Ensign Energy Posts 7% Revenue Gain in Q2, Canadian Rig Count Slips

Ensign Energy Posts 7% Revenue Gain in Q2, Canadian Rig Count Slips

Ensign Energy Services posted second quarter 2026 revenue of $397.3 million, a 7% increase from $372.4 million a year earlier, BOE Report reported. Adjusted EBITDA rose 6% to $85.8 million, and funds flow from operations climbed 15% to $83.0 million. The Calgary-based drilling and well servicing contractor still posted a net loss attributable to common shareholders of $13.1 million, an improvement from the $26.4 million loss in the same quarter last year.

The operational picture was mixed. Canadian drilling operating days rose 7% to 2,667, and Canadian well servicing hours were up 5% to 12,553, but the company’s marketed rig count in Canada fell 14% to 76 rigs, and total marketed rigs across all regions dropped 8% to 171. US drilling operating days rose 5% to 3,088, while US well servicing hours dipped 2%. International drilling days jumped 15%.

Ensign also disclosed a July 21 agreement to acquire Citadel Drilling Ltd. for US$65 million, and it targets roughly $60.0 million in total debt repayment for 2026, with $37.0 million already repaid through the first half.

What It Means for Subcontractors

• Canadian rig-support crews (catering, transport, wireline, fluid hauling) should note the 14% drop in marketed Canadian rigs to 76; fewer active rigs means fewer service tickets even as per-rig utilization improved.
• US-focused subs supporting drilling operations can point to the 5% rise in US operating days (3,088 vs. 2,943) as evidence of steady demand, though flat rig counts (70 vs. 71) suggest growth is coming from utilization, not new contracts.
• With Ensign targeting $162.0 million in 2026 maintenance capex and $95.8 million in upgrade capital (of which $68.6 million is customer-funded), equipment maintenance and mechanical subs should watch for tender activity tied to rig upgrades and relocations rather than new rig builds.
• The pending US$65 million Citadel Drilling acquisition could open bid packages for integration-related field services once the deal closes; subs with existing Ensign relationships should ask their account contacts about timing.