I am pleased to announce that OFS International LLC, along with its subsidiaries, successfully completed a financial Restructuring plan and emerged from Chapter 11 effective January 3, 2022.
During the 7-month reorganization process, OFSi substantially improved its financial health and resolved all pre-petition litigation matters. Porter Hedges acted as restructuring attorney, Chiron Financial the exclusive financial advisor and AZA law served as special counsel on intellectual property matters in this case.
We are very excited to start the new year of 2022 as a much stronger and more dynamic company.
We would like to thank all our customers, partners, and employees for their continuing loyalty and support during these challenging and uncertain times. We are also grateful to our new financial partners for well-timed endorsements.
OFSi has a strong commitment, the same as before, to provide premium products and services to the marketplace for many years to come.
We remain committed to supporting our
customers. Our world has changed dramatically these past few weeks. All of us
together face unprecedented obstacles with the rapid spread of COVID-19. Our industry
has been hit particularly hard. We’re not only battling a historic pandemic
which is severely affecting demand but the OPEC+ price war is creating substantial
oversupply. Over the past few weeks we’ve seen a significant decline in
drilling activity, creating a surplus in the OCTG market and resulting in large
Our number one priority is the safety of our team and their families. All office personnel are currently working from home. We are staggering shifts for the manufacturing group, enforcing social distancing, and taking other measures in accordance with the guidelines from the CDC. We are open and fully operational at all locations, ready to support you. Whether that be to sawcut and convert your current inventory, supply full length finished pipe, or provide accessories or field services. We appreciate your continued support and look forward to overcoming these obstacles with you. The OFSI team hopes that you and your families are staying safe during these times.