Brigade Energy adds production assets from Nine Energy for $17M

By Luke Geiver | September 03, 2019

Nine Energy is selling its shale oil and gas production assets. The Texas-based energy service provider that operates in several North American shale plays, will receive roughly $17 million in cash for workover rigs, ancillary equipment and real estate associated with its production operations. Another Texas firm, Brigade Energy Services LLC, will acquire the assets.

Ann Fox, president and CEO of Nine, said the sale will make the company a pure-play completions company. Over the last three years, Nine has acquired several companies or completion-based technologies to bolster its services in the segment.

“At Brigade, we are focused on driving service quality innovation and industry consolidation in the domestic well servicing market,” said Justin Bliffen, Brigade’s CEO and former CFO for a Denver-based exploration and production company. “We believe this transaction solidifies Brigade as the largest privately held well services provider in the U.S., enabling us to more rapidly scale up alongside our growing customer demand, while unlocking substantial synergies and economies of scale.”

Brigade is a portfolio company of Turnbridge Capital.