Over the years, PPHB and its partners have provided fairness opinions on numerous transactions in the energy service sector. Companies often enter into transactions, whether with third parties or affiliates, without going through a full market clearing process. In these cases where valuation may have been determined through negotiation or in less than an arms length way, boards may feel more comfortable having a qualified firm review the transaction. With the experience of our partners and our firm, PPHB is well positioned to provide management, boards, shareholders and even debt or bond holders with assistance on the fairness of these types of transactions.