Oilfield Services Bankruptcy Tracker

June 30, 2021

OILFIELD SERVICES BANKRUPTCY TRACKER

Haynes and Boone, LLP has monitored North American oilfield services company (OFS) Chapter 11 bankruptciessince 2015. This latest report features new cases filed from January 1 through June 30, 2021. Over the past sixyears, there have been 270 oilfield services company bankruptcies. In the same period, there were 302 oil and gasproducer and midstream company bankruptcy filings, bringing the combined North American industry total to572. The report that follows includes data points for aggregate debt and several summary data slides.

KEY TAKEAWAYS FOR Q1‐Q2 2021:

• Thirteen OFS companies filed in Q1‐Q2 2021, which is the fifth lowest Q1‐Q2 total since 2015.

• The aggregate debt for OFS companies that filed in Q1‐Q2 2021 is over $5.9 billion, which is the fourth highestQ1‐Q2 total since 2015.

• Texas has accounted for 62 percent of the total OFS filings this year, with eight in total.

Our lawyers have played a key role assisting clients in high‐profile E&P, midstream and oilfield services matters,including asset sales, refinancings, debt restructurings and Chapter 11 cases, representing debtors, creditors,energy lenders and private equity investors. Haynes Boone publishes companion reports that can be found on ourEnergy Roundup web page, which include these:

• Borrowing Base Redeterminations Survey• Energy Bank Price Deck Survey• Midstream Report• Oil and Gas ESG Tracker• Oil Patch Bankruptcy Monitor

2

2015‐2021 CUMULATIVE NORTH AMERICAN OILFIELD SERVICES BANKRUPTCY FILINGS

911

1314

2620

1213

1515

9 4 4 3 1 3 1 11 6 611

2717 5 8

0

50

100

150

200

250

300

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

2020Q1

2020Q2

2020Q3

2020Q4

2021Q1

2021Q2

Cumulative bankruptciesNew bankruptcies since the previous quarter

HAYNES BOONE OILFIELD SERVICES BANKRUPTCY TRACKER©

(As of June 30, 2021)

3

2015‐2021 NORTH AMERICAN OILFIELD SERVICES BANKRUPTCY FILINGS BY QUARTER

0

5

10

15

20

25

30

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

2020Q1

2020Q2

2020Q3

2020Q4

2021Q1

2021Q2

NU

MB

ER O

F FI

LIN

GS

(As of June 30, 2021)

HAYNES BOONE OILFIELD SERVICES BANKRUPTCY TRACKER©

4

2015‐2021 CUMULATIVE NORTH AMERICAN OILFIELD SERVICES UNSECURED DEBT, SECURED DEBT AND AGGREGATE DEBT

$0

$20

$40

$60

$80

$100

$120

$140

2015Q1

2015Q2

2015Q3

2015Q4

2016Q1

2016Q2

2016Q3

2016Q4

2017Q1

2017Q2

2017Q3

2017Q4

2018Q1

2018Q2

2018Q3

2018Q4

2019Q1

2019Q2

2019Q3

2019Q4

2020Q1

2020Q2

2020Q3

2020Q4

2021Q1

2021Q2

BILLIONS

(As of June 30, 2021)

HAYNES BOONE OILFIELD SERVICES BANKRUPTCY TRACKER©

5

2015‐2021 NORTH AMERICAN OILFIELD SERVICES BANKRUPTCY FILINGS BY LOCATION

TEXAS

152

DELAWARE

20COLORADO

6

LOUISIANA

23

OKLAHOMA

9ARIZONA

2

UTAH

2

PENNSYLVANIA

NEW MEXICO

5

KANSAS

3

NEBRASKA

WYOMING

21

GEORGIA

1

CANADA*

7

OHIO

3

NORTH DAKOTA

2

10

12

NORTH CAROLINA

1

MONTANA

2

1

MISSISSIPPI

ALABAMA

1

2WEST VIRGINIA

1

ALASKA

FLORIDA1

*Canada is not tracked post‐2016.(As of June 30, 2021)

HAYNES BOONE OILFIELD SERVICES BANKRUPTCY TRACKER©

6

MICHIGAN

1 NEW YORK

2015‐2021 NORTH AMERICAN OILFIELD SERVICES AGGREGATE DEBT BY FILING LOCATION

ALABAMA$26,814,672

ALASKA$3,186,359

ARIZONA$42,904,934

CANADA*$110,883,943

COLORADO$74,068,610

FLORIDA$7,061,033

GEORGIA$439,177

KANSAS$10,141,143

LOUISIANA$595,376,970

MICHIGAN$2,293,471

MISSISSIPPI$9,995,711

TEXAS$75,517,256,381

NEW YORK$24,309,890,007

DELAWARE$16,125,256,981

MONTANA$4,884,460

NEBRASKA$928,751

NEW MEXICO$19,370,098

NORTH CAROLINA$639,252

NORTH DAKOTA$3,628,240

OHIO$34,560,109

OKLAHOMA$116,184,873

PENNSYLVANIA$81,569,069

UTAH$1,791,753

WEST VIRGINIA$18,021,620

WYOMING$24,297,366

(As of June 30, 2021)

