Parker Drilling will soon have a billion dollars in assets according to the newspaper, Tulsa World. Looks to me like Parker is again attempting to become a major player in Drilling and oil-field services' segment.
Below, in part, is how the local press treated PKD's merger with SESI Friday morning. Interesting comments from PKD's management. Hadn't realized that Superior just went public last Fall, either. The article provides an indication of management's mindset and perhaps where they are planning to take the company in the future...Gator II
>>Parker Drilling Co. agreed Thursday to buy a Louisiana oil-service
company for $168 million in stock and assumed debt, a deal that will
push the company's total assets past the billion-dollar mark.
>>Tulsa-based Parker will acquire Superior Energy Services Inc., which
provides oil tool rentals, well-plug and abandonment services, and other specialized products and services to companies that explore for oil and natural gas in the Gulf of Mexico and land on the Gulf Coast.
>>Parker officials said the deal will expand its presence in the lucrative Gulf of Mexico offshore business and make it the second- largest tool renter in the oil service industry, behind Houston-based Weatherford International Inc.
>>"Superior's wide geographic presence and excellent reputation with Gulf of Mexico operators will allow us to expand our premium rental tool business in deep offshore markets and internationally," said Robert Parker, president and chief executive officer of Parker Drilling.
>>Although the two companies started negotiations only a few months ago, Parker has been looking at expanding its rental tool business for more than two years.
>>"After we acquired Quail Tools (in 1996), we realized the attractiveness of this high- margin segment of the oil service industry," said Parker spokesman Tim Colwell, "We were determined to expand this part of our business at the first opportunity."
>>After the Superior deal is closed, Parker will have spent about $791
million on five major acquisitions in two years.
>>"The long-term business strategy of our top management is to develop
this niche market segment in the offshore industry," Colwell said.
>>As with its past acquisitions, Parker said Superior will keep its
headquarters in the New Orleans area and retain its corporate name.
>>"The companies we have acquired in the past two years all are well-known in their businesses and have strong brand identity," Colwell said.
>>He said the purchase of Superior, which has more than 600 employees,
will push Parker's worldwide employment close to 5,000. |
