CALGARY, AB, June 14, 2021 /CNW/ - (TSXV: CWC) CWC
Energy Services Corp. ("CWC" or the "Company") is pleased to
announce the release of its inaugural Environmental, Social and
Governance ("ESG") Report for 2021. The ESG Report covers
performance metrics for the 2018 to 2020 fiscal and calendar years
and is available on the Company's website at
www.cwcenergyservices.com.
"For over 16 years, CWC has provided contract drilling and well
services to exploration and production ("E&P") companies in the
oil and natural gas industry in Western
Canada and more recently in the
United States. From the beginning, CWC has had the goal of
providing "Quality People Delivering Quality Service" for our
E&P customers. Never has this tag line and statement been truer
than today as we extend this to our ESG commitments," said
Duncan Au, President and Chief
Executive Officer. "In this inaugural ESG Report, CWC's objective
is to highlight our Company's ESG profile using the framework
established by the Sustainability Accounting Standards Board
("SASB") for Oil and Gas Services. This allows us to identify,
manage and report on material ESG factors specific to our
industry."
The inaugural ESG Report for 2021 outlines CWC's approach to
responsible ESG practices in three key areas that the Company
considers meaningful and material to its business:
Environment: CWC is doing its part to protect and
ensure a sustainable future. We are committed to meeting the
highest standards and utilizing new technologies, where possible,
to further reduce our environmental footprint.
- With an average age of 11 years,
CWC's nine telescopic double drilling rigs are one of the
youngest and most efficient fleets in the WCSB and the
U.S. Our newer fleet reduces the drilling time per well by
about 50% over historic levels and decreases the land footprint by
about 30% compared to a typical AC triple drilling rig; and
- 99% of CWC's 145 service rigs have free standing systems,
thereby eliminating the need for ground disturbance from guyed
wires resulting in stability of the mast while removing a safety
hazard on the job site.
Social: At CWC, we believe our people are our
greatest asset. The health, safety and well-being of our people –
staff, contractors, customers and communities, is our highest
priority. Some social accomplishments that we are proud of
include:
- CWC's Total Recordable Incident Frequency ("TRIF") has
consistently decreased over our 16 year history;
- CWC promotes a high performing safety culture with the
completion of over 32,000 employee and contractor training hours
since 2018; and
- CWC consciously makes an effort to employ local individuals,
contractors and service companies within the areas that we operate.
In 2021, 7.1% of all CWC employees and contractors identify as
Indigenous (First Nations, Métis, or Inuit).
Corporate Governance: Honesty, integrity and
vigilance are core beliefs that guide how we do business. We are
committed to fostering a safe and ethical work environment for our
shareholders, customers and local communities.
- Components of material significance are embedded in our
strategy for success. For example, we have a robust Quality,
Health, Safety and Environment ("QHSE") system that proactively
monitors, measures, adjusts, and reports on our safety program;
- A portion of executive compensation is linked to QHSE
performance; and
- We strive to create a culture without discrimination, and
provide a respectful workplace for all employees regardless of age,
ethnicity, religion and gender.
About CWC Energy Services Corp.
CWC Energy Services Corp. is a premier contract drilling and
well servicing company operating in Canada and the
United States with a complementary suite of oilfield
services including drilling rigs, service rigs and swabbing rigs.
The Company's corporate office is located in Calgary, Alberta, with a U.S. office in
Denver, Colorado and operational
locations in Nisku, Grande Prairie, Slave Lake, Sylvan
Lake, Drayton Valley,
Lloydminster, Provost, and Brooks, Alberta. The Company's shares
trade on the TSX Venture Exchange under the symbol "CWC".
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adequacy or accuracy of this release.
SOURCE CWC Energy Services Corp.