Stonebriar Commercial Finance announced the closing of a $10 million equipment lease with a privately held onshore oilfield services company. The lessee provides well stimulation services to exploration and production companies primarily in the Permian basin. The lease facility allows for interim advances as the assets are being manufactured.
The leased assets are new diesel powered quintuplex trailered frac pumps that will replace pumps the company currently operates via short-term rental.
Reagan Rorschach, Stonebriar managing director, stated, “In this company’s short history it has built an impressive team, a fleet of over 100 newer high horse power pumps, a strong reputation for safety and reliability, and an admirable list of loyal customers.” Stewart Jones, Stonebriar investment analyst, added, “As Permian producers continue to seek out economic and operational efficiencies in the well completion process, demand for quality pressure pumping equipment and crews is at a historical high. Our client delivers both to its customer base.”
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