CWC Energy Services Corp. announced that it has reached an agreement with its banking syndicate to make certain amendments to its credit facilities. CWC and its banking syndicate have agreed to amend the credit facilities to provide increased financial flexibility to July 31, 2018. The amendments include, among other things, the following terms: the maturity date of the credit facilities were extended to July 31, 2018; the credit facilities were voluntarily reduced from $75.0 million to $65.0 million with the ability to increase the credit facilities by an additional $60.0 million through an accordion feature, subject to approval by the banking syndicate; the minimum liquidity is reduced from $12.5 million to $10.0 million. The Company also anticipates that the resulting increased financial flexibility will allow CWC to focus on its business operations and strategic initiatives through a prolonged industry downturn and demonstrates the continued strong support of its banking syndicate.

The company announced the following additions to its management team: Mr. Robert Apps recently joined CWC and will be promoted to Vice President, Sales & Marketing (Drilling) effective April 26, 2016. Mr. Apps has over 25 years of experience in the drilling rig industry having started as a Floorhand and progressively moving up in responsibility to Driller with Ensign Energy Services. Mr. Apps has been a successful Sales Representative marketing drilling rigs for the past 16 years for Ensign Energy Services, Stoneham Drilling and most recently with Horizon Drilling. Mr. Paul Donohue recently joined CWC in the position of General Manager (Drilling). Mr. Donohue has over 23 years of experience in the drilling rig industry having started as a Floorhand and progressively moving up in responsibility to Rig Manager with Nabors Drilling. He continued his ascent in the drilling industry filling roles of Field Superintendent, Operations Manager and General Manager, Operations with Horizon Drilling.