Green Field Energy Services Announces Exploration of Sale Process
LAFAYETTE, La., Dec. 17, 2013 /PRNewswire/ — Green Field Energy Services Inc. and its affiliates (collectively, Green Field), a leading provider of hydraulic fracturing pump equipment and oilfield services, today announced that in connection with its ongoing Chapter 11 process in the U.S. Bankruptcy Court for the District of Delaware (bankruptcy case #13-12783), it plans to explore and market for sale all or substantially all of the business and assets pursuant to Section 363 of the Bankruptcy Code in conjunction with its efforts to reorganize. This announcement represents the start of the marketing process.
Details of the marketing process, including the process for interested parties to request access to participate and conduct due diligence, should be directed to Green Field’s investment banking firm, Carl Marks Advisory Group, LLC.
Despite the current volatility in the market for hydraulic fracturing equipment and oilfield services, Rick Fontova, Green Field’s President said “We continue to see compelling long term opportunities for our unique turbine driven gas powered technology which is proven and not otherwise available in the marketplace. No other provider has been able to develop a comparable technology and we believe it has high strategic value to both service providers and customers.”
About Green Field
Green Field is an independent oilfield service company providing a wide range of services to oil and gas drilling and production companies to help develop and enhance the production of hydrocarbons. The Debtor’s current portfolio of services include: hydraulic fracturing (“Fracturing”) and well services (“Well Services” or the “Legacy Business”).
The Fracturing segment utilizes proprietary turbine-powered hydraulic fracturing pumping units (“TFP”). Each TFP is powered by remanufactured turbine engines previously used in U.S. military applications. The turbine engine provides several competitive advantages over the diesel-powered pumping equipment that include: lower emissions, a smaller operating footprint, lower operating costs when burning natural gas, and greater fuel flexibility – including the ability to operate on natural gas provided at a well head. Currently, Green Field has a total of 64 TFPs for a combined 146,250 hydraulic HHP high pressure pumping capacity in its fleet.
The Legacy Business was founded in 1969 as Hub City Industries, Inc. and has continuously served its target markets of East Texas and Louisiana. Its current product offerings include cementing, coiled tubing, pressure pumping, acidizing, and other pumping services.
Further information about Green Field can be found at www.gfes.com.
For any inquiries relating to the sale process, please contact:
Carl Marks Advisory Group, LLC
New York, NY
SOURCE Green Field Energy Services Inc.