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Oil and Gas

Payment Deferral and Reduction

How Onset Helped them Recover and Rebuild

The international shutdown, combined with oil prices plunging to their lowest levels in recent history has created an immediate crisis for the oil and gas industry. This four-generation family business knew it needed to promptly make adjustments to weather this storm. To reduce expenses, the leadership team parked work-trucks (took them out of operation) and dropped the insurance on them. They laid-off 85-employees and implemented pay reductions. Watching two of their competitors go out of business, they contacted us to see how we could help them secure a position that would enable them to keep production moving and outlast this negative market impact. This Lessee had been with us for less than a year, and we were able to provide them nine months of payment relief to assist in getting back to full production.

*These case studies are provided for informational purposes.  The names of the customers and the specific details of their business and situation have been withheld.  Qualification for Onset’s COVID-19 Relief Program is subject to review and approval by Onset and its underwriters.

90-Day Payment Deferral
180-Day Payment Reduction