Diva's Den

[Robertscott]

$SSOF NEW YORK, Aug. 29, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Sixty Six Oilfield Services, Inc. (OTCBB: SSOF) announces Jason Clayton as the new President and CEO of Sixty Six Oilfield Services, effective immediately. In pursuing the Company’s stated goals, Mr. Clayton announced, “It’s my pleasure and honor to lead SSOF into a new era. We are immediately proceeding with plans to partner with a rig debt financing company to fund the purchase of the eleven (11) identified oil drilling rigs for a total purchase price of $40.00mm. This action represents an incredible opportunity to jumpstart the next phase of growth and expansion.” The initial round of rig funding is for $26.25mm for the purchase of six (6) 2000 HP Rigs with a second round of rig funding for $13.750mm for the purchase of five (5) 1500 HP Rigs. The Company expects to sell each of the 1500 HP Rigs within 6 months of purchase, each at a base case of $8.5mm as well as to sell each of the 2000 HP Rigs within 6 months of purchase, each at a base case of $13.75mm. The Company predicts that the base case scenario of the cumulative transactions will total $125mm with a net profit of $63.4mm before financing cost. The Company will self-fund the total refurbishment cost as needed per rig buyer. All oil rigs have already been appraised. These deals will be fully structured with interest, fees and compensating balances with funding to be placed in escrow with UCC liens.

https://finance.yahoo.com/news/sixty-six-oilfield-services-inc-120000399.html