Forbes Energy Services Ltd. (OTCMKTS:FESL) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 – Termination of Material Definitive Agreements.
Forbes Energy Services Ltd. (OTCMKTS:FESL) Files An 8-K Termination of a Material Definitive Agreement
Termination of the Merger Agreement
As previously reported, on December 23, 2019, Forbes Energy Services Ltd. (“Company”), announced that it, along with certain of its subsidiaries, had entered into an Agreement and Plan of Merger, dated as of December 19, 2019 (as amended, supplemented, and modified from time to time, the “Merger Agreement”) with Superior Energy Services, Inc. (“Superior”) and New NAM, Inc., a Delaware corporation and subsidiary of Superior (“NAM”). On June 1, 2020, the Company received a written notice of termination (the “Termination Notice”) from Superior and NAM. As a result, the Merger Agreement has been terminated, effective as of June 1, 2020. Neither the Company, Superior nor NAM is obligated to pay a termination fee in connection with the termination of the Merger Agreement.
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.