Wild horses can't drag those rigs away, but when oil companies need to relocate a well, they call on Stallion Oilfield Services. With 65 location the company is the largest provider of auxiliary rentals and services for drillers in the US, offering wellsite support, completion and production, and construction, logistics, and other services. Its wellsite support services includes providing living quarters for the workforce, equipment rental, satellite communications services, and waste handling coordination services. Stallion Oilfield Services' specialty services include providing solids and fluids control systems, and land remediation, and inland water marine vessels (barges and tug boats).
Stallion Oilfield Services' major strategic advantage is that is offers oil and gas companies a complete range of well support services (including auxiliary surface rental equipment, site construction, and solids control technology) through the entire life cycle of a well project.
However, financially overextended following a round of acquisitions, in 2009, facing heavy debts during and economic downturn, the company sought Chapter 11 bankruptcy protection, from which it emerged in 2010.
Stallion Oilfield Services required only 100 days under bankruptcy protection to restructure its operations and its board of directors and secure the capital needed to remerge as a well-capitalized company.
Prior to its bankruptcy proceedings, investment firms Carlyle Group and Riverstone Holdings (through their Carlyle/Riverstone fund) owned most of Stallion Oilfield Services. Following its emergence from bankruptcy, former equity holders only held about 2% of the company. Under the restructuring plan, unsecured lenders traded about $543 million of debt for 98% of Stallion Oilfield Services' equity.
Before the restructuring the company had been on an expansion drive which included entries into Alaska's Prudhoe Bay and the Utah and Appalachian Shale markets. In the last few years it has also ramped up its services to oil and gas companies active in the fast-growing Eagle Ford Shale play in South Texas. – less
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