         -       -       International           -         -         -         -         -       -     Total                     -         -         -         1         -       1  Outlook  Management believes that the apparent recovery in the global economy provides  reasonable support for crude oil and natural gas prices. Additionally, recent  global political tensions and North American winter weather conditions have  resulted in crude oil trading above USD$100 per barrel and natural gas in the  USD$4.50 per mcf to USD$5.00 per mcf range.  Crude oil and natural gas  commodity prices at these levels do not appear to be stimulating a lot of  extra demand for oilfield services as exploration and production companies  will undoubtedly look for sustainability of commodity prices before altering  their investment plans; however, higher commodity prices, even if temporary in  nature, are positive for their corporate cash flows.  Improved cash flows will  help fund current planned levels of oilfield services expenditures and will  likely result in increases in expenditures at some point in the future.  The number of wells drilled in Canada during 2013 was essentially unchanged  from the prior year (2013 - 11,102 wells; 2012 - 11,043 wells).  In this  environment of flat activity levels and excess industry capacity, particularly  in shallower depth categories, the Company's Canadian operations recorded a  year-over-year reduction in utilization rates in 2013. To improve its  competitiveness in the Canadian market the Company is continuing to transition  its equipment fleet to deeper depth categories in recognition of the shift in  the Canadian oilfield services market that has occurred in the last 12 to 15  months.  In addition to the two new deeper ADRs and two drilling rig retrofits  completed in 2013, the Company is currently constructing four new deeper  capacity ADRs and three major retrofits to existing drilling rigs for its  Canadian fleet.  While a colder winter throughout much of North America this  year has been positive for natural gas consumption levels and related  commodity prices, the price of natural gas does not appear to be at a level  that will generate increased levels of demand for drilling natural gas wells  in Canada in the near term.  Recent improvements in natural gas prices will  have a positive effect on the cash flows of the exploration and production  companies and is expected to help to fund continued oilfield expenditures in  crude oil and natural gas liquids plays.  Further development of Canadian  resources and related oilfield service activity levels, other than current  expenditures to delineate certain resource plays, will depend on favorable  infrastructure and regulatory developments.  The United States oilfield services activity levels started out slower in 2013  compared to the prior year due to rationalization of operations by some of the  Company's key customers.  However, demand for oilfield services began to  modestly recover in the summer and industry utilization levels (as indicated  by the onshore active drilling rig count) have been relatively stable over the  last couple of quarters. As with Canada, current natural gas prices are not  expected to drive a meaningful increase in natural gas drilling, but the  improvements to the cash flows of exploration and production companies should  benefit crude oil and natural gas liquids rich drilling activity levels.  Initial 2014 spending guidance from United States exploration and production  companies has been encouraging as supported by positive recent well permitting  trends.  Accordingly, the Company is optimistic that its United States  operations will record improvements in 2014 compared to the prior year.  In  support of increased customer demand the Company added three new ADRs and  completed one drilling rig retrofit to its United States drilling fleet in  2013; and is currently constructing six new ADRs and two major retrofits to  existing drilling rigs for delivery over the next 12 months.  The Company's international operations continued to perform well throughout  2013, particularly in eastern hemisphere regions. Crude oil and natural gas  prices remain attractive in foreign markets, positively impacting demand for  oilfield services in many key regions being served by the Company.  Tempering  this optimism in international operations are regional geopolitical concerns  and risks in certain African and Latin American countries. The Company  continues to focus on these areas in an attempt to manage such heightened risk  levels.  Overall, the Company anticipates continued improvements in the  operating and financial results from its international operations in 2014, as  drilling rigs recently added or repositioned into international markets  commence operations during the year. The Company completed one major drilling  rig retrofit in 2013; and is constructing two new ADRs and five major  retrofits to existing drilling rigs for the international market in 2014.  Risks and Uncertainties  This document contains forward-looking statements based upon current  expectations that involve a number of business risks and uncertainties.  The  factors that could cause results to differ materially include, but are not  limited to, political and economic conditions, crude oil and natural gas  prices, foreign currency fluctuations, weather conditions, the Company's  defense of lawsuits and the ability of oil and natural gas companies to pay  accounts receivable balances and raise capital or other unforeseen conditions  which could impact on the use of the services supplied by the Company.  Conference Call  A conference call will be held to discuss the Company's year-end 2013 results  at 2:00 p.m. MDT (4:00 p.m. EDT) on Monday, March 17, 2014.  The conference  call number is (647) 427-7450 (in Toronto) or 1-888-231-8191 (outside  Toronto).  A taped recording will be available until March 24, 2014 by dialing  1-416-849-0833 (in Toronto) or 1-855-859-2056 (outside Toronto) and entering  the reservation number 36547763.  A live broadcast may be accessed through the  Company's web site at www.ensignenergy.com.  Ensign Energy Services Inc. is an international oilfield services contractor  and is listed on the Toronto Stock Exchange under the trading symbol ESI.     Ensign Energy Services Inc.                                                Consolidated Statements of Financial                                       Position     As at                                    December 31       December 31                                                     2013              2012     (Unaudited, in thousands of Canadian                                       dollars)                                                                         Assets                                                                     Current Assets                                                               Cash and cash equivalents            $      78,858     $      33,208       Accounts receivable                        440,790           423,160       Income taxes receivable                      8,572                 -       Inventories and other                       66,847            76,345                                                                                                                   595,067           532,713                                                                      Property and equipment                     2,788,331         2,533,243     Note receivable                                4,280             5,021                                            $   3,387,678     $   3,070,977                                                                      Liabilities                                                                Current Liabilities                                                          Accounts payable and accruals        $     307,147     $     244,612       Operating lines of credit                  326,525           231,990       Income taxes payable                             -            11,197       Dividends payable                           18,019            16,853       Share-based compensation                    14,522            14,200                                                                                                                   666,213           518,852                                                                      Long-term debt                               317,407           296,589     Share-based compensation                       2,993             4,119     Deferred income taxes                        438,496           393,459                                                                                                                 1,425,109         1,213,019                                                                      Shareholders' Equity                                                         Share capital                              168,155           164,670       Contributed surplus                          4,614             4,811       Foreign currency translation                25,065          (16,007)       reserve             Retained earnings                        1,764,735         1,704,484                                                                                                                 1,962,569         1,857,958                                                                                                             $   3,387,678     $   3,070,977                                                                            Ensign Energy Services Inc.     