Commercial Services and Supplies
Company Overview of Ceiba Energy Services Inc.
Ceiba Energy Services Inc. provides specialized environmental services primarily to the companies involved in the exploration, extraction, and production of oil and natural gas in western Canada. The company owns and operates custom treating, water disposal, and waste fluid disposal facilities in Alberta. It offers crude oil emulsion treatment, clean oil terminalling, storage and marketing of crude oil, and produced water and waste fluid processing and disposal services. The company was formerly known as Cancen Oil Canada Inc. and changed its name to Ceiba Energy Services Inc. in July 2013. Ceiba Energy Services Inc. was incorporated in 2010 and is headquartered in Calgary, Canada.
521 – 3rd Avenue SW
Calgary, AB T2P 3T3
Founded in 2010
Key Executives for Ceiba Energy Services Inc.
President and Director
Total Annual Compensation: $212.5K
Chief Operating Officer and Director
Total Annual Compensation: $212.5K
Managing Director of Capital Markets, Director, Member of Corporate Governance Committee and Member of Audit Committee
Total Annual Compensation: $172.5K
Senior Vice President of Sales and Business Development
Total Annual Compensation: $185.0K
Compensation as of Fiscal Year 2013.
Ceiba Energy Services Inc. Key Developments
Ceiba Energy Services Inc. Reports Earnings and Operating Results for the First Quarter Ended March 31, 2015
May 21 15
Ceiba Energy Services Inc. reported earnings and operating results for the first quarter ended March 31, 2015. For the quarter, the company reported revenue of $1,613,000 against $1,243,000 a year ago. Adjusted EBITDA were $31,000 against $15,000 a year ago. Increased revenues are a result of the increased volumes at all facilities and the re-licensing of the Chamberlain facility to accept 1B fluids in November 2014. The revenue associated with the increased volumes was offset with lower commodity prices received for recovered oil. The increase of $16,000 (107%) in Adjusted EBITDA from first quarter of 2014 to first quarter of 2015 is attributable to the increased volumes received at all facilities offset by lower volumes and lower pricing received for recovered oil. Also negatively impacting Adjusted EBITDA in first quarter of 2015 was certain non-recurring operating expenses at Silver Valley. The company recorded a loss before income tax of $885,000 in first quarter of 2015 compared to a loss before income tax of $1,135 in first quarter of 2014, a decrease of $250,000 (22%).
The company received 110,000 m3 of fluid in first quarter of 2015, an increase of 33,000 m3 (43%) over first quarter of 2014. The volume increase in first quarter of 2015 compared to first quarter of 2014 is mainly attributable to the re-licensing of the Chamberlain facility in November 2014 to accept 1B fluids as well as continued sales efforts to increase overall volumes.
Ceiba Energy Services Inc. Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
Mar 27 15
Ceiba Energy Services Inc. announced earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenue of $1,836,000 against $791,000 a year ago. Adjusted EBITDA was $62,000 against negative adjusted EBITDA of $42,000 a year ago. Net loss was $10,264,000. LBITDA was $9,437,000 against $2,614,000 a year ago.
For the year, the company reported revenue of $6,779,000 against $3,032,000 a year ago. Adjusted EBITDA was $890,000 against negative adjusted EBITDA of $1,827,000 a year ago. Net loss and comprehensive loss was $12,812,000 or $0.13 basic and fully diluted per share against $7,581,000 or $0.11 basic and fully diluted per share a year ago. LBITDA was $10,210,000 against $5,712,000 a year ago.
Ceiba Energy Services Inc. Enters into a $15,000,000 Credit Facility Commitment Letter with Alberta Treasury Branches
Mar 27 15
On March 26, 2015, Ceiba Energy Services Inc. entered into a $15,000,000 credit facility commitment letter with ATB. A $5,000,000 revolving credit facility is immediately available. The revolving facility has an interest rate of prime plus 160 basis points per annum and a stand-by fee of 40 basis points per annum on the amount available. The revolving facility is due on demand with no set maturity date. A $10,000,000 term credit facility is available when Ceiba achieves certain income milestones. The term credit facility has an interest rate of prime plus 175 basis points per annum and a stand-by fee of 40 basis points per annum on the amount available. The term credit facility provides for monthly interest only payments. The term credit facility matures on May 31, 2016 unless extended at the option of ATB.
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