Nabors to acquire Superior Well Services for $900MM

By Phaedra Friend Troy

Onshore and offshore drilling contractor, Nabors Industries (NYSE:NBR) has agreed to pay $900 million to acquire Superior Well Services (NASDAQ:SWSI) in a definitive merger agreement.

Under the terms of the agreement, Nabors will commence a tender offer for all of the Superior outstanding shares at a common stock price of $22.12 cash per share.

Headquartered in Pennsylvania, the heart of the Marcellus Shale, Superior is a US-focused oilfield services company that provides technical pumping and downhole surveying services. Superior has a special focus on shale-gas service work, including hydraulic facture stimulation. 

Nabors owns and operates 542 land drilling rigs and 730 land workover and well service rigs in North America, as well as 40 platform rigs, 13 jackups and three barge rigs offshore.

“Superior Well Services' broad U.S. presence complements that of both our U.S. Land Drilling and Well-servicing operations and augments our expansion into areas such as the Marcellus shale region,” said Gene Isenberg, Nabor’s chairman and CEO.

The holders of 34 percent of Superior’s outstanding shares of common stock have agreed to sell their shares.

“This complementary combination of the largest land drilling contractor in the world with a leader in technical pumping will make both organizations stronger and better able to meet our customers' needs not only in the U.S., but around the world,” commented David Wallace, chairman and CEO of Superior.

The acquisition is expected to be completed by the end of the third quarter of 2010.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs