Page 14 - NorthAmOil Week 26 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

Chemicals today announced that a subsidiary grow and become a fully-electric hydraulic HHP electric motors, two variable frequency
of Enterprise has acquired a wholly owned fracturing services provider. US Well Services drives, a power transformer and other
subsidiary of NOVA Chemicals, which issued $125.5mn of 16.0% convertible senior components that combine to create a self-
operates an ethylene storage business and secured (third lien) PIK Notes due June contained power centre. The company expects
trading hub in Mont Belvieu, Texas. NOVA 2026 in a private placement to institutional to begin taking delivery of the Power Cubes in
Chemicals, one of the largest merchant investors. In connection with the private the third quarter of 2021.
ethylene producers and marketers on the placement, the company sold $64.0mn of “We are proud to be able to provide the
US Gulf Coast, will be a long-term storage notes convertible into US Well Services state-of-the-art Power Cubes on which US
customer in the Enterprise system. Class A common stock and $22.5mn of Well Services’ Clean Fleet® Technology relies,”
“The acquisition, which gives Enterprise notes convertible into licenses to ProFrac said Wade Stockstill, CEO of Industrial
ownership of the largest ethylene market Manufacturing, to build three hydraulic Service Solutions. “We look forward to
hub in Texas since it was established in 2001, fracturing fleets using the company’s Clean continuing our long-term partnership with
will complement Enterprise’s own growing Fleet® technology. US Well Services has also US Well Services and working with their
ethylene network in the region,” said Chris taken substantial steps towards simplifying team to develop patented technology that is
D’Anna, senior vice president, Petrochemicals the company’s capital structure. The company revolutionizing the industry through better
of Enterprise’s general partner. “The combined exchanged $39.0mn of its Series A redeemable performance and reduced emissions.”
system offers multiple benefits for producers, convertible preferred stock for $39.0mn “US Well Services is pleased to continue
consumers and traders, such as increased of newly issued notes convertible into US our long-standing partnership with
physical connectivity, greater market liquidity Well Services Class A Common Stock. AmeriMex as we build and deploy the next
and pricing transparency, as well as improved Additionally, the company expects to amend generation of Clean Fleet® technology,”
access to Enterprise’s ethylene midstream the Certificate of Designations for its Series B commented Joel Broussard, the Company’s
services, including our export terminal and redeemable convertible preferred stock, which President and CEO. “We have used AmeriMex
growing Gulf Coast pipeline system.” would allow US Well Services to convert all electric motors on our Clean Fleets since
“This transaction provides the best outstanding shares of the Series B. Following we deployed the industry’s first all-electric
long-term solution for the Mont Belvieu entry of the final judgment by the Superior fracturing fleet in 2014. These Power Cubes
ethylene storage business and trading hub, Court of Delaware in the Smart Sand v. US represent innovative technology that enables
allowing NOVA to focus on our core business Well Services litigation awarding Smart Sand us to maintain our competitive advantage and
of ethylene and polyethylene production, approximately $52mn, the company agreed continue to deliver best-in-class results for our
including the safe and successful completion to settle the case for $35.0mn in cash and the customers.”
of our world-class Advanced SCLAIRTECH entry into an agreement to provide Smart US WELL SERVICES, June 30, 2021
technology facility in Ontario that will deliver Sand certain rights of first refusal related to
recycle ready resins for sustainable packaging the supply of frack sand. Proceeds from the
solutions,” stated John Thayer, senior vice private placement will be used to fund the ENERGY TRANSITION
president sales and marketing for NOVA cash portion of the Settlement and to fund
Chemicals. capital expenditures related to four Nyx Clean Halliburton Labs selects
ENTERPRISE PRODUCTS PARTNERS AND Fleets® and place deposits on critical items
NOVA CHEMICALS, July 01, 2021 for two additional Nyx Clean Fleets®, as well four companies for clean
as for general corporate purposes. These
capital expenditures are expected to enable the energy accelerator
SERVICES company to grow its asset portfolio up to 11
all-electric fleets representing approximately Halliburton Labs today announced its second
US Well Services issues 593,500 hydraulic horsepower. cohort, which joins four companies already
participating in its collaborative environment
US WELL SERVICES, June 28, 2021
$125.5mn convertible US Well Services to advance and scale cleaner, affordable
energy. Alumina Energy, Ionada, Parasanti,
senior secured PIK notes, announces commitment and SurgePower Materials will receive access
to a broad range of industrial capabilities,
executes licence agreement to purchase 120 electric technical expertise, and mentorship to scale
their respective businesses.
with ProFrac Manufacturing motors totalling 360,000 with this group of early-stage, clean
“We are excited to support and collaborate
and finalises amendment to HHP energy companies as they continue their
commercialisation journey,” said Dale Winger,
senior secured term loan US Well Services today announced it has managing director of Halliburton Labs.
“Each has demonstrated a commitment to
US Well Services today announced it has committed to purchasing 60 Power Cubes accelerating their technologies, and we are
entered into a series of strategic transactions from AmeriMex Motor & Controls, a eager to help them innovate, develop and scale
that position the company to execute on subsidiary of Industrial Service Solutions. each company.”
its previously announced strategic plan to Each patented Power Cube contains two 3,000 HALLIBURTON LABS, July 01, 2021

P14 www. NEWSBASE .com Week 26 01•July•2021