Reuters logo
Archer's U.S. partner QES says industry needs consolidation
May 10, 2017 / 11:29 AM / 7 months ago

Archer's U.S. partner QES says industry needs consolidation

OSLO, May 10 (Reuters) - Rogers Herndon, Chief Executive of U.S. oil service firm Quintana Energy Services (QES), partly owned by Archer, told analysts on Wednesday in Oslo:

** “It (an initial public offering) is a potential opportunity, but it’s one of avenues to go. We don’t have a predetermined path”

** “Consolidations has to occur through the industry, but we need to access equity markets to consolidate, we can’t do that from private equity”

** “There are quite a bit of oil service IPOs in the pipeline... but the same people are looking at strategic alternatives”

** Says while valuation of assets have become more realistic recently, oil price uncertainty has also increased

** QES provides well drilling services to U.S. onshore shale producers, and has about 8 percent market share of directional drilling

** Oslo-listed Archer owns 36 percent of QES after merging its North America oil service business in 2015 (Reporting by Nerijus Adomaitis, editing by Terje Solsvik)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below