Ensign Energy Services Inc.

Ladies and gentlemen, and welcome to the Ensign Energy Services Inc. fourth quarter 2022 results conference call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, March 3rd, 2023. I would now like to turn the conference over to Nicole Romanol, Investor Relations, please go ahead.

Thank you, Michelle. Good morning and welcome to Enzyme Energy Services' fourth quarter and year-end 2022 conference call and webcast. On our call today, Bob Geddes, President and COO, and Mike Gray, Chief Financial Officer, will review Enzyme's fourth quarter and year-end 2022 highlights and financial results, followed by our operational update and outlook. We'll then open the call for questions. Our discussion today may include forward-looking statements based upon current expectations that involve several business risks and uncertainties. The factors that could cause results to differ materially include but are not limited to political, economic, and market conditions, crude oil and natural gas prices, foreign currency fluctuations, weather conditions, the company's defense of lawsuits, the ability of oil and gas companies to pay accounts receivable balances, and other unforeseen conditions which could impact the demand for the services supplied by the company. Additionally, our discussion today may refer to non-GAAP financial measures such as adjusted EBITDA. Please see our fourth quarter and year-end earnings release and CDAR filings for more information on forward-looking statements and the company's use of non-GAAP financial measures. With that, I'll pass it on to Bob.

Thanks, Nicole. Good morning, everyone. So Enzyme, as you know, operates a fleet of 230 high spec drilling rigs in eight different countries around the world, along with roughly a hundred well service rigs in North America. So we operate about 3 billion assets worldwide employing about 7,000 people. 2022 was a year coming out of COVID where we upgraded and reactivated 31 drill rigs, which were all covered with long-term contracts with a payout of incremental capital in less than 12 months. Also in the fourth quarter, we divested our Canadian directional drilling business in exchange for shares in the publicly traded directional drilling consolidator, which has already doubled in value. We continue to see the drilling contractor's space focus on margin over market share, which helps provide this industry better returns necessary to support new technology development and returns to our shareholders. Of particular interest, you'll see in our press release, I know regarding our policy that payments to employees and management is capped at 5% of EBITDA. Close to 30% of the stock is owned by management directors, reinforcing the fact that we are very aligned with our shareholders. I'll turn it over to Mike for a summary.