Oilfield services company Calfrac Well Services suspending any investments in Russia

CALGARY — Calfrac Well Services Ltd. says it is suspending any investments in Russia.

The company says despite the fact that the provision of parts and equipment are not restricted by sanctions, it cancelled shipments that were bound for Russia when the country invaded Ukraine.

It has also cancelled any future shipments of parts and equipment into Russia.

Calfrac says its Western-based employees involved with its Russian operations are currently not in Russia.

The company joins a long list of Canadian companies that have suspended operations in Russia in response to the country’s war against Ukraine.

Calfrac provides specialized oilfield services to exploration and production companies in Canada, the United States, Argentina and Russia.

This report by The Canadian Press was first published March 29, 2022.

Companies in this story: (TSX:CFW)

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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