18/08/03
Change of Ownership Heralds Expansion Plans

Aberdeen-based oilfield equipment rental company, Premier Oilfield Services Holdings Limited, has been acquired by Superior Energy Services Inc, of New Orleans, in a multi million pound deal, announced today. (Monday 18 August 2003).

Headquartered at a 6.5-acre site in Dyce, Premier Oilfield Services was established in 1972 and is a leading provider of drilling rental equipment to the oil & gas industry, with a gross turnover of £16.5 million. Owned by its management team and major financial institutions, the company has expanded in recent years and operates in the UK, Continental Europe, Africa and the Middle East.

Superior Energy Services is a $500 million turnover, 3,500-employee stock-listed group, headquartered in New Orleans, USA. It provides a broad range of specialised oilfield services, including equipment and lift-boat rental, electric and mechanical wireline services, well plug and abandonment, well control, coiled tubing, offshore construction and maintenance, offshore environmental cleaning services and the manufacture and sale of drilling instrumentation and oil spill containment equipment.

Commenting on the deal, Premier’s Executive Chairman, Albert Brown, who becomes UK-based Chief Executive of Superior Energy Services, said: "I view this as a very positive development which will strengthen the business and accelerate our current strategic expansion programme.

"As part of the Superior Group, we will have access to additional capital investment and a range of new products and services which will allow us to compete for larger multi-discipline work scopes throughout our geographic area of operation. Being part of a larger organisation should also provide new opportunities for our 41 employees and an exciting future for this long established company."

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