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The break in the relationship, asserts Latshaw, stemmed from a deal involving two drilling rigs that were eventually sold to a purchaser from China (the 'China Rigs'). In 1993, Latshaw began negotiations to sell to the Chinese purchaser two rigs that he and Johnston had previously purchased. Johnston became uncomfortable with the terms and conditions of the sale and the complexity of an international transaction. As a result, Latshaw was forced to carry on the negotiations and to bear the financial responsibility of re-rigging and refurbishing the rigs without Johnston's financial support. In February 1994, after the 'arrangements became more solid,' Latshaw and Johnston entered into a written agreement (the 'February Agreement') that provided for Johnston to receive $2,550,000 for the sale of the China Rigs. Although the February Agreement stated that Johnston (the 'Seller') was the 'sole owner' of the China Rigs, Latshaw alleges that the break in the relationship began when Johnston refused to pay Latshaw the 40% of the profit to which he was entitled from the sale of the rigs. Latshaw further alleges that Johnston refused to pay him his 40% of the profit generated by the sale of other rigs and equipment.
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What Positions Are Latshaw Drilling Hiring For: Latshaw is still advertising via their FB page and continue to look for experienced workers across TX, OK, & NM. A Little About Latshaw Drilling: Our great country has depended on developing our oil & gas resources since 1859, when Col. Edwin Drake established what now has become this nation’s foundation. Trent Latshaw, President of Latshaw Drilling Co, was named as 2018 IADC Contractor of the Year on 9 November at the 2018 IADC Annual General Meeting held in New Orleans. The award was established in 1988 to recognize individual drilling contractors and their outstanding lifetime achievements in technical innovation, safety and economic efficiency within the.
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