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Superior Energy Services Inc. is exploring its options to grow shareholder value, including through potential consolidation.
The Houston-based drilling products and services provider continues to have conversations with various potential counterparties for potential merger or acquisition opportunities, Superior Energy Services said in the company’s fourth-quarter earnings in March.
Superior is also considering acquiring additional strategic product lines as an option to boost shareholder value.
“Resources will be allocated accordingly should strategic alternatives, including meaningful consolidation opportunities, become actionable in 2023,” CEO Brian Moore said in a call with analysts.
Superior engaged Evercore as financial advisor to explore potential strategic alternatives for the energy services firm, Superior divulged in its first-quarter 2022 earnings last year.
Related: Superior Energy Services CEO David Dunlap, CFO Westy Ballard Resign
The oilfield products and services company earned a net income of $286.47 million off of revenues of $883.96 million during 2022. That’s up from an annual net income of $106.6 million off of $694.68 million in revenues in 2021.
Superior has onshore and offshore business segments in the U.S., as well as international operations in Latin America, Asia-Pacific, the Middle East and North Africa. About 85% of the company’s U.S. onshore revenues were generated by premium drill pipe and bottom hole assembly accessories in 2023, Moore said.
“As 2023 progresses, we believe work stream to offshore premium drill pipe rental business will benefit from higher drilling and completion activity,” Moore said.
Superior previously filed for Chapter 11 bankruptcy in December 2020. The company later emerged from bankruptcy protections in February 2021, eliminating more than $1.3 billion of existing debt through the reorganization process.
The company announced the resignations of former CEO David Dunlap and CFO Westy Ballard in March 2021. Moore took over leadership duties for Superior in January 2022.
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