Forbes
Energy Services Ltd. (FES) is a provider of drilling and
production-related services to oil and natural gas companies in the
United States. The company offers a range of services, including well
maintenance and workover services, fluid logistics services, and
drilling rig rental services.
Forbes Energy Services was
founded in 2003 and is headquartered in Alice, Texas. As of my
knowledge cutoff of September 2021, the company was facing some
financial challenges due to the impact of the COVID-19 pandemic on the
energy industry. The company's total revenue for the fiscal year 2020
was $90.4 million, representing a decline from $162.5 million in the
previous year. Net loss for the same period was $36.9 million, an
improvement from a net loss of $57.6 million in the previous year.
Forbes Energy Services has a market capitalization of
approximately $15 million as of my knowledge cutoff of September 2021,
and its stock is listed on the OTC Pink market under the ticker symbol
FESXQ.
The energy services industry is subject to various
risks, including changes in demand for oil and natural gas services,
fluctuations in commodity prices, and competition from other service
providers. The COVID-19 pandemic has also posed significant challenges
for the industry. However, Forbes Energy Services' focus on providing
a range of drilling and production-related services and its efforts to
address its financial challenges should position it for improved
performance in
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