Forbes Energy Services to Sell Mexico Assets

Forbes Energy Services Ltd. announced today it and certain of the company’s subsidiaries have entered into a purchase agreement with Dirivera Investments LLC and RGV Holding, S.A. de C.V. covering the sale of substantially all of Forbes Energy’s assets currently located in Mexico as well as the company’s equity interests in Forbes Energy Services México Servicios de Personal, S. de R.L. de C.V. for aggregate cash consideration of $30 million. The transaction is expected to be completed by January 15, 2012, subject to customary closing conditions.

John Crisp, president and CEO of Forbes Energy Services Ltd., said, “U.S. oil and gas development and production have become increasingly more intense and more sophisticated over the past two years. We see an opportunity to fully capitalize on these trends and consequently, intend to reinvest proceeds from the sale to enhance our infrastructure in U.S. shale plays and diversify our service offering, including the addition of large diameter, long-reach coil tubing units. These units will provide our customers with an alternative solution to their well servicing challenges as well as serve as a platform for margin expansion."


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Static Equipment / LNG Tank Engineer
Expertise: Mechanical Engineering
Location: Houston, TX
Gas Storage Reservoir Engineer
Expertise: Petroleum Engineering
Location: Houston, TX
ARAMCO QM20 Third Party Inspector
Expertise: Electrical Engineering|QA / QC / Inspection|Technical Writing
Location: Bolingbrook, IL
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours