Superior Looks to Complete for Deal

Monday, October 10, 2011 @ 06:10 PM gHale

Giving it a broader reach in the oilfield services sector, New Orleans-based Superior Energy Services will pay $2.7 billion to buy Complete Production Services Inc. of Houston.

The acquisition will allow Superior to offer more products and services such as hydraulic fracturing and well servicing.

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“The combination of Superior and Complete creates a top-tier diversified oilfield services company with the products, technologies and talented people that are critical to helping our customers create value, particularly in unconventional fields in North America,” Superior President and Chief Executive David Dunlap said.

The combined company will keep the Superior name and Dunlap will lead the firm. The new board will add two independent members from Complete.

Boards for both companies unanimously approved the deal, however, it still needs approval from Superior and Complete shareholders. The acquisition may close as soon as the end of the year.

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