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Oilfield Services | PLS June 23, 2017 • Volume 07, No. 07 OILFIELDSERVICES Serving the marketplace with news, analysis and business opportunities Mammoth: pressure-pumping demand is rising Seaport, Morgan Stanley Mammoth Energy Services is running three frac spreads in the Utica/Marcellus downgrade OFS and expects to have three fleets in the SCOOP/STACK by year end. The company has Morgan Stanley and Seaport begun fracking its first well in the SCOOP, where it is working with Gulfport. CEO Global went on an oilfield services Arty Straehla said on the company’s Q1 call last month that its frac calendar in both downgrading spree on June 21, saying regions is booked into Q4, and discussions are underway for 2018. the risk of a downturn in the industry Mammoth pumped 860 had increased. Seaport’s especially dire Stages up 322% YOY while sand sales stages in 1Q17, up 322% forecast has crude hitting $20s/bbl in early up 240%. YOY. Reactivation of its 2018 and averaging third Utica frac spread contributed to this increase, increasing stage count by 13% $35/bbl in 1H18. sequentially. Mammoth’s pressure-pumping utilization was 63% in Q1 with three “We believe the industry’s current spreads active, up from two spreads in 1Q16. trajectory, if left unchecked, will Straehla said in the Q1 report that industry demand was 11-12 million hp and result in an oil market that is as much climbing. “When you compare this to the current estimated working capacity of roughly 11 million, you can see why we and our peers believe pricing continues to see Frank’s, H&P, Nabors among those upward pressure,” he said. Continues On Pg 8 receiving downgrades. Kirby to pay $710MM for Stewart & Stevenson as 2.2 MMbo/d oversupplied in 2018 Kirby Corp. will acquire Stewart & Stevenson from Parman Capital Group in a and only getting worse through 2020. $710 million deal split equally between equity and cash. S&S provides frac equipment, rigs, Something has to give, and first and seismic, switchgear and drive systems and has a diverse customer base that includes industrial, foremost we think it’s further downside to non-oil and gas companies. That should provide some stability for revenue while oil and the price of crude,” Seaport said. Seaport gas prices remain volatile. forecasts only 729 oil rigs in 4Q17 and 430 The distribution business Kirby expects $25MM/year in cost rigs by 2Q18. The latest Baker Hughes rig synergies from acquisition. Continues On Pg 10 of S&S has 42 branches with count is at 933. 1,400 pieces of rental equipment including pumps, compressors, forklifts, generators and load banks. Kirby plans to expand its geographic footprint through S&S’ locations DEALS FOR SALE in Florida and the Northeast, while complementing Kirby’s territories of the Eagle Ford, Permian Basin and SCOOP/STACK. OKLAHOMA STACK OPPORTUNITY Kirby, the largest domestic tank barge operator in the US, will fund the cash portion 17,407 Net Acres. 116 Sections. KINGFISHER, CANADIAN, BLAINE, of the deal with its revolver. The Houston-based oilfield equipment manufacturer CUSTER & DEWEY CO. expects to have $25 million in anticipated cost synergies. Continues On Pg 6 Play Marching West Northwest L Forced Pooling Benefits NonOps Meramec, Osage, Woodford & Hunton STACK Key sells frac stack and well testing amid merger rumors 75% Lease NRI To Rights Below Chester Key Energy Services sold its frac stack and well testing assets to Covenant Offset IP Rates >2,000 BOED Testing Technologies in what could be a setup for Key’s rumored merger with Basic Rapidly Increasing EURs Energy Services. Under the sale with Covenant, Key will receive $19.0 million in OFFERS DUE JUNE 30, 2017 cash and $4.7 million in convertible preferred equity security interest. Houston-based L 2065DV Key said the assets produced $2.5 million in revenue in Q1. The transaction will LARAMIE CO., WY PROJECT result in a $17 million Key saw assets as ‘non-core’; Covenant 10,224 Net Acres on Trend. gain in Q2 assets. NORTHERN DJ BASIN saw value for Permian customers. Covenant, a provider CODELL SAND OIL PLAY L of flowback and well testing services in the Permian Basin and Niobrara, is an affiliate Codell Thickens North Towards Laramie D&C: $4.5MM for 9,000’ Laterals DRILL of Catapult Energy Services, an oilfield services portfolio company funded by PE Net Pay Thickness: 20-40 ft firms NGP and NGP Energy Technology Partners. Covenant CEO John Cavitt ~70% OPERATED WI; 83.5% NRI Lease said the assets purchased “will service the growing demand of our customers in the Generous Forced Pooling Rules Permian Basin and will position Covenant as one of the largest pure-play well flow CONTACT OPERATOR FOR DETAILS management businesses in the US.” L 8793DV Key President and CEO Robert Drummond called the sale an opportunity to PLS tracks thousands of deals “dispose of non-core assets to position the