Axis Energy Services, a new workover and completion specialist formed from the combination of TEC Well Service, Momentum Pressure Control, and M6 Energy Services, announced its launch on Nov. 5.
Already serving major oil and gas companies and leading independents in basins across the U.S., Axis is the first purpose-built well servicing company focused on optimizing completions on long-lateral shale wells. The company accomplishes this mission through integrated, data-driven services, a leading-edge training culture, and purpose-engineered equipment that forms one of the highest spec fleets in the well servicing sector.
Axis offers frack plug drill out, tube up, well servicing, pressure control, pumping, acid, and nitrogen services from four operating bases. The company said it has launched a revolutionary approach to completions and workovers with integrated solutions that start before Axis is brought on site, using data to minimize drill out times, reduce downhole incidents, and drive continuous improvement.
Approximately 50% of the Axis rig fleet is 24-hour capable with mast heights 110 feet or greater. The company also provides a fleet of pressure control and snubbing equipment and a wide range of high horsepower pumps for pumping services. Axis is currently completing a year-long build out program focused on creating the industry’s leading shale-capable fleet of rigs and associated equipment.
“The mission of Axis is simple—to offer our customers a third option to reach new levels of efficiency, reliability, and profitability while simplifying completion operations,” Wendell Brooks, CEO of Axis Energy Services, said.
Axis was formed with the investment partnering of B-29 Investments and Lime Rock Partners.
Double Eagle’s substantial equity commitments from Apollo Global Management will support the company’s ongoing acquisition and development initiatives in the Permian Basin.
Sinking oil prices are turning distressed U.S. energy companies, such as Gastar Exploration, Parker Drilling and Waypoint Leasing, into takeover targets for opportunistic private investors.
The investment is about $300 million less than the company forecast in May and includes reductions resulting from Alberta’s mandated oil production cuts.