HOUSTON, Feb. 20, 2013 /PRNewswire/ -- Superior Energy
Services, Inc. (NYSE: SPN) announced today that it has realigned
its segment reporting. As a result, beginning with the 2012 fourth
quarter and full-year results (scheduled to be released
Tuesday, February 26, 2013), the
Company will report business segment information for four
reportable segments as follows: Drilling Products and Services,
Onshore Completion and Workover Services, Production Services and
Subsea and Technical Solutions. The expansion from two to four
reportable segments reflects separation of the former Subsea and
Well Enhancement business segment into the Onshore Completion and
Workover Services, Production Services and Subsea and Technical
Solutions business segments. The Drilling Products and Services
business segment is unchanged.
The Onshore Completion and Workover Services segment consists
primarily of the Company's pressure pumping, well service rig and
fluids management businesses. The Production Services segment
consists primarily of the Company's coiled tubing, wireline,
snubbing and remedial pumping businesses. The Subsea and Technical
Solutions segment primarily consists of the Company's pressure
control, completion tools, subsea construction, end-of-life
services, marine technical services and production and sale of oil
and gas.
Dave Dunlap, President and Chief
Executive Officer of Superior, commented, "The composition of each
segment better reflects our product and service offering throughout
the life cycle of the well. We believe this new segment reporting
format will provide greater clarity into the financial performance
of our diverse portfolio of products and services, and alignment
between business strategies and our operating results. In addition,
we believe this format will make relative comparisons to our
industry peers more visible and meaningful."
To learn more about the new financial reporting structure,
including historical data recasting previously issued information
into the new format, please visit www.superiorenergy.com, and click
on New Segments under the Investor Relations tab.
Superior Energy Services, Inc. serves the drilling, completion
and production-related needs of oil and gas companies worldwide
through its brand name drilling products and its integrated
completion and well intervention services and tools, supported by
an engineering staff who plan and design solutions for
customers.
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 uncertainty of
macroeconomic and business conditions worldwide, as well as the
global credit markets; 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 the Company or any other person that the
projected outcomes can or will be achieved.
Any forward-looking statement made in this press release is
based only on information currently available to the Company and
speaks only as of the date on which it is made. The Company
undertakes no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
FOR FURTHER INFORMATION CONTACT:
David Dunlap, President and CEO,
(281) 999-0047;
Robert Taylor, CFO or Greg Rosenstein, EVP, (504) 587-7374
SOURCE Superior Energy Services, Inc.