Superior Energy Services
11000 Equity Dr., Suite 300
Houston, Texas 77041
Superior's tremendous growth — accomplished in a relatively short time — has been the result of hard work, strategic acquisitions and a focus on exceeding customer expectations.
Founded in 1989 by Terence Hall, Superior Energy has grown from 125 employees and $12 million in revenues to a publicly traded company with revenues in excess of $4.5 billion and nearly 14,000 employees worldwide.
The company that exists today traces its roots back two decades, beginning as an oilfield products manufacturing firm and eventually branching out into services.
By the mid-1990s, Superior offered a full inventory of specialized tools for drilling, production and well workover activities. To finance further growth in this high-capital business, Superior initiated a public offering of stock in 1995.
Domestic acquisitions fuel fast growth
Following its public offering, Superior grew quickly by acquiring more than 10 small- and mid-sized well intervention and oilfield tool rental companies in just three years, growing revenues from $23.6 million to $91.3 million in that time.
In 1999, Superior Energy Services merged with Cardinal Services, the market leader in mechanical wireline services in the Gulf of Mexico and also the largest owner and operator of liftboats in the region.
International opportunities drive next-generation growth
By the mid-2000s, the Gulf of Mexico market was awash with overcapacity and suffering from low commodity prices. To increase asset utilization, Superior Energy Services looked globally.
In 2003, Superior acquired Premier Oilfield Services of Aberdeen, Scotland, providing immediate access to the North Sea, Europe, the Middle East and West African markets.
Making the most of the company's expertise
In 2003, Superior Energy Services formed SPN Resources to acquire mature Gulf of Mexico properties that required the intervention services, tools and disciplines typically employed for customers.
More expansion, with an onshore focus
In 2006, Superior Energy Services expanded its onshore operations in North America through its acquisition of Warrior Energy Services, a natural gas and oil well services company that provided wireline and well intervention services to exploration and production companies. The deal made Superior the leading North American production enhancement company.
Expanding its fleet
The year 2008 launched an expansion of Superior's capabilities — this time in the offshore market, beginning with a pair of 175-ft class liftboats, the Superior Liberty and the Superior Future, being christened by the Marine Services Division. Later that year, the Superior Pride, a derrick barge, was put to work. As its capabilities continued to expand, so did its reach. The Superior companies, working individually and in tandem, continue to expand the company's reach from New Zealand to Singapore and Norway and Kazakhstan. Hitting another milestone that year, Superior was ranked No. 15 on FORTUNE Magazine's Top 100 Fastest Growing Companies list, a sure sign of good things to come.
In 2009, Superior Energy Services purchased Hallin Marine Subsea International Plc, an international provider of integrated subsea services and engineering solutions, with the goal of dominating the emerging subsea well intervention market through the combination of Superior's well intervention assets and Hallin's existing subsea assets. The spotlight quickly moved to Hallin with its purchase of the dynamically positioned (DP2) vessel, the Penrith; construction of a new state-of-the-art facility in Singapore; and the award of a major project in West Africa. In another crowning achievement, Hallin was awarded the Queen's Award for Enterprise after increasing its sales 14 fold, in excess of £22 million, in just three years.
A New CEO
Superior Energy Services announced in late April 2010 that David Dunlap would step in as Chief Executive Officer of the company as founder Terence Hall transitioned to Executive Chairman of the Board of Directors. On the heels of this change, Superior acquired the Gulf of Mexico stimulation and sand control business of Baker Hughes.
Diversified for Growth
In 2012, Superior, in keeping with its proactive approach to growth, began to shift its efforts to land markets and international expansion through two milestones — the sale of its liftboat fleet and the merger with Complete Production Services.
Through the merger with Complete Production Services, Superior gained greater access to the North American land market, as well as completion and intervention services not previously offered to customers. The combination of the two companies and resulting excess cash flow have positioned Superior to accelerate our efforts to meet our growing international opportunities.
A winning strategy
Superior Energy Services' approach to growth has been a proactive one — taking advantage of industry cycles, leveraging off its existing base and adapting to changing conditions.
These efforts have been underpinned by the company's commitment to customer service and to providing efficient, cost-effective services wherever they are needed.