Eco-Stim finances lease for Argentina oilfield equipment

Eco-Stim Energy Solutions Inc.

Eco-Stim Energy Solutions Inc. (OTC:ESESD) has completed the lease financing for a package of oilfield completion equipment that will be exported to Argentina. This equipment consists primarily of a coiled tubing unit and various pieces of complementary equipment.

In this transaction, EcoStim has sold the equipment package to a third-party leasing company controlled by two of the company's directors for $3.5 million. Simultaneously, the equipment package was leased back to an affiliate of the company for a 60-month period beginning in February 2014. The lease financing transaction closed on December 30, 2013.

Chris Boswell, EcoStim's president and CEO, stated, "This financing provides working capital to support operational startup costs while minimizing dilution to existing shareholders. We are working on the acquisition of additional equipment, both locally in Argentina and in the North American market, to further support our growing business in Argentina and the world-class Vaca Muerta shale play."

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...