The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Fieldwood Energy, an offshore oil and gas explorer that emerged from bankruptcy in April, is weighing an initial public offering, according to people familiar with the matter.
The Houston, Texas-based company is exploring filing a public offering in early 2019 that could value the company at more than $5 billion, said one the people, who asked to not be identified because the matter isn’t public.
A representative for Fieldwood declined to comment.
Fieldwood is one of the largest oil producers in the Gulf of Mexico. It filed for Chapter 11 bankruptcy protection in February after incurring too much debt in a
$5 billion acquisition spree before oil prices crashed in 2014. It exited bankruptcy two months later after reaching an unusual restructuring agreement with a creditor group that included Riverstone Holdings LLC, its owner before it went to court.
The buyout firm remains a large shareholder in Fieldwood after swapping some of its debt for new equity, according to court documents.