HAYNES BOONE OILFIELD SERVICES BANKRUPTCY TRACKER©

7

LIST OF NORTH AMERICAN OILFIELD SERVICES BANKRUPTCIES 2021 BANKRUPTCIES, January – June 

FILING DATE COURT CASE NUMBER DEBTOR SECURED UNSECURED TOTAL01/05/2021 W.D. La. 21‐50005 FLOW SERVICES AND CONSULTING INC. $ 282,172 $ 5,570,745 $ 5,852,91701/06/2021 S.D. Tex. 21‐80004 THIRD OCEAN VESSEL AND RIG, INC. * $ ‐ $ ‐ $ ‐02/10/2021 S.D. Tex. 21‐30427 SEADRILL LIMITED ~ ^  $ 5,556,000,000 $ 186,681,064 $ 5,742,681,064 03/18/2021 W.D. Tex. 21‐70034 ALLIED EQUIPMENT, INC. * $ 6,706,423  $ 2,822,678 $ 9,529,10103/26/2021 S.D. Tex. 21‐31050 AMERICAN NATIONAL CARBIDE CO. ^ $ 2,294,703  $ 1,675,279 $ 3,969,98204/06/2021 W.D. La. 21‐50198 LOUISIANA CRANE & CONSTRUCTION, L.L.C. ^ $ 16,830,730  $ 11,925,594  $ 28,756,324 04/20/2021 D. Del. 21‐10729 WB SUPPLY LLC  $ 15,310,108  $ 37,467,487  $ 52,777,595 04/30/2021 S.D. Tex. 21‐21122 GAINCO, INC.  $ 3,970,305  $ 2,441,008  $ 6,411,313 05/13/2021 N.D. Tex. 21‐50067 MECHANICAL EQUIPMENT, INC. $ 4,083,611  $ 3,548,319  $ 7,631,930 05/19/2021 S.D. Tex. 21‐21142 AINSWORTH TRUCK LEASING, LLC ^ $ 3,953,995  $ ‐ $ 3,953,995 05/31/2021 S.D. Tex. 21‐31784 OFS INTERNATIONAL, LLC ~ * $ 26,900,000  $ 58,000,000  $ 84,900,000 06/25/2021 S.D. Fl. 21‐16236 FLUOROTEK USA, INC $ 6,190,694  $ 870,339  $ 7,061,033 06/29/2021 S.D.W.V. 21‐20150 WALHONDE TOOLS, INC. $ 699,874  $ 960,678  $ 1,660,552 TOTAL 2015 $ 3,347,895,055  $ 1,964,453,600  $ 5,312,348,655 TOTAL 2016 $ 7,765,578,782  $ 5,732,131,636  $ 13,497,710,418 TOTAL 2017 $ 23,035,737,673  $ 12,216,998,001  $ 35,252,735,674 TOTAL 2018 $ 3,033,514,532  $ 856,640,100  $ 3,890,154,632 TOTAL 2019 $ 339,209,400  $ 7,734,345,345  $ 8,073,554,745 TOTAL 2020 $ 17,581,406,236 $ 27,578,348,824 $ 45,159,755,0602021 YTD $ 5,643,222,615 $ 311,963,191 $ 5,955,185,806TOTAL 2015‐2021 $ 60,746,564,293 $ 56,394,880,697 $ 117,141,444,990

*Debt information estimated from declarations or other filings; schedules not yet available. ~Lead case – estimate includes affiliate(s); debt may be duplicative to a certain extent. 

^Second filing.(As of June 30, 2021)

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PRIMARY CONTACTSRESTRUCTURING

CHARLES BECKHAM, JR.Partner, Houston713.547.2243charles.beckham@haynesboone.com

IAN PECKPartner, Dallas214.651.5155ian.peck@haynesboone.com

ELI COLUMBUS Partner, Dallas214.651.5045eli.columbus@haynesboone.com

MATT FERRIS Partner, Dallas214.651.5955matt.ferris@haynesboone.com

PATRICK HUGHESPartner, Denver / Houston713.547.2550patrick.hughes@haynesboone.com

KENRIC KATTNERPartner, Houston713.547.2518kenric.kattner@haynesboone.com

FRASHER MURPHYPartner, Dallas214.651.5246frasher.murphy@haynesboone.com

STEPHEN PEZANOSKYPartner, Fort Worth817.347.6601stephen.pezanosky@haynesboone.com

KELLI NORFLEETPartner, Houston713.547.2630kelli.norfleet@haynesboone.com

DAVID STAABAssociate, Fort Worth817.347.6645david.staab@haynesboone.com

JAROM YATESAssociate, Dallas214.651.5139jarom.yates@haynesboone.com

MARTHA WYRICKAssociate, Houston713.547.2047martha.wyrick@haynesboone.com

ARSALAN MUHAMMADCounsel, Houston713.547.2257arsalan.muhammad@haynesboone.com

KOURTNEY LYDACounsel, Houston713.547.2590kourtney.lyda@haynesboone.com

DAVID TRAUSCHAssociate, Houston713.547.2248david.trausch@haynesboone.com

Haynes Boone has more than 600 lawyers, including nearly 20 restructuring practitioners and 100 energy lawyers and landmen serving clients across the globe.

