Houston, Texas, June 13, 2011 – Sidewinder Drilling Inc. (“Sidewinder”), a Houston-based land drilling company, today announced that it has entered into an agreement with Avista Capital Partners (“Avista”), a leading private equity firm, to provide an equity commitment of up to $125 million. The proceeds of the equity commitment, along with investments from Sidewinder management and friends and family, will be used to build a fleet of newly constructed, fast-moving, highly efficient land drilling rigs that will be ideal for use in North American unconventional oil & gas developments.
Sidewinder will meet the needs and demands of its customers with its new, fit-for-purpose fleet, demonstrated operating and safety systems and processes, and an experienced and dedicated management team. Sidewinder’s rigs will be configured to minimize non-productive time via faster rig-up and rig-down and through the use of modern, efficient drilling and mud processing equipment.
Jon C. Cole, Chief Executive Officer of Sidewinder, said, “We are excited to partner with Avista, an experienced and successful investor in all aspects of the energy sector. We are confident that Avista’s financial resources and experience, together with the Sidewinder team’s operational and commercial expertise, will enable Sidewinder to quickly establish itself as a world-class drilling contractor and valuable partner to its customers.”
Steven A. Webster, Co-Managing Partner of Avista, said, “We are thrilled to partner with such an experienced and cohesive management team to build and operate best-in-class drilling rigs. Jon and his team from Scorpion Offshore have considerable experience and success in building, operating and contracting high-specification drilling rigs. As oil & gas producers in unconventional resource plays transition from exploration to development, Sidewinder’s ultra-efficient drilling rig design and operational capability will allow its customers to drive stronger returns from their development programs.”
About Sidewinder Drilling, Inc.
Sidewinder is a land-based drilling contractor headquartered in Houston, Texas. The Company was formed in 2011 and utilizes a technologically advanced fleet of highly mobile, operationally flexible, ultra-efficient land drilling rigs to service exploration and production companies. For more information, visit www.sidewinder-drilling.com.
About Avista Capital Partners
Avista Capital Partners is a leading private equity firm managing approximately $4 billion of committed capital with offices in New York, Houston, and London. Founded in 2005, Avista’s strategy is to make controlling or influential minority investments in growth-oriented energy, healthcare, media, industrial and consumer businesses. Through its team of seasoned investment professionals and industry experts, Avista seeks to partner with exceptional management teams to invest in and add value to well-positioned businesses. For more information visit: www.avistacap.com.