company as a leading production services for sale www.plsx.com/listings provider in the US.” Continues On Pg 4 All Standard Disclaimers & Seller Rights Apply. OILFIELDSERVICES 2 June 23, 2017 A&D ■ Enviro Voraxial Technology (EVTN) completed the sale of its Rubicon buys World Oil Tools in its second acquisition of Q2 intellectual property to Schlumberger for Rubicon Oilfield International acquired World Oil Tools, a Calgary manufacturer up to $4.0 million. The deal includes the of specialty inflatable products and technology used in completions in its second deal patents and trademarks of the this quarter. Financial terms were not disclosed. Voraxial Separator. EVTN Houston-based Rubicon, which designs, manufactures and sells will retain a worldwide, downhole oilfield products, said the acquisition allows it to sell high-value royalty-free agreement to manufacture inflatable packers, external and sell the Voraxial Separator for all casing packers and drill-stem testing Rubicon also bought Choice Completions Systems in May. industries other than oil and gas. EVTN technology around the world. “Rubicon received $3.0 million upon closing. is well positioned to advance the reach of World's product offering into new and under- Schlumberger will pay another $1.0 represented geographies,” said Rubicon President and CEO Michael Reeves. million upon transfer of certain assets. In May, Rubicon acquired Choice The deal was announced in March, but Rubicon started in 2015 with $300MM Completions Systems, which supplies from Warburg Pincus. the price was not disclosed then. downhole products for unconventional ■ PE firm First Reserve agreed multistage completions. Choice, which was established last year, provides E&P to acquire the integrity maintenance producers trademarked products, such as the RzrFrac hydraulic fracturing plug or the platform of EMS HydraPort frac sleeve. USA, which provides Rubicon was formed in 2015 with a line of equity of up to $300 million from PE infrastructure maintenance and field firm Warburg Pincus. The company has operations in more than 50 countries and planning and repairs. The transaction is over 800 employees. It also acquired Tercel Oilfield Products in May 2016. Terms of subject to customary closing conditions. the Choice and the Tercel acquisitions were not disclosed. Financial terms were not disclosed. Houlihan Lokey acted as financial North American Rotary Rig Count as of June 22 Source: Baker Hughes advisor to EMS. Current Week Ago Month Ago Year Ago % Chg. Location 6/16/17 6/09/17 5/19/17 6/17/16 YOY ABOUT PLS US 933 927 901 424 120% OilfieldServices is published every three Canada 159 132 85 69 130% weeks by PLS Inc. US Breakout Info PLS OilfieldService report covers the oil Oil 747 741 720 337 122% & gas service sector including drilling, completions, operations and technology. Gas 186 185 180 86 116% In addition, OilfieldServices lists companies, Miscellaneous 0 1 1 1 -100% technologies, rigs, equipment and deals for sale, coded alpha-numerically. Clients Major Basins interested in any listing details can contact Barnett 7 8 7 7 0% PLS with provided listing code(s). DJ (Niobrara) 27 27 23 12 125% To obtain additional PLS product details, drill www.plsx.com/publications. Eagle Ford 84 84 85 34 147% PLS Inc. Fayetteville 1 1 1 0 - One Riverway, Ste 2500 Granite Wash 10 10 10 7 43% Houston, Texas 77056 713-650-1212 (Main) Haynesville 40 41 40 17 135% 713-658-1922 (Facsimile) Marcellus 45 45 45 24 88% To obtain additional listing info, contact us Mississippian 8 9 9 4 100% at 713-650-1212 or [email protected] with the listing code. Only clients are able to Permian 368 368 361 146 152% receive additional information. To become a Utica 28 28 25 12 133% client call 713-650-1212. Williston 49 46 44 24 104% © Copyright 2017 by PLS, Inc. Woodford 67 68 62 30 123% Any means of unauthorized reproduction is prohibited by federal law and imposes fines Major Basins 734 735 712 317 132% up to $100,000 for violations. Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 07, No. 07 3SERVICESECTOR Some analysts already A&D throwing dirt on recovery Wood & Amec Foster Wheeler shareholders back merger So is the recovery for oilfield Shareholders of Wood Group and Amec Foster Wheeler overwhelmingly services already over? Morgan Stanley approved the merger of the two Scottish companies. Valued at $3.9 billion in stock and and Seaport Global certainly tried their debt, the deal is expected to be completed in Q4 pending regulatory approval. best to say so on June 21 by issuing Amec Foster Wheeler shareholders will receive 0.75 new Wood alarming forecasts and Group shares for each share of Amec Foster Wheeler, giving them 44% IN THIS downgrading pretty much ISSUE of the combined company and valuing Wood Group at £5.64 for each of every OFS stock that came 394,483,515 fully diluted shares.
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