1105 Peters Road
Harvey, Louisiana 70058
(504) 362-4321
Fax (504) 362-1818
NASDAQ:SESI
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION CONTACT:
Robert Taylor, Chief Financial Officer,
504-362-4321
Greg Rosenstein, Director of Investor Relations,
504-362-4321
SUPERIOR ENERGY SERVICES COMPLETES ACQUISITION
OF INTERNATIONAL SNUBBING SERVICES
(Harvey, LA, Thursday, October 19, 2000) Superior Energy Services, Inc.
(NASDAQ: SESI) today announced the completion of its previously announced
acquisition of International Snubbing Services, Inc. (ISS) and its
affiliated companies.
ISS is an international provider of well services, including hydraulic
workover, drilling and well control services. ISS has a fleet of 11
hydraulic workover and drilling units and also manufactures and markets its
own hydraulic units and related equipment for its drilling and well service
operations. Headquartered in Arnaudville, La., ISS is currently operating
offshore Australia, Europe, Trinidad, Venezuela and the United States, and
has working agreements to operate in the North Sea and Brunei.
"ISS is an innovative company that has successfully expanded
internationally as a result of leading edge equipment, experienced
personnel and strong customer relationships," said Terry Hall, President
and CEO of Superior Energy Services. "The company's workover and drilling
units can operate on a stand-alone basis or can be bundled with Superior's
other well services to give energy producers worldwide efficient
alternatives for their workover, drilling, and well remediation needs."
Superior Energy Services, Inc. provides a broad range of specialized
oilfield services and equipment primarily to major and independent oil and
gas companies engaged in the exploration, production and development of oil
and natural gas properties offshore in the Gulf of Mexico and throughout
the Gulf Coast region. These services and equipment include the rental of
liftboats, rental of specialized oilfield equipment, electric and
mechanical wireline services, well plug and abandonment services, coiled
tubing services and engineering services. Additional services provided
include contract operating and supplemental labor, offshore construction
and maintenance services, offshore and dockside environmental cleaning
services, the manufacture and sale of drilling instrumentation and the
manufacture and sale of oil spill containment equipment.
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 which
involve known and unknown risks, uncertainties and other factors. Among
the factors that could cause actual results to differ materially are:
volatility of the oil and gas industry, including the level of exploration,
production and development activity; risks associated with the Company's
rapid growth; changes in competitive factors and other material factors
that are described from time to time in the Company's filings with the
Securities and Exchange Commission. Actual events, circumstances, effects
and results may be materially different from the results, performance or
achievements expressed or implied by the forward-looking statements.
Consequently, the forward-looking statements contained herein should not be
regarded as representations by Superior or any other person that the
projected outcomes can or will be achieved.
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