Forbes Energy Services Ltd. (OTCMKTS:FESL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November9, 2017, the Board of Directors, or the Board, of Forbes Energy Services Ltd., or the Company, appointed David Rosenwasser to the Board. In connection with Mr.Rosenwasser’s appointment, the size of the Board was increased from five to six members. The Board also appointed Mr.Rosenwasser as a member of the Audit Committee of the Board. As a director of the Company, Mr.Rosenwasser will receive the director compensation described in the Company’s Form 10-K/A filed on April27, 2017 under the heading “Director Compensation.”
Since December 2016, Mr.Rosenwasser has served as Chief Executive Officer of Pinnacle Advanced Reliability Technologies, a company focused on building, implementing and maintaining comprehensive asset reliability and integrity programs in the oil and gas, chemical, mining, pharmaceutical, wastewater and electric power industries. Previously, Mr.Rosenwasser worked at Gulfmark Offshore, Inc. where he served in a number of executive roles beginning in September 2001, including Executive Vice President and Chief Operating Officer from June 2012 until his promotion to Senior Executive Vice President in the same function in February 2013. Prior to that, he worked at Lehman Brothers as an investment Banking Analyst and then Associate in their Natural Resources Group, from July 1997 to August 2001.
Mr.Rosenwasser holds a Juris Doctor Degree from New York Law School and a Bachelor of Arts in Management from Texas A&M University. He has also completed the High Potentials Leadership Program at Harvard Business School.
There is no arrangement or understanding between Mr.Rosenwasser and any other person to which Mr.Rosenwasser was appointed as a director. There are no transactions involving Mr.Rosenwasser requiring disclosure under Item 404(a) of Regulation S-K.
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About Forbes Energy Services Ltd. (OTCMKTS:FESL)
Forbes Energy Services Ltd. (FES Ltd.) is a holding company. The Company is an independent oilfield services contractor that provides a range of well site services to oil and natural gas drilling and producing companies to develop the production of oil and natural gas. The Company’s segments are Well Servicing and Fluid Logistics. Its services include fluid disposal and well maintenance. The Company’s Well Servicing segment provides an offering of well services to oil and natural gas companies, including completions of drilled oil and natural gas wells, wellbore maintenance, workovers and recompletions, tubing testing, and plugging and abandonment services. Its Fluid Logistics segment provides a range of oilfield fluid sales, transportation, storage and disposal services that are required on workover, drilling and completion projects, and are used in daily operation of producing wells by oil and natural gas producers. It operates approximately six coiled tubing spreads.
