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Gordon Brothers Group to Sell All Green Field Energy Services Assets

March 18, 2014, 07:25 AM
Filed Under: Industry News

Gordon Brothers Group received sale order approval by the Federal Bankruptcy Court in Delaware for Green Field Energy Services, Inc.’s entire portfolio of equipment and inventory assets. Green Field Energy Services, a well service provider specializing in turbine-powered hydraulic fracturing services, filed for Chapter 11 bankruptcy protection on October 27, 2013. The assets, including late model well services and hydraulic fracturing equipment valued at more than $250 million, will be marketed for immediate sale by Gordon Brothers Group.

The equipment acquired by Gordon Brothers Group’s Commercial & Industrial Division is comprised of over 3,500 pieces of new and late model, well-maintained, low hour and low mile units including: trucking and transportation equipment, a broad assortment of sand handling, well stimulation and cementing equipment, as well as hydration units, high-pressure manifolds, electronic data control vans and lab test equipment. In addition, the acquired assets include over 40 new and late model FMC, OFM and SPM tri-plex pump power ends and fluid ends and a variety of late model trailer pump and support units for well services applications.

The fleet of hydraulic fracturing equipment includes some of the most advanced machinery in the industry, such as 27 double pump mounted, TIER 4 emissions capable (2 pumps per trailer) high-pressure fracturing pumps with multi-fuel (including onsite natural gas) turbine power, electronic control systems and auxiliary diesel turbine starters.

“Gordon Brothers Group provided an ideal solution for Green Field and our creditors as they took sole control of a very large and diverse portfolio of equipment involved in this transaction,” said Rick Fontova, President of Green Field Energy Services. “

“We have more than 3,500 pieces of new and late model machinery and equipment immediately available for sale in both Louisiana and Pennsylvania representing the largest disposition project that this industry has seen,” said Robert Maroney, co-president of Gordon Brothers Group’s Commercial & Industrial Division. “In addition to a wide range of state-of-the-art low hour and low mile units specific to hydraulic fracturing and well services, we have also acquired an exceptional package of portable power generation units and related tractors, trailers and light-duty trucks.”

Founded in 1969, Green Field Energy Services grew from a Louisiana-based firm focused on pumping stimulation to a nationally recognized leader in oil and gas services including cementing, acidizing, coiled tubing, gravel packing, nitrogen services and lab-technical services.

Gordon Brothers Group’s Commercial & Industrial Division will immediately commence negotiated sales of all machinery & equipment purchased.

Founded in 1903, Gordon Brothers Group is a global advisory, restructuring and investment firm specializing in the retail, consumer products, industrial, and real estate sectors. Gordon Brothers Group maximizes value for both healthy and distressed companies by purchasing or selling all categories of assets, appraising assets, providing debt financing, making private equity investments, and operating businesses for extended periods. Gordon Brothers Group conducts over $50 billion worth of transactions and appraisals annually.

Green Field Energy Services is an independent oilfield services company that provides a wide range of services to oil and natural gas drilling and production companies to help develop and enhance the production of hydrocarbons. It became the first company to provide hydraulic fracturing services utilizing turbine-powered pumping equipment and is the only fracturing services provider using turbine-powered fracturing pumps that have the capability of operating on 100% natural gas.

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