Chesapeake Energy today filed documents with the SEC in preparation to spin off its $2.2 billion oilfield services subsidiary. The new company, to be rechristened Seventy Seven Energy Inc., will seek to build up its third-party client base upon separating from Chesapeake Energy. The oilfield services division has seen lower rig demand from its soon-to-be-former parent company in recent years. According to Chesapeake’s filing, the oilfield services unit’s drilling revenues attributable to Chesapeake Energy declined from 93% in 2011 to 80% in 2013. Third-party customers contracted 35% of its active rig fleet as of March 1.
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