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