The Customer:

Founded in 2003, this company is a leading North American provider of pipeline, facilities, fabrication, maintenance and integrity services to world renowned companies, delivering America’s energy safely. The company’s integrated network of energy services ranges from upstream production, processing and gathering facilities to high pressure transmission and distribution line.

The Challenge:

The company received an add-on to an existing contract that called for an immediate $2mm acquisition of attachments to its existing Loader fleet. They needed the ability to move attachments from one piece of equipment to another and move between geographies while having flexibility to reduce the number of pieces of this equipment in the field should some short term contracts not be renewed.

Going beyond finance:

Because Somerset is an equipment company as well as a lessor, the Somerset team was able to structure an operating lease which allowed for the equipment to be mobile as needs warranted and provided early trade-in and terminations options to allow for flexibility. Simultaneously, Somerset’s credit team was able to approve a lease line, order equipment, and pay vendors within 10 days.

Loader fleet financing
Energy services company
Flexible conditions for asset relocation
Early trade-in and termination options for cancelled contracts
Equipment lease line of credit established for easy acquisitions
Fast payment of vendors

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