Solus Announces Disposition of Shares of SECURE Energy Services Inc.

NEW YORK, Nov. 3, 2021 /CNW/ - Solus Alternative Asset Management LP ("Solus") announced that on November 2, 2021 one or more funds and accounts managed by it and/or subsidiaries thereof (the "Solus Funds") disposed of ownership of, and Solus ceased to have control and direction over, an aggregate of 11,891,671 common shares ("Common Shares") of SECURE Energy Services Inc. (the "Company") in a series of transactions through the facilities of the Toronto Stock Exchange at prices ranging from CAD$5.85 to CAD$5.8507 per Common Share, for total consideration of CAD$69,571,608.07(the "Transactions").

Immediately prior to the Transactions, the Solus Funds beneficially owned, and Solus exercised control and direction over 50,849,746 Common Shares and deferred share units ("DSUs") redeemable into 124,691 Common Shares, representing approximately 16.50% of the issued and outstanding Common Shares (on an undiluted basis) and, assuming redemption of the DSUs, 16.54% of the issued and outstanding Common Shares (on a partially diluted basis). Immediately following the Transactions, the Solus Funds have beneficial ownership of, and Solus exercises control or direction over 38,958,075 Common Shares and DSUs redeemable into 124,691 Common Shares, representing approximately 12.64% of the issued and outstanding Common Shares (on an undiluted basis) and, assuming redemption of the DSUs, 12.68% of the issued and outstanding Common Shares (on a partially diluted basis).

The Solus Funds disposed of the Common Shares for investment purposes. The Solus Funds have no intention of making further dispositions at this time. The Solus Funds and Solus may, depending on market and other conditions and subject to applicable securities regulation and contractual restrictions, including, without limitation, the terms of the standstill agreement, pre-emptive rights agreement and registration rights agreement between Solus and the Company (collectively, the "Agreements"), change their beneficial ownership of (or control or direction over) the Common Shares, whether in the open market, by privately negotiated agreements, or otherwise. Subject to the terms of the Agreements, any transaction that the Solus Funds and Solus may pursue may be made at any time and from time to time without prior notice and will depend on a variety of factors, including, without limitation, the price and availability of the Company's securities, subsequent developments affecting the Company, its business and prospects, other investment and business opportunities available to the Solus Funds and Solus, general industry and economic conditions, the securities markets in general, tax considerations and other factors deemed relevant by the Solus Funds and Solus.

The terms of the Agreements will be described in the early warning report that will be filed by Solus with applicable Canadian securities regulatory authorities. Such early warning report will be available under the SEDAR profile of the Company at www.sedar.com. A copy may also be obtained by contacting Solus' Chief Compliance Officer at 212-284-4300. The head office of the Company is located at 2300, 225 6 Avenue SW, Calgary, Alberta, T2P 1N2.

Solus Alternative Asset Management LP
25 Maple Street, 2nd Floor
Summit, NJ 07901

SOURCE Solus Alternative Asset Management LP