Forbes Energy’s Combination with US Services Business of Superior Energy


Simmons Energy | A Division of Piper Jaffray & Co. acted as financial advisor to the Forbes special committee and Winstead PC acted as legal advisor. Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor to Forbes and Sullivan & Cromwell LLP acted as legal advisor to Ascribe Capital LLC and Solace Capital Partners, L.P. Lazard acted as financial advisor to Superior Energy and Latham & Watkins LLP acted as legal advisor.

Forbes Energy Services Ltd. entered into a definitive agreement to combine with the US service rig, coiled tubing, wireline, pressure control, flowback, fluid management, and accommodations service lines business of Superior Energy Services, Inc. to create a new, publicly traded, consolidation platform for US completion, production, and water solutions.

At the closing of the transaction, a subsidiary of Superior Energy will receive 49.9% of the combined company’s issued and outstanding voting Class A common stock and 100% of the combined company’s issued and outstanding non-voting Class B common stock, which will collectively represent an approximate 65% economic interest in the combined company. Forbes shareholders will receive 50.1% of the voting Class A Stock, representing an approximate 35% economic interest in the combined company.

The transaction is expected to close in the first half of 2020.

Forbes is an independent oilfield services contractor that provides a broad range of completions- and production-related services to oil and natural gas companies, primarily onshore in Texas and Pennsylvania.

Superior Energy is an independent oilfield services contractor.

The Fried Frank team was led by corporate Warren S. de Wied (Picture) and included corporate partners Lee T. Barnum and Caroline Sandberg, tax partner Michael J. Alter, and corporate special counsel Adam J. Ross.

Involved fees earner: Michael Alter – Fried Frank Harris Shriver & Jacobson; Lee Barnum – Fried Frank Harris Shriver & Jacobson; Warren de Wied – Fried Frank Harris Shriver & Jacobson; Adam Ross – Fried Frank Harris Shriver & Jacobson; Caroline Sandberg – Fried Frank Harris Shriver & Jacobson;

Law Firms: Fried Frank Harris Shriver & Jacobson;

Clients: Forbes Energy Services Ltd.;

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Author: Ambrogio Visconti