Four-year partnership assisting insolvency and turnaround professionals in the energy industry brings value for distressed oil and gas equipment
HOUSTON and BETHESDA, Md., June 15, 2020 (GLOBE NEWSWIRE) — For the past four years, Tiger Capital Group and Liquidity Services (NASDAQ: LQDT) have partnered to help insolvency and turnaround professionals ramp up their services for a turbulent oil and gas market and create value for energy assets through online auction sales.
Leveraging its success, the partnership is well-positioned to support turnaround professionals as the oil and gas industry struggles with recent and continuing price volatility and subsequent impact on sales, earnings, capital expenditures and asset values. As production in the oil and gas industry slows, the partnership is well-known for its expertise in creating a market for distressed energy assets, with focus on the oil and gas sector.
“Analysis from GlobalData find that oil and gas producers have already slashed more than $50 billion from their budgets for the year ahead and Baker Hughes notes rig counts are at record lows as producers put the brakes on new drilling,” said Chad Farrell, Managing Director, Tiger Commercial & Industrial. “As utilization of assets drops for the oil and gas sector, the Tiger Liquidity Services partnership’s proven ability to find buyers for assets will be beneficial to bankrupt companies, insolvency professionals, attorneys, trustees, and workout firms.”
“While the supply of surplus energy pipe and equipment is on the rise since the onset of COVID-19 and the collapse of oil prices, we have seen an increase in demand for these assets in our online auction marketplace, AllSurplus.com,” said Trey Valentino, Vice President of Business Development, Liquidity Services’ Energy Vertical. “Recent auction events have shown stability in buyer demand in our marketplace, supporting our energy sellers that need to generate cash quickly during this turbulent time.”
Formed in 2016, Tiger Liquidity Services Energy Partners (TLSEP) sells surplus assets and assists insolvency and turnaround professionals seeking to ramp up their services to the turbulent oil and gas market. Liquidity Services maintains the world’s largest marketplace for business surplus and is well known for its O&G expertise. Tiger has 40 years of experience in structuring liquidation events globally, as well as in performing asset valuations for lenders.
Over the past four years, Tiger/LSI Energy Partners has sold energy-industry equipment on behalf of bankrupt companies, insolvency professionals, attorneys, trustees, and workout firms across a wide range of oil and gas assets including: compression, turbines and engines; drilling and well service rigs and equipment; line pipe and oil country tubular goods; oilfield production equipment, and support equipment, including rolling stock.
For more information on the how TLSEP can help create a market and generate cash for surplus and distressed assets, contact Chad Farrell for Tiger at [email protected] or 832-721-3937 or Trey Valentino for Liquidity Services at [email protected] or 713-590-1623.