Oilfield services bankruptcies since early 2015 have reached $58.5 billion: Haynes and Boone

less damage to midstream sector

Oilfield services

International corporate law firm Haynes and Boone has been tracking and reporting industry developments in oilfield service restructurings. The firm’s research includes details on 167 bankruptcies filed since the beginning of 2015, including secured and unsecured debt totals for each case.

Oilfield Services, Midstream Bankruptcies

The total amount of aggregate debt administered in oilfield services bankruptcy cases from January 2015 through Q1 2018 is approximately $58.5 billion, Haynes and Boone said, and the average debt of these cases exceeds $350 million.

Some of the largest reported bankruptcy cases include:

  • $8 billion (Seadrill Limited)
  • $5.3 billion (Odebrecht)
  • $3.7 billion (Ocean Rig)
  • $3.4 billion (CGG Holding)
  • $3 billion (Pacific Drilling)
  • $2.8 billion (Vantage)
  • $2.5 billion (Paragon Offshore)
  • $2.3 billion (Tidewater)
  • $2.1 billion (Tervita)

Oilfield Services, Midstream Bankruptcies

For the full list of North American oilfield services bankruptcies, please click here.


Haynes and Boone reports that the midstream sector has not suffered the same level of distress experienced by E&P or oilfield service companies.

As of March 31, 2018, 24 midstream companies have filed Chapter 11 bankruptcy in the United States since the downturn took hold in early 2015. These bankruptcies involved approximately $20.4 billion in cumulative secured and unsecured debt (including debt of related affiliates).

Oilfield Services, Midstream Bankruptcies

Oilfield Services, Midstream Bankruptcies

For the full list of North American midstream bankruptcies, please click here.

Additional coverage

Haynes and Boone also covered E&P bankruptcies and surveyed companies in regard to borrowing base percentages.

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