Consolidated Statements of Income     For the three months and year ended December 31           (Unaudited, in thousands of Canadian dollars, except per share data)                                                                    Three months ended                     Year ended                               December      December      December       December 31                               31            31            31                                    2013          2012           2013            2012                                                                                  Revenue                 $   536,044   $   530,106   $  2,098,011   $   2,197,321                                                                                Expenses                                                                               Oilfield                  399,856       384,553      1,524,173       1,555,509       services           Depreciation               69,153        54,029        248,026         220,227       General and                23,727        21,638         88,126          80,837       administrative            Share-based               (4,045)         (840)          2,049         (3,397)       compensation            Foreign exchange            5,664           653         21,095           6,446       and other                                                                                                                494,355       460,033      1,883,469       1,859,622                                                                                Income before     interest and income          41,689        70,073        214,542         337,699     taxes                                                                                  Interest income                 307           139          1,320             504     Interest expense            (5,395)       (3,862)       (18,795)        (18,666)                                                                                Income before income         36,601        66,350        197,067         319,537     taxes                                                                                  Income taxes                                                                           Current tax                 6,601         4,172         43,171          45,189       Deferred tax                3,105        13,689         25,031          56,826                                                                                                              9,706        17,861         68,202         102,015                                                                                Net income              $    26,895   $    48,489   $    128,865   $     217,522                                                                                                                                                             Net income per share                                                                   Basic                 $      0.18   $      0.32   $       0.84   $        1.42       Diluted               $      0.18   $      0.32   $       0.84   $        1.42           Ensign Energy Services Inc.     Consolidated Statements of Cash Flows     For the three months and year ended December 31                                                                                     (Unaudited, in thousands of Canadian dollars)                                                                                                                  Three months ended                  Year ended                              December      December      December      December                                    31            31            31            31                                  2013          2012          2013          2012                                                                                     Cash provided by                                                    (used in)                                                                                                                                               Operating                                                           activities                                                                      Net income            $    26,895   $    48,489   $   128,865   $   217,522     Items not affecting                                                 cash                                                                                Depreciation           69,153        54,029       248,026       220,227         Share-based         compensation,                                                         net of cash         paid                  (3,588)           805         6,492         4,363         Unrealized         foreign                                                               exchange and         other                   5,560         (533)        26,869         5,838         Accretion on         long-term                                                             debt                       84            76           328         1,579         Deferred income                                                       tax                     3,105        13,689        25,031        56,826     Net change in     non-cash working           13,218        18,164        17,026       capital                                                              20,966                                                                                                               114,427       134,719       452,637       527,321                                                                             Investing                                                           activities                                                                      Purchase of     property and            (106,912)      (80,329)     (342,225)       equipment                                                         (306,689)     Acquisitions                    -             -      (76,408)             -     Net change in     non-cash working           20,687      (23,392)        17,845       capital                                                            (15,040)                                                                                                              (86,225)     (103,721)     (400,788)                                                                                     (321,729)                                                                             Financing                                                           activities                                                                      Net (decrease)     increase in               (1,772)      (30,586)        76,285       operating lines of     credit                                                              (1,398)     Issue of senior                 -             -             -       unsecured notes                                                     300,000     Repayment of term               -             -             -                   loan                                                              (403,279)     Issue of capital                -             -         2,002       stock                                                                    43     Purchase of shares          (580)         (535)       (6,497)       held in trust                                                       (8,579)     Deferred financing              -             -             -       costs                                                               (2,156)     Dividends                (18,019)      (16,854)      (68,614)      (65,116)     Net change in     non-cash working            (964)         2,570         1,912       capital                                                               3,500                                                                                                              (21,335)      (45,405)         5,088     (176,985)                                                                                     Net increase     (decrease) in cash          6,867      (14,207)        56,937       and cash     equivalents                                                          28,607         Effects of         foreign         exchange on                                                           cash and cash         equivalents          (8,935)        (1,724)      (11,287)         1,988                                                                                     Cash and cash                                                       equivalents                                                                         Beginning of                                                          period                 80,926        49,139        33,208         2,613         End of period     $    78,858   $    33,208   $    78,858   $    33,208                                                                                                                                                             Supplemental                                                        information                                                                         Interest paid     $     8,364   $     6,840   $    17,452   $    16,162         Income taxes      $             $             $             $         paid                    9,618         8,572        62,940        45,486                                                                                    SOURCE  Ensign Energy Services Inc.  Glenn Dagenais, Executive Vice President Finance and Chief Financial  Officer,  (403) 262-1361  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/March2014/17/c5445.html  CO: Ensign Energy Services Inc. ST: Alberta NI: OIL ERN CONF  
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