2025 previously issued by WRD on February 1, 2017. WRD intends to use the net proceeds from the proposed offering to
repay the borrowings outstanding under its revolving credit
facility and for general corporate purposes.
GLOBELTR CLOSES WELL SERVICING DIVISION SALE
GlobeLTR Energy Inc., a portfolio company of affiliates of Clearlake Capital Group LP, has closed the sale of its well servicing
division to Brigade Energy Services LLC, a portfolio company
of Turnbridge Capital Partners LLC and affiliates. Financial
terms of the transaction were not disclosed. Parks Paton Hoepfl
& Brown, LLC acted as financial advisor to Clearlake and
NABORS ACQUIRES ROBOTIC DRILLING SYSTEMS
Nabors Industries Ltd. has acquired Stavanger-based Robotic
Drilling Systems AS (RDS), a provider of automated tubular and
tool handling equipment for the onshore and offshore drilling
markets. The RDS modular systems are applicable both in
onshore and offshore markets, on new builds as well as retrofits.
Nabors Industries owns and operates a large land-based oil and
gas drilling rig fleet and is also a provider of offshore platform
rigs in the United States and numerous international markets.
Nabors also provides directional drilling services, performance
tools, and technologies.
RIMROCK COMPLETES WILLISTON BASIN ASSETS BUY
RimRock Oil & Gas, a start-up oil and gas exploration and
production company, has completed the acquisition of upstream
assets located in the Williston Basin from Whiting Petroleum
Corp. for $500 million. The acquired assets are located on the
Fort Berthold Indian Reservation of Dunn and McLean Counties
in North Dakota and include approximately 30,000 net acres
and current net production of approximately 8,000 barrels of
oil equivalent per day. Whiting Petroleum used the proceeds
from the sale to pay $500 million down on its revolver. RimRock
was formed in 2016 through a $500 million line-of-equity investment from Warburg Pincus, a global private equity firm
focused on growth investing. In July 2017, the company relocated
its headquarters from Calgary, Alberta to the Denver, Colorado
area to further focus on oil and gas exploration in the US Rocky
FORUM ENERGY TECHNOLOGIES SIGNS ON FOR
REMAINING INTERESTS IN GLOBAL TUBING
Forum Energy Technologies Inc. has signed a definitive agree-
ment to acquire the membership interests in Global Tubing
from its joint venture partner Quantum Energy Partners. As
part of the transaction, Forum will also acquire management’s
interest in the joint venture and repay Global Tubing‘s net debt.
The aggregate transaction value is approximately $237 million,
including the issuance of 10 million shares of Forum common
stock to Quantum, cash from Forum’s existing bank credit facility
and cash on hand. Located in Dayton, Texas, Global Tubing
provides coiled tubing, coiled line pipe and related services to
customers worldwide. Forum Energy Technologies is a global
oilfield products company, serving the drilling, subsea, com-
pletions, production and infrastructure sectors of the oil and
natural gas industry.
QUORUM ACQUIRES WELLEZ
Quorum has acquired privately-held WellEz, a cloud-based well
lifecycle analytics company for the upstream oil and gas industry.
From land management to accounting, field operations, energy
marketing, and now the addition of well lifecycle analytics,
Quorum offers a complete suite of cloud-based digital oilfield
solutions. Quorum, a portfolio company of Silver Lake Partners
and Silver Lake Kraftwerk, did not disclose deal terms or any
KEY ENERGY SERVICES SELLS WELL
INTERVENTION BUSINESS IN RUSSIA
Key Energy Services Inc. has closed on the sale of its well intervention business in Russia to an undisclosed buyer for an undisclosed amount. Key’s president and CEO, Robert Drummond,
stated, “The sale of Key’s Russian Business marks the culmination of the strategic initiative set forth in early 2015 to fully-exit
markets outside of the US.” Key Energy Services is the largest
onshore, rig-based well servicing contractor based on the number of rigs owned. Key provides a complete range of well intervention services and has operations in all major onshore oil
and gas producing regions of the continental United States.
PACIFIC DRILLING MOVES TO OTC MARKET
Pacific Drilling SA received notice from NYSE Regulation Inc.
that trading of the company’s common stock on the New York
Stock Exchange was suspended after market close today, September 12, 2017. The company was not in compliance with the
NYSE’s continued listing standard, which currently requires a
company with listed common stock to maintain an average
global market capitalization of not less than $15.0 million over
a consecutive 30 trading-day period. The company’s common
shares began trading in the over-the-counter market on the
Pink Quotes ( formerly the Pink Sheets) on September 13, 2017.
The company is also taking steps to apply for registration and
quotation of its common stock on the OTC Bulletin Board
(OTCBB). The company’s NYSE ticker symbol PACD has been
discontinued and its OTC ticker symbol will be PACDF.
CAPITAL ONE LEADS $70M CREDIT FACILITY
FOR PERMIAN BASIN MATERIALS
Capital One NA Sponsor Finance led a $70 million senior secured
credit facility for Permian Basin Materials LLC (PB Materials),
majority owned by funds managed by WL Ross & Co. LLC.
Capital One acted as administrative agent and sole lead arranger
for the transaction. PB Materials is a regional producer of ready-mix concrete and sand and gravel and limestone aggregates in
the Permian Basin region of West Texas and New Mexico.