US Well Services (USWS) has entered into an agreement with PW Power Systems (PWPS) to buy MOBILEPAC 30MW mobile natural gas turbine generators.
Under the contract, the turbine generators will be supplied exclusively to USWS as it relates to power generation for hydraulic fracturing.
The MOBILEPAC natural gas turbine package with SWIFTPAC technology is uniquely designed to provide highly mobile and reliable power generation.
USWS plans to utilize these natural gas-powered mobile turbine generator packages for all of its new build electric fleets. USWS has scheduled its first two new build electric fleets to be deployed for two Exploration & Production (E&P) customers during the first quarter of next year under recently awarded contracts, the substantial terms of which have been agreed but remain subject to finalizing legal documentation.
USWS is also in advanced discussions with a number of other leading E&P companies to provide incremental electric frac fleets.
USWS CEO Joel Broussard said: “We are building momentum as more customers continue to recognize the benefits that our patented electric fleet technology provides through substantial fuel cost savings, and from safer and quieter operations that are less disruptive to neighboring communities.
“Our two recent customer awards and advancing discussions for additional electric frac fleets continue to support our growth strategy.”
Broussard continued saying: “The acquisition and exclusive use of the MOBILEPAC generators will strengthen our competitive advantages and support our ability to capture increasing customer demand for our electric frac fleets.
“These efficient, compact generators are a key differentiator that will increase power generating capacity, mobility and scalability for our next generation of electric frac fleets while reducing our capital costs.
“Our partnership with a world-class supplier like PWPS is a validation of our disruptive and efficient technology. We are pleased to partner with PWPS.”
USWS also announced that it has commenced operation of its 11th fleet. The new equipment is working in the South Texas Eagle Ford Shale trend under a long-term contract.
As previously announced, USWS entered into a merger and contribution agreement, dated 13 July, this year, with Matlin & Partners Acquisition Corporation (MPAC), a publicly traded special purpose acquisition company, whereby USWS will combine with MPAC to become a publicly listed company.
Upon the completion of the business combination, which is expected to close in the fourth quarter of this year, MPAC will be renamed U.S. Well Services. and is expected to trade on the Nasdaq Capital Market.
Source: Company Press Release