Eco-Stim Energy Solutions announces completion of its STACK contract; Evaluating alternatives for U.S. assets
ECO-STIM ENERGY SOLUTIONS INC COMMON (ESES)
Last eco-stim energy solutions inc common earnings: 11/14 04:09 pm
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US:NASDAQ Investor Relations:
ecostim-es.com/index.php/en/eco-stim-energy-solutions-announces-launch-of-private-placement-offering/14-english/investors/7-investor-relations
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Source: GlobeNewswire
HOUSTON, TEXAS, Sept. 24, 2018 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) (“EcoStim” or the “Company”) announced today that the Company has completed work under its STACK pressure pumping contract. Given the current weakness of the U.S. Frac market, the Company has elected to suspend its U.S. Frac operations and significantly reduce its U.S. workforce in alignment with potential near-term opportunities, including pump down and miscellaneous pumping services. The Company also intends to pursue the sale of certain U.S. assets and use the proceeds to reduce its outstanding liabilities and improve liquidity. In addition, the Company continues to conduct Frac operations under the current arrangement with its primary customer in Argentina. The Company also continues to work with Johnson Rice & Company L.L.C. and another internationally recognized investment bank regarding U.S. and Argentina strategic alternatives, respectively. About the Company EcoStim is an
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