Private equity firms' interest in the oilfield services (OFS) space traditionally meant investing in hard assets: rigs, frac pumps and trucks, a sand mine or downhole equipment. Firms always focused on companies with emerging technologies that advance E&P efficiency, including the abilities to drill or complete a well more accurately and faster. A lot of debt flowed into the industry as private equity-backed startups developed new technology or sought to buy divisions from larger companies such as Halliburton.
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