Assignee for the Benefit of Creditors

• Company was heavily impacted by the downturn in the oil and gas industry. A large number of drilling assets and rigs around the country have gone idle since the fall of the price of oil
• Assets of the company include 3 drilling rigs located around the US. DSI will be retaining the services of an auctioneer to assist with the sale of the rig assets

DSI was retained as the Assignee for the benefit of the creditors to assist with the wind down and liquidation of the business. In conjunction with the company secured lender Glitnir Holdco ehf out of Iceland the assets will be marketed and sold through private sales or auction. Within the first 30 days of the assignment the Assignee successfully sold all of the assets related to Tecton Geologic and the Ridge Cementing business entities. Assets included a fleet of trucks, trailers, materials, and heavy machinery domestically and overseas.