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Provider of Oil Rigs and Related Services, Long-Term Contracts with Global Energy Companies – United States

March 19, 2019

The Company owns and leases custom-built rigs to the world’s largest oil and gas producers. Each rig features a full range of critical workover and exploratory drilling equipment. The Company has several client agreements in place that are valid for 1-10 years. The Company also provides remote camps with catering services for oilfield operations in the same region. Oil and gas exploration companies have little incentive to build and operate their own workover rigs, as this would require investing in and maintaining assets with infrequent use in the case of a single company. They would also need to either keep skilled labor on payroll during down-times or periodically search for and train new employees.