Alberta Investment Management Corporation has entered into a strategic financing relationship with Calfrac Well Services, an Alberta-based pressure pumping services provider, on behalf of certain clients.
The investment, according to AIMCo, is an opportunity for clients to gain direct exposure to the company, which is focused on North America’s unconventional natural gas and light oil plays, plus strategic international markets.
“Calfrac is a global player in the hydraulic fracturing industry,” said Kevin Uebelein, chief executive officer of AIMCo, in a news release. “It is an innovative leader and has set the benchmark for mindful environmental stewardship within its industry. We believe that investments like this one afford our clients the opportunity to participate in the long-term success of top-notch Alberta companies.”
Read: AIMCo returns 9.1% in 2015
The pension fund’s senior vice-president of public equities Peter Pontikes added: “Companies in the energy sector locally have been particularly hard hit by the falling price of oil over the past eighteen months. This investment signals our confidence in Calfrac’s outlook.”
“We remain focused on growing Calfrac through these difficult times in our industry and are proud that AIMCo has given our team this vote of confidence,” said Fernando Aguilar, president and chief executive officer of Calfrac Well Services. “We look forward to a productive partnership with AIMCo.”