Forbes Energy Services Ltd. Announces Director Changes
April 18, 2017 at 05:07 pm EDT
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The board of directors of Forbes Energy Services Ltd. announced that Dale W. Bossert, Travis H. Burris, Charles C. Forbes, Jr., Ted A. Izatt and William W. Sherrill resigned from the Board. The board also announced the appointment of John E. Crisp, 55, is the president and chief executive officer of the company and was appointed to such offices and elected as a director and Chairman of the Board upon the Company’s formation effective April 11, 2008. Since January 1, 2008, Mr. Crisp has been President and Chief Executive Officer of Forbes Energy Services LLC and since June 2007, Mr. Crisp has served as an executive officer of each of TX Energy Services, LLC and C.C. Forbes, LLC, the entities that now serve as the principal operating subsidiaries of the company. Lawrence “Larry” First, 55, currently serves as the Chief Investment Officer and Managing Director of Ascribe Capital LLC, or Ascribe. Mr. First joined Ascribe in 2008. Prior to joining Ascribe, Mr. First was a Managing Director and Co-Portfolio Manager in Merrill Lynch’s Principal Credit Group, a proprietary investing platform for the firm’s capital, where he was responsible for evaluating and managing assets in the team’s North American portfolio, including non-investment grade bank loans, stressed/distressed fixed income investments and public and private equity. On behalf of Ascribe Capital LLC, Mr. First currently sits on the board of directors of Geokinetics Inc. since 2013, EnviroSolutions Inc. since July 2010 and Engineering Solutions & Products, LLC since November 2013. He was a director on the board of Alion Science and Technology Corp. from August 2014 until August 2015. Brett G. Wyard, 47, has served as a Managing Partner of Solace Capital Partners, or Solace, which he co-founded, since April 2014. Prior to co-founding Solace, he served as a Global Partner, Managing Director and Co-Head of Carlyle Strategic Partners at The Carlyle Group from October 2005 to September 2012. Prior to Carlyle, Mr. Wyard was a Managing Director at Oaktree Capital Management LLC. Mr. Wyard has over 25 years of experience as a private equity and distressed debt investor as well as a financial advisor specializing in financial restructurings, distressed mergers and acquisitions, and investment banking. Rome G. Arnold III, 61, since January 2017, has served as a Senior Advisor at Rose and Co., a financial-technology startup company with a focus on digital media. From August 2016 to January 2017, Mr. Arnold was an independent private investor managing his personal investments. From January 2012 through August 2016, Mr. Arnold was a Managing Director at UBS Securities in their Energy Group serving as the Head of Oil Field Services. Paul S. Butero, 59, since October 2015, has served as the Executive Chairman of Laney Directional Drilling Co. and as an Operating Partner of Altos Energy Partners LLC. From May 2015 to October 2015, Mr. Butero worked as an independent consultant focused on mergers and acquisitions. From October 2012 to May 2015, Mr. Butero served as the President and Chief Executive Officer of Nine Energy Service LLC, a SCF Partners OFS portfolio company focused on the completion phase of resource development.
Forbes Energy Services Ltd. is an independent oilfield services contractor. The Company provides a range of well site services to oil and natural gas drilling and producing companies. It operates through three segments. The well servicing segment utilizes a fleet of well servicing rigs, which is comprised of workover rigs, swabbing rigs, and other related assets and equipment. The coiled tubing segment utilizes its fleet of coiled tubing units to provide a range of services accomplishing a variety of goals including horizontal completions, well bore clean-outs and maintenance, nitrogen services, thru-tubing services, formation stimulation using acid and other chemicals, and other pre- and post-hydraulic fracturing well preparation services. The fluid logistics segment utilizes a fleet of fluid transport trucks and related assets, including specialized vacuum, high-pressure pump and tank trucks, frac tanks, water wells, salt-water disposal wells and facilities, and related equipment.