Arkos Field Services has issued a press release in response to last week’s announcement from Burckhardt Compression stating that it will exercise its option call to acquire a majority interest in Arkos Field Services. According to Arkos, Burckhardt issued a misleading press release and made other misleading announcements regarding its option call to acquire a majority interest Arkos Field Services LP.
Per the Arkos statement, the company has no plans to change the management or ownership structure of Arkos Field Services.
The statement reads:
On July 9, 2019, Burckhardt Compression (Burckhardt) issued a misleading press release and made other misleading public announcements regarding the notice of its exercise by one of its affiliates of a call option to acquire a majority interest in, among others, Arkos Field Services, LP (Arkos).
The press release claimed that a Burckhardt affiliate will acquire a majority stake once certain “legal formalities have been completed.” However, Burckhardt failed to communicate that these “formalities” include the resolution of pending litigation brought by Arkos last year against various Burckhardt entities relating to business agreements between Burckhardt, Arkos and other parties which are central to any transfer of ownership.
Prior to any legitimate transfer of units occurring, ongoing legal proceedings must be resolved. Arkos strongly disputes the validity of the equity call and has no plans to change the management or ownership structure.
Accordingly, Arkos remains fully committed to maintaining business as usual, including and especially providing first-rate services and transparency to its growing customer base.