8,366 Active Recruiters     Over 2 Million Candidates Globally

  1. Keep me logged in
  2. forgot password

Checkout Jobs Basket (0)

You can checkout a maximum of 150 jobs.

Signup Better for Candidates

  • Create a free virtual CV and let recruiters find you
  • Automatically have your profile matched to suitable Oil & Gas positions
  • Link to your profile using it as a free online CV
  • Store all your employment documents to your profile for easy sending
  • Always receive feedback on positions applied for

Signup Better for Recruiters

  • Suitable candidates automatically matched to your position
  • View candidate profiles for free
  • No more waiting for candidates to respond to job advertisements
  • Only ever pay when you match a candidate to a position
  • No more cold calling and sorting through out dated CVs

Riverstone Plans $900-million Sale of Oilfield Services Equipment Company

Published in Oil Industry News on Friday, 21 September 2018

Graphic for News Item: Riverstone Plans $900-million Sale of Oilfield Services Equipment Company

Riverstone Holdings LLC is preparing to sell oilfield services equipment company Abaco Energy Technologies, which could fetch about $900 million, according to people with knowledge of the matter.

The private equity firm is working with an adviser to run an auction for the Houston-based company, said the people, who asked to not be identified because they weren’t authorized to speak publicly. Abaco is drawing interest from other private equity firms, they said.

A representative for Riverstone declined to comment while representatives for Abaco didn’t respond to requests for comment.


Abaco makes, designs and services parts used for powering so-called mud motors, the section of an oil and gas well drilling system that rotates the drill bit far underground.

Riverstone committed to invest $200 million in the company when it was founded in 2013 with the goal of acquiring energy manufacturing and services businesses, according to a press release at the time. Abaco agreed to acquire drilling-equipment maker Basin Tools Inc. a year later, according to a statement.

Abaco CEO Ken Babcock previously worked for Titan Specialties Ltd. and International Logging Inc., two other companies that Riverstone previously owned.

Abaco should benefit from increased demand over the next 18 months from oil and gas explorers, according to a research note this week from Moody’s Investors Service Inc., which upgraded its credit rating.

While the company has a small revenue base, it is "competitively positioned within its niche market," Moody’s said.

Riverstone, which has offices in New York, London, Houston and Mexico City, has raised $38 billion for energy investments since it was founded in 2000 by David M. Leuschen and Pierre F. Lapeyre Jr., according to its website.

The firm raised $4.2 billion for its most recent buyout fund, which closed in 2015, according to data compiled by Bloomberg.

Source: www.worldoil.com

Please leave comments and feedback below


American Oil and Gas, American Shale Oil and Gas, Shale Oil and Gas, Oil and Gas News

Oil and Gas News Archive

Latest Oil & Gas News Articles

Featured Companies

  • View All JobsOMPA

    Offshore Marine People & Academy (OMPA) is a global provider of personnel and training to the renewables, oil & gas, telecommunications and marine industries.

    With over 15 years' industry experience, we work with candidates to match them to the right roles and equip them with the skills and knowledge needed to succeed. Our job is to exceed your expectations.

    Visit us online: offshorempa.com

  • View All JobsChronos Oil and Gas

    Chronos Oil and Gas is one of the fastest growing and best placed recruitment agencies in the sector.

    With over 300,000 candidates on our database and an international team of specialist recruiters we work with clients to staff major projects around the world.

    Register your CV at www.chronosoilandgas.com

  • View All JobsNatural Resources

    Natural Resources is a UK based recruitment company providing personnel of all disciplines and nationalities worldwide.

    We represent clients and candidates at all levels who operate globally within oil & gas, renewables, nuclear, power, mining, marine, drilling, construction and petrochemicals. Our client base includes energy and construction.

    Visit Natural Resources at natural-resources.com