Axis Announces Merger with Brigade to Form the Premier Well Servicing Company in the U.S.

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Oct 01, 2024, 08:00 ET

Combination Scales Strengths in Technology and Workforce Management

DALLAS, Oct. 1, 2024 /PRNewswire/ -- Axis Energy Services LLC and Brigade Energy Services LLC jointly announce the closing of an agreement to merge and form the nation's largest and most innovative well servicing company with the best-trained workforce.

The merger combines two high-growth organizations that have pioneered new ways to create value for an oil and natural gas industry seeking to become more efficient, agile, and sustainable amidst changing market and societal conditions.

Axis and Brigade are merging to form the nation’s largest and most innovative well servicing company with the best-trained workforce.

The transaction elevates Axis as the nation’s leading company for completion, workover and P&A solutions, with more than 1,700 employees and 200 active and marketable workover rigs.

The new organization is named Axis Energy Services LLC and will remain headquartered in Dallas.

The transaction elevates Axis as the nation's leading company for completion services, workover solutions and plug and abandonment operations. Axis now boasts more than 1,700 employees and 200 active and marketable workover rigs, which may be the largest single fleet in the industry. Axis also maintains a market-leading support-equipment operation that includes 50 cement pump trucks, 26 wireline trucks, 15 snubbing units, nearly 200 pumps and a sizeable fleet of BOPs and pipe handlers.

The combined company has a strong presence in the country's major oilfields – including the Permian, Haynesville, Eagle Ford, Utica/Marcellus, Bakken and the broader Rockies -- and can quickly deploy to almost any location in the continental U.S.

"The combination of Axis and Brigade begins a new chapter in the history of well service," said Axis CEO Ryan Phillips. "Both companies share a similar origin story with missions to fill critical gaps in oilfield services. We look forward to forming an organization that is even more scaled, innovative and workforce-ready as operator consolidation continues, leading producers to demand more from their providers. Our combined company is better able to meet those needs."

Brigade CEO Justin Bliffen said, "This merger not only increases scale for our increasingly concentrated and larger North American customers but also combines best practices from both companies around data analytics, innovation, personnel training and talent management."

Bliffen continued, "Together we will create a stronger company that is even more data-driven and disciplined in how workers and leaders are vetted, trained and deployed for optimal performance and safety."

The merger comes on the heels of Axis' successful rollout of the industry's first fully electric well service rig, which is currently working on wells operated by Occidental. Axis' EPIC (Electric-Powered Intervention & Completion) Rig ushered in new improvements in safety and efficiency, in addition to the ability to run on grid power for reduced emissions and increased fuel flexibility.

"This merger is happening when both companies are hitting new strides with growth and performance," said Phillips. "Combining our histories, our assets and our visions will multiply our impact on behalf of the nation's leading operators."

About Axis Energy Services
Axis is an integrated well service company and the leading provider of plug and abandonment solutions in the U.S. land market, with facilities and operations across all major oil and gas basins. Axis brings together full high-spec rig packages with some of the industry's most experienced crews to deliver a comprehensive range of services spanning the lifecycle of the well, from completions to interventions to plugging and abandonment (P&A). Axis was formed in 2018 with the union of three leading independent well service companies and a mission to drive the industry forward through technological innovation. The company's CORE® data acquisition and predictive analytics platform offers operators unparalleled real-time access to all critical operational data from any internet-enabled device. For more information, visit https://axisofs.com.

About Brigade Energy Services
Formed in late 2016, Brigade's mission is to exceed customer expectations by delivering experienced and innovative well service solutions, the highest quality equipment and a workforce steeped in a disciplined team culture based on advanced competency and data management. Our service range encompasses customized completions, including drill-out and clean-out packages; workover and production services; and plug and abandonment (P&A) solutions. Brigade is committed to safety, integrity, process improvement, measurable performance and operational excellence. We believe a strong and secure energy sector supports national security and economic viability for all Americans. For more information, visit https://brigadeenergy.com. Brigade's 2023 sustainability report is available at https://brigadeenergy.com/sustainability/.

SOURCE Axis Energy Services