|Superior Energy Services Acquires|
(Harvey, LA, July 20,
2000) Superior Energy Services, Inc. (NASDAQ: SESI) today announced the
acquisition of AMBAR, Inc.’s Production Services Division (PSD).
PSD provides coiled tubing, pumping, stimulation, nitrogen and related
services to restore lost production from oil and gas wells in the Gulf of Mexico
and along the Gulf Coast.
PSD will be folded
into the Company’s existing coiled tubing fleet, currently managed by Cardinal
Services. The Company doubles its
fleet size from seven coiled tubing units to 14.
doubled in size, enter South Texas market and potential to increase liftboat
“By offering both coiled
tubing and nitrogen services – as well as pipeline remediation services -
AMBAR’s Production Services Division has established a niche in the Gulf of
Mexico and Gulf Coast region production services market
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.