Spruce Grove, AL -- (ReleaseWire) -- 02/12/2014 -- Entrec Corp started anew with John Stevens as its President and Chief Executive Officer. Stevens replaced Rod Martin as CEO as Martin transitioned to be the company’s Executive Chairman. The change in the organizational structure is coupled with a C$46 million capital expenditure program dedicated primarily on mounting its mobile crane competencies. C$34 million of which is committed for growth capital expenditure and C$12 million for maintenance.
Entrec Corp, a leading provider of heavy lift and heavy haul services, focuses in Canada’s emerging crude oil Market. Currently, Canada imports about 155,000 barrels a day of crude oil from the US to Canadian refineries according to International Energy Agency. It is predicted to absorb additional 250,000 barrels a day before the year ends. "We believe continued investment in this area will increase our access to the recurring onsite maintenance, repair and operation support work in the Alberta oil sands region," Stevens said in a statement.
Entrec has one of North America's largest fleet of hydraulic platform trailers. These trailers are highly flexible and customizable allowing easy configuration for load specification. To test its capability, Entrec conducted a challenge installing a unit with a total lift weight of over 200,000 lbs. titled, The Launder Study. Its engineering team was set to design a safe erection plan including 2 launder units weighing in at over 200,000 lbs. for slurry preparation plant. A Manitowoc crawler crane with a 500 ton capacity, 220 feet of boom and specialized rigging including a 37’ long pipe spreader bar set the unit in place. The result was a success using 691,200 lbs. of counterweight, 220 feet of boom at an 80 foot set radius and a total lift weight of 237,355 lbs. The study proved the company’s capacity of resolving complex and extensive lift challenges.
Overall, Entrec has a fleet of over 160 cranes which includes all-terrain, rough-terrain, crawlers, hydraulic truck mounted and picker trucks. Other heavy lift facilities include multi-wheel conventional trailers, self-propelled modular transporters, picker trucks and jack and slide. These services are all subject for upgrade and thorough maintenance.
To meet the company’s capital expenditure program, Entrec plans to get its funding through its operating activities including credit facilities and finance lease. It projects revenue between $250 million and $270 million by the end of the year, a 2% increase from its 2013 revenue.
ENTREC is a leading provider of heavy lift and heavy haul services with offerings encompassing crane services, heavy haul transportation, engineering, logistics and support. ENTREC provides these services to the oil and natural gas, construction, petrochemical, mining and power generation industries. The common shares of ENTREC trade on the TSX Venture Exchange under the trading symbol "ENT".