Riverstone Holdings LLC Commits $200 Million To Launch Houston-based Abaco Energy Technologies LLC

  Riverstone Holdings LLC Commits $200 Million To Launch Houston-based Abaco
                           Energy Technologies LLC

PR Newswire

HOUSTON, Oct. 31, 2013

HOUSTON, Oct. 31, 2013 /PRNewswire/ --Abaco Energy Technologies LLC
("Abaco"), today announced a $200 million commitment from energy private
equity firm Riverstone Holdings LLC ("Riverstone") to acquire, integrate and
develop energy manufacturing and service businesses. Abaco is a newly-formed,
private, Houston-based company led by Ken Babcock and Roger Rivet, the former
CEO and CFO, respectively, of Titan Specialties, Ltd. ("Titan") and
International Logging, Inc. ("ILI"), two companies previously owned by
Riverstone affiliated entities.

Abaco will focus primarily on manufacturing and services related to North
American drilling, completion and production and associated infrastructure.
Messrs. Babcock and Rivet have significant experience in the oilfield
equipment and service sector, particularly in building businesses through
value-added initiatives. The two most recently led Titan, which was acquired
by Riverstone in March 2007 and was sold to Hunting plc in September 2011.
Babcock and Rivet were hired as CEO and CFO of Titan, respectively, in
December 2008 upon the planned retirement of two of the company's founders.
Previously, Babcock and Rivet served as CEO and CFO of ILI, which was acquired
by Riverstone and affiliates in March 2006 and sold to Weatherford in August
2008.

Mr. Babcock, President and Chief Executive Officer of Abaco, commented, "We
are very excited to be partnering again with Riverstone. We look forward to
building another company that contributes significantly to improving and
enhancing oilfield technology and processes that ultimately allow operators to
produce hydrocarbons faster and cheaper."

John Lancaster, a Partner at Riverstone, stated, "This investment is another
example of Riverstone's strategy of partnering with proven management teams to
pursue service and manufacturing opportunities related to the energy industry.
Ken and Roger are long-time energy executives who both played critical roles
in identifying and executing growth opportunities in their previous roles as
managers of Riverstone portfolio companies, sourcing strategic add-on
acquisitions and integrating new businesses and employees into the
organizations that they led. We will aim to build a company that is exposed to
attractive secular trends in the oil and gas market through both acquisition
and direct investment."

About Abaco Energy Technologies LLC

Abaco Energy Technologies LLC, based in Houston, TX, was formed to acquire,
integrate and develop energy manufacturing and service businesses, principally
related to North American drilling, completion, and production and associated
infrastructure. Abaco is led by President and Chief Executive Officer, Ken
Babcock, and Chief Financial Officer, Roger Rivet.

About Riverstone Holdings LLC

Riverstone is an energy and power-focused private investment firm founded in
2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $27
billion of equity capital raised. Riverstone conducts buyout and growth
capital investments in the exploration & production, midstream, oilfield
services, power and renewable sectors of the energy industry. With offices in
New York, London and Houston, the firm has committed approximately $24.4
billion to 103 investments in North America, Latin America, Europe, Africa and
Asia.

Media Contacts

For Abaco Energy Technologies LLC:
Ken Babcock
713-275-4651

For Riverstone Holdings LLC:
James David or Jeffrey Taufield
Kekst and Company
212.521.4800

SOURCE Abaco Energy Technologies LLC
 
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