Acquired oilfield services company with operations in North America and southeastern Asia, gaining completion & production services, drilling services & product sales.
Superior Energy Services Inc., New Orleans, (NYSE: SPN) has wrapped up its purchase of Complete Production Services Inc., Houston, (NYSE: CPX) in a deal valued at approximately $2.85 billion in cash and stock.
Superior paid $7 cash and issued 0.945 share per Complete Production share. Superoir paid a total $554 million in cash and issued approximately 74.8 million shares valued at approximately $30.65 each. Former Complete stockholders now hold approximately 48% of the combined company's outstanding common stock.
Superior, which has corporate administrative offices and functions in New Orleans and Houston, will designate Houston as its corporate headquarters. Superior's New Orleans location will continue to house certain corporate and administrative functions.
Complete provides oilfield services in North America and southeastern Asia. It operates in three segments: completion and production services, drilling services and product sales. Services from the segments include completion, workover and maintenance services, downhole and wellsite services, contract drilling and specialized rig relocation and logistics services, oilfield service equipment and refurbishment of used equipment and repair work and fabrication services.
The combined company will retain Superior’s name.
Superior president and chief executive David Dunlap says, “This transaction provides us more access to U.S. land markets sooner than we could have accomplished on a stand-alone basis, while providing important completion and intervention services that we did not offer our customers. The combination will also assist us in accelerating our international expansion efforts as excess cash flows from North America can be deployed abroad to meet our growing international opportunity set.”
Greenhill & Co. and J.P.Morgan were financial advisors to Superior. Jones, Walker, Waechter, Poitevent, Carrere & Denegre LLP was legal advisor to Superior. Credit Suisse Securities (USA) LLC was financial advisor to Complete. Latham & Watkins LLP was legal advisor to Complete.