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Recovery Report: Green Field Energy Services Inc.'s Recovery Rating Profile Nov 11
Standard & Poors, Nov 2011
Abstract
Standard & Poor's Rating Services recently assigned preliminary a senior secured rating to Green Field Energy Services Inc.'s (GFES) $250 million senior secured notes due 2016. Our simulated default scenario contemplates a payment default in 2013 resulting from startup operational issues, including: its fracturing services and sand mining businesses, coupled with a somewhat weak crude oil and North American natural gas price environment. Lafayette, La.- based Green Field Energy Services, previously Hub City Tools Inc., provides hydraulic fracturing, cementing, coiled tubing, pressure pumping, acidizing, and other pumping services to onshore oil and gas exploration and production (E&P) companies in the U.S. GFES entered the hydraulic fracturing services business in late 2010 and is in the process of ramping up its...
Companies mentioned in this report are: Green Field Energy Services Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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