Tuesday, 17 September 2019

Company Updates

Newpark's Environmental Division Merges with Offshore Cleaning Systems

National private equity firm Lariat Partners has announced the formation of Ecoserv. By merging Houston-based Newpark Environmental Services, LLC (NES), the region's leader in offshore waste disposal, with Offshore Cleaning Systems, LLC (OCS), the Gulf of Mexico's leader in offshore cleaning services, Ecoserv will become a one-of-a-kind, integrated, turnkey environmental cleaning and waste disposal services provider.

Kenny DesOrmeaux, founder and CEO of Abbeville, LA based OCS, will become CEO of Ecoserv, which will be headquartered in Lafayette, LA and operate out of fourteen (14) locations throughout the Gulf Coast and Permian Basin of West Texas. "Ecoserv uses applied science to provide the safest and most environmentally friendly way of managing oilfield refuse. By combining the efforts of these two industry innovators, we have the scale, breadth, and capabilities to offer a streamlined and hyper-compliant waste disposal system," DesOrmeaux said. "We're pioneering a solution that includes EPA-approved processes but takes them a step further."

Lariat Managing Partner Kevin Mitchell says, "With its vertically integrated business model, Ecoserv will create the most compelling value proposition in the upstream oil and gas industry." Mitchell continued, "Lariat's strategy for all of its investments is to enhance value for our customers, and the formation of Ecoserv accomplishes that in every way."

A definitive purchase agreement has been signed for the merger between NES and OCS, with the full deal expected to be executed within thirty (30) days. The formation of Ecoserv is anticipated to create as many as 100 new jobs in Acadiana. "We believe the talented employees and management of both OCS and NES create a truly best-in-class company. We look forward to demonstrating to our customers the service and value of Ecoserv," DesOrmeaux said

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We aim to keep you updated weekly with relevant information concerning the Offshore Energy Sector.

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