Superior Energy Services Inc. on March 22 announced the resignations of its CEO, David Dunlap, and CFO, Westy Ballard.
Both Dunlap and Ballard resigned from Superior “to pursue other opportunities,” according to a company release by the Houston-based oilfield services company.
The resignations follows the completion of its financial restructuring and emergence from Chapter 11 bankruptcy on Feb. 2. Superior, which provides drilling, completion and production-related services worldwide, had filed for bankruptcy in the Southern District of Texas late last year.
“On behalf of our board of directors we thank Dave Dunlap and Westy Ballard for their positive contribution and leadership over the last decade, and more recently for their successful navigation through the recent financial challenges,” said Michael Y. McGovern, the chairman of the company’s board of directors, in a statement on March 22.
“A special thanks to Dave for his admirable work in shaping the company culture, particularly apparent in our shared core values and safety initiatives,” he added.
Dunlap has served as Superior Energy Services’ president and CEO as well as a director of its board since April 2010. Prior to joining Superior, Dunlap had a 25-year career with BJ Services where he served in a variety of engineering, operations and management positions.
Ballard, who joined Superior in 2007, had been promoted to CFO in January 2018. He previously served as executive vice president with leadership responsibilities for Superior’s global premium tubulars, completion tools and international well services businesses prior to the promotion.
“Through their efforts combined with other members of our team, the company emerged with a solid portfolio of operating companies, positive cash flow, strong balance sheet and limited debt,” McGovern continued in his statement. “We are well positioned for the future.”
Superior said it plans to commence an executive search to identify a successor Dunlap. In the meantime, McGovern has been appointed executive chairman and assumed the functions of the company’s principal executive officer.
James Spexarth, the company’s chief accounting officer, will serve as interim CFO.
Superior Energy Services provides tools and systems throughout the life cycle of the well, including drilling products and services, offshore completion and workover services, production services and technical solutions. Its services span the globe, with operations in Africa, Asia-Pacific, the Middle East, Latin America and North America.
Through its recent restructuring, Superior shed more than $1.3 billion of existing debt. As of February, the company had about $242 million in cash and a $120 million asset-backed credit facility.
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