Liberty Oilfield Services Inc. Announces Board Changes
January 04, 2021 at 05:27 pm
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On December 31, 2020 (the Closing Date), Liberty Oilfield Services Inc. (the Company), Liberty Oilfield Services New HoldCo LLC, a Delaware limited liability company, the managing member of which is the Company (US Buyer), LOS Canada Operations Inc., a British Columbia corporation, and indirect, wholly owned subsidiary of US Buyer (Canadian Buyer), Schlumberger Technology Corporation, a Texas corporation (Schlumberger US), and Schlumberger Canada Limited, a corporation organized pursuant to the laws of the Province of Alberta (Schlumberger Canada and, together with Schlumberger US, the Schlumberger Parties) completed the previously announced transactions contemplated by that certain Master Transaction Agreement, dated as of August 31, 2020, by and among the Company, US Buyer, Canadian Buyer and the Schlumberger Parties (the Transaction Agreement), pursuant to which US Buyer and Canadian Buyer acquired Schlumberger’s onshore hydraulic fracturing business in the United States and Canada, including its pressure pumping, pumpdown perforating and Permian frac sand businesses in exchange for the Aggregate Consideration (as defined below) (the Transaction). On December 31, 2020, Messrs. N. John Lancaster, Jr. and Jesal Shah notified the Company that they intended to resign from the Company’s Board, effective as of the closing of the Transaction. In connection with Messrs. Lancaster and Shah’s resignations, effective as of the Closing Date, pursuant to the terms of the A&R SHA and as approved by the Board, Messrs. Simon Ayat and James McDonald were appointed to fill two positions on the Board. Accordingly, after the Closing Date, the Board will be comprised of nine members, consisting of the seven members serving on the Board prior to completion of the Transaction and the newly appointed Messrs. Ayat and McDonald.
Liberty Energy Inc. is an integrated energy services and technology company. The Company is focused on providing hydraulic services and related technologies to onshore oil and natural gas exploration and production companies in North America. It offers customers hydraulic fracturing services, together with complementary services, including wireline services, proppant delivery solutions, field gas processing and treating, compressed natural gas delivery, data analytics, related goods (including its sand mine operations), and technologies. It primarily provides its services in the Permian Basin, the Williston Basin, the Eagle Ford Shale, the Haynesville Shale, the Appalachian Basin (Marcellus Shale and Utica Shale), the Western Canadian Sedimentary Basin, the Denver-Julesburg Basin, and the Anadarko Basin. The process of hydraulic fracturing involves pumping a pressurized stream of fracturing fluid (typically a mixture of water, chemicals and proppant) into a well casing or tubing.