9

CHRIS REAGENAssociate, Denver303.382.6212chris.reagen@haynesboone.com

REEM ABDELRAZIKAssociate, Houston713.547.2998reem.abdelrazik@haynesboone.com

PRIMARY CONTACTSOILFIELD SERVICES

BRAD RICHARDSPartner, Houston713.547.2028brad.richards@haynesboone.com

BUDDY CLARK Partner, Houston713.547.2077buddy.clark@haynesboone.com

KIM MAIAssociate, Houston713.547.2029kim.mai@haynesboone.com

CHRIS WOLFESenior Counsel, Houston713.547.2024chris.wolfe@haynesboone.com

KRAIG GRAHMANNPartner, Houston713.547.2048kraig.grahmann@haynesboone.com

ELLEN CONLEYAssociate, Houston713.547.2204ellen.conley@haynesboone.com

HUNT BUCKLEYSenior Counsel, Mexico City52.55.5249.1812hunt.buckley@haynesboone.com

NEAL KAMINSKYPartner, Houston713.547.2542neal.kaminsky@haynesboone.com

MICHAEL COOPERCounsel, Dallas214.651.5465michael.cooper@haynesboone.com

AUSTIN ELAMPartner, Houston713.547.2122austin.elam@haynesboone.com

BILL MCDONALDPartner, The Woodlands713.547.2013bill.mcdonald@haynesboone.com

VIKKI MARSHAssociate, Houston713.547.2994vikki.marsh@haynesboone.com

TIM JOHNSTONPartner, Dallas214.651.5135tim.johnston@haynesboone.com

JAMES MARKUSPartner, Dallas214.651.5366james.markus@haynesboone.com

MICHAEL FREEMANPartner, Dallas214.651.5362michael.freeman@haynesboone.com

GEORGE Y. GONZALEZPartner, Houston713.547.2011george.gonzalez@haynesboone.com

Haynes Boone has more than 600 lawyers, including nearly 20 restructuring practitioners and 100 energy lawyers and landmen serving clients across the globe.

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AUSTIN600 Congress AvenueSuite 1300Austin, TX 78701United States of AmericaT +1 512.867.8400F +1 512.867.8470

CHARLOTTE620 S. Tryon StreetSuite 375Charlotte, NC 28202 United States of AmericaT +1 980.771.8200F +1 980.771.8201

CHICAGO180 N. LaSalle StreetSuite 2215Chicago, IL 60601United States of AmericaT +1 312.216.1620F +1 312.216.1621

DALLAS2323 Victory AvenueSuite 700Dallas, TX 75219United States of AmericaT +1 214.651.5000F +1 214.651.5940

DALLAS ‐ NORTH6000 Headquarters Dr.Suite 200Plano, TX 75024United States of AmericaT +1 972.739.6900F +1 972.680.7551

DENVER1050 17th StreetSuite 1800 Denver, CO 80265United States of AmericaT +1 303.382.6200F +1 303.382.6210

FORT WORTH301 Commerce StreetSuite 2600 Fort Worth, TX 76102 United States of AmericaT +1 817.347.6600F +1 817.347.6650

HOUSTON1221 McKinney StreetSuite 4000Houston, TX 77010United States of AmericaT +1 713.547.2000F +1 713.547.2600

LONDON1 New Fetter Lane London, EC4A 1AN United KingdomT +44 (020) 8734 2800F +44 (020) 8734 2820

MEXICO CITYTorre Esmeralda I, Blvd.Manuel Ávila Camacho #40Despacho 1601Col. Lomas de Chapultepec, DF 11000 Mexico City, MexicoT +52.55.5249.1800F +52.55.5249.1801

NEW YORK30 Rockefeller Plaza26th FloorNew York, NY 10112United States of AmericaT +1 212.659.7300F +1 212.918.8989

ORANGE COUNTY600 Anton BoulevardSuite 700Costa Mesa, CA 92626United States of AmericaT +1 949.202.3000F +1 949.202.3001

PALO ALTO525 University AvenueSuite 400Palo Alto, CA 94301United States of AmericaT +1 650.687.8800F +1 650.687.8801

SAN ANTONIO112 East Pecan StreetSuite 1200San Antonio, TX 78205United States of AmericaT +1 210.978.7000F +1 210.978.7450

SAN FRANCISCO201 Spear StreetSuite 1750San Francisco, CA 94105United States of AmericaT +1 415.293.8900        F

+1 415.293.8901

SHANGHAIShanghai International Finance Center, Tower 2 Unit 3620, Level 368 Century Avenue, Pudong Shanghai 200120, P.R. ChinaT +86.21.6062.6179F +86.21.6062.6347

THE WOODLANDS10001 Woodloch Forest Dr.Suite 200The Woodlands, TX 77380United States of AmericaT +1 713.547.2100F +1 713.547.2101

WASHINGTON, D.C.800 17th Street NWSuite 500Washington, D.C. 20006United States of AmericaT +1 202.654.4500F +1 202.654.4501

OFFICE LOCATIONS