Priding itself on its superior operations, Superior Energy Services provides specialized oil field services to companies operating in the Gulf of Mexico, US mainland, and further afield. It sells and rents oil and gas well drilling equipment and offers tools and services worldwide, including in Canada, the Middle East, Trinidad and Tobago, the UK, Venezuela, and West Africa. The company furnishes well access services to acquire data and perform remedial activities. It also makes, rents, and sells specialized drilling and spill containment gear. In 2012 Superior Energy Services bought Complete Production Services for about $2.7 billion.
The $6.2 billion combination grows Superior Energy Services' position in the oilfield services sector, particularly in unconventional gas fields in North America. Superior Energy Services stockholders own about 52% of the expanded company; Complete Production Services stockholders, the remaining 48%.
The enterprise had traditionally grown through acquisitions that prioritized working in the Gulf of Mexico. However, Superior Energy Services is also pursuing a strategy of geographic diversification, so that it is not dependent on the economic conditions of a single region. Growing its global footprint, in 2010 the company acquired UK-based undersea services provider Hallin Marine Subsea International (which has offices in Aberdeen, Houston, Jakarta, Perth, and Singapore) for $162 million. Also that year, Superior acquired a Gulf of Mexico stimulation and sand control business from Baker Hughes for $55 million. Baker Hughes was required to divest the business by the Department of Justice as a part of its acquisition of BJ Services Company.
The global recession in 2009 weakened demand for oil and gas activities, and caused the company's revenues and income to slump. However, a rebounding economy, higher commodity prices and increased demand for oil and gas exploration and production activities helped to lift the company's revenues and income in 2010. Revenues from its US onshore operations increased 75% due to demand for coiled tubing, cased hole wireline, well control services and other services.
That year the company appointed industry veteran David Dunlap as CEO, replacing company founder Terence Hall. – less
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