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Case Studies

Oilfield Services


Biggest oil and gas companies


  • The com­pa­ny is head­quar­tered in the Unit­ed States and pro­vides diver­si­fied oil­field ser­vices to Cabin­da Gulf Oil Com­pa­ny Lim­it­ed (CAB­GOC), a whol­ly-owned sub­sidiary of Chevron oper­at­ing off­shore in Ango­la, West Africa
  • Since 2009, the Com­pa­ny has long-term con­tracts with CAB­GOC pro­vid­ing div­ing ser­vices for off­shore plat­form aban­don­ment, inspec­tion and main­te­nance pro­grams, off­shore ter­mi­nal oper­a­tions, and ves­sel rental and res­cue services
  • In March of 2020, there was a severe decline in crude oil prices and oper­at­ing activ­i­ty caused by the OPEC+ deci­sion to not cap oil pro­duc­tion com­bined with a decrease in demand relat­ed to Covid-19 shut­downs. This result­ed in a sig­nif­i­cant decline in the Company’s rev­enue, prof­itabil­i­ty, and liquidity.
  • The Com­pa­ny was able to sta­bi­lize rev­enues in April of 2021 and secure new long-term con­tracts for new instal­la­tion and div­ing contracts.
  • Due to, the sig­nif­i­cant increase in rev­enue, CAB­GOC 60-day con­tract pay­ment terms, and chal­lenges in pro­cess­ing invoic­es from the field, the Com­pa­ny need­ed a com­mit­ted work­ing cap­i­tal facil­i­ty to fund its con­tin­ued growth


  • The Com­pa­ny retained Chi­ron Finan­cial, LLC (“Chi­ron”) as its exclu­sive invest­ment banker to arrange a work­ing cap­i­tal cred­it facility
  • Chi­ron had to suc­cess­ful­ly address two very sig­nif­i­cant fac­tors: the Com­pa­ny oper­ates exclu­sive­ly in Ango­la and has a sin­gle cos­tumer rev­enue concentration
  • Chi­ron mar­ket­ed the oppor­tu­ni­ty to over 250 cap­i­tal providers, received mul­ti­ple financ­ing term sheets, suc­cess­ful­ly nego­ti­at­ed to obtain the best terms for the Company’s growth strat­e­gy, nego­ti­ate cred­it insur­ance, and assist­ed with the final dili­gence process
  • The facil­i­ty enables the Com­pa­ny to ensure a sta­ble rela­tion­ship with its ven­dors, fund cur­rent growth ini­ti­ates, and allow the busi­ness to bid on addi­tion­al con­tracts with the con­fi­dence of hav­ing suf­fi­cient work­ing capital

Chi­ron was instru­men­tal in get­ting every­thing done and mak­ing this rela­tion­ship work.” — Karsna Daniel (Ocean Bank, Lender)

The Challenge

Since 2009, the Company has long-term contracts with CABGOC providing diving services for offshore platform abandonment, inspection and maintenance programs, offshore terminal operations, and vessel rental and rescue services

The Chiron Solution

The Company retained Chiron Financial, LLC (“Chiron”) as its exclusive investment banker to arrange a working capital credit facility.

The Result

Chiron marketed the opportunity to over 250 capital providers, received multiple financing term sheets, successfully negotiated to obtain the best terms for the Company’s growth strategy, negotiate credit insurance, and assisted with the final diligence process. The facility enables the Company to ensure a stable relationship with its vendors, fund current growth initiates, and allow the business to bid on additional contracts with the confidence of having sufficient working capital.

Is your com­pa­ny per­form­ing like it should?