U.S. oilfield services firm Forbes Energy Services Ltd is preparing to file for bankruptcy as soon as this month, as it struggles with approximately $300 million in debt, Reuters reported on Friday. The company's plans to seek protection from its creditors underscore the stress facing the U.S. oilfield services sector amid low energy prices, as oil and gas exploration and production companies have scaled back drilling. The company, headquartered in Alice, Texas, said in its latest quarterly financial statement in November that it may have to file for bankruptcy. It has also been in talks with its creditors about a potential debt restructuring. More than 200 energy-related firms have filed for bankruptcy since oil prices crashed about two years ago. Forbes Energy operates around 173 well servicing rigs in Texas, Louisiana and Pennsylvania. It also transports and disposes of fluids used in drilling. Forbes Energy also competes with Stallion Oilfield Services Ltd, Superior Energy Services Inc. and Heckman Corp. Read more.
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