Houlihan Lokey Advises Forbes Energy Services

Houlihan Lokey is pleased to announce that Forbes Energy Services, Ltd. has acquired Cretic Energy Services, LLC (Cretic) from Catapult Energy Services Group, LLC (Catapult), a portfolio company of NGP and NGP Energy Technology Partners. The transaction closed on November 16, 2018.

Forbes Energy Services (OTCQX:FLSS) is a publicly traded oilfield services provider that offers a broad range of completions-related and production-related services to oil and natural gas companies, primarily onshore in Texas and Pennsylvania.

Cretic, headquartered in Montgomery, Texas, provides large-diameter, extended-reach, coiled tubing services to oil and gas producers predominantly in the Permian Basin. The company has been an early mover in bringing high capacity coiled tubing units to the market and one of the fastest growing providers to address specific demands associated with completing long lateral wells.

Catapult uses an innovative approach to establish, invest in, and support start-up oil field products and services companies. Led by experienced industry professionals, Catapult is funded by NGP and NGP Energy Technology Partners and was founded in 2013.

The acquisition is expected to position Forbes as a leading completions service provider by adding seven large-diameter coiled tubing spreads, engineered fluids, nitrogen pumping, thru-tubing, and other completion support services to its existing coiled tubing business. The combined company will have one of the largest fleets of large-diameter, high-capacity coiled tubing units, and an established footprint in the Permian Basin and South Texas, as well as a presence in niche markets in East Texas, Oklahoma and other states surrounding Texas.

Houlihan Lokey served as the exclusive advisor to Forbes and assisted in the structuring and negotiation of the transaction.