HOUSTON, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Superior Energy Services, Inc (“Superior”) announced the acquisition of Rival Downhole Tools (“Rival”), an industry-leading provider of premium downhole drilling tools.
“This acquisition is part of Superior’s ongoing efforts to expand our position in the oilfield services sector by providing technologies that enhance our customers’ efficiencies and reduce their costs,” said Dave Lesar, Superior’s Chairman and Chief Executive Officer. “Rival is a recognized leader in downhole drilling solutions and, as it’s combined with our existing Stabil Drill business, will create a premier drilling rental product offering for our customers. We are proud to bring them under the Superior banner.”
Founded in 2017, Rival has long been known for its portfolio of innovative downhole tools engineered to mitigate customer drilling challenges, including the JOLT™ friction reduction system, the STORM™ oscillation reduction tool, and its most recent offering, the AXE™ anti-shock and anti-vibration tool.
Neil Fletcher, CEO of Rival, will join Superior and serve as the leader of the combined Stabil Drill and Rival businesses.
“Stabil Drill is the natural fit for Rival’s downhole tools,” said Fletcher. “This combination will open new markets for the Rival products while simultaneously strengthening Superior’s place as a leader in downhole drilling tool solutions.”
“We are excited to welcome the Rival team to the Superior family,” added Jim Brown, President and COO of Superior. “Stabil Drill is already one of the industry’s most comprehensive providers of mission-critical downhole components. The addition of Rival is a significant step forward for Superior to continue to innovate on behalf of customers around the globe.”
The transaction closed on February 28, 2025.
About Superior Energy Services
Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. In addition to operations in North America, both on land and offshore, Superior Energy Services operates in approximately 47 countries internationally. For more information, visit: www.superiorenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements that reflect our current views regarding the Company’s financial position and results, financial performance, liquidity, strategic alternatives (including dispositions, acquisitions, and the timing thereof), market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties outside of the Company’s control, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide, (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) that could cause the Company’s actual results to differ materially from such statements. We undertake no obligation to update these statements except as required by law.
FOR FURTHER INFORMATION CONTACT:
Joanna Clark, Corporate Secretary
1001 Louisiana St., Suite 2900
Houston, TX 77002
Investor Relations, ir@superiorenergy.com, (713) 654-2200...
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