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Superior Energy Services Announces Strategic Transaction
Superior Energy Services Announces Strategic Transaction.
About this update from Forbes Energy Services Ltd
[{"type":"text","content":"\n\n\n\nSuperior Energy Services Announces Strategic Transaction\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSuperior Energy Services Announces Strategic Transaction\nDivestiture of certain U.S. land service lines into a new, publicly traded consolidation platform for U.S. completion, production and water solutions in combination with Forbes Energy Services\nSuperior Energy to focus on U.S. offshore and international markets\nSuperior Energy intends to reduce amount of 2021 notes outstanding by up to $500 million via exchange offer\nPR Newswire\nHOUSTON, Dec. 18, 2019\n\n\n\nHOUSTON, Dec. 18, 2019 /PRNewswire/ -- Superior Energy Services, Inc. (\"Superior Energy\" or the \"Company\") (NYSE: SPN; OTCQX: SPNV) today announced that it has entered into a definitive agreement to divest its U.S. service rig, coiled tubing, wireline, pressure control, flowback, fluid management and accommodations service lines (the \"Superior Energy U.S. Business\") and combine them with Forbes Energy Services Ltd.'s (\"Forbes\") (OTCQX: FLSS) complementary service lines to create a new, publicly traded consolidation platform for U.S. completion, production and water solutions.\nFollowing the completion of the transaction, Superior Energy will remain a globally diversified oilfield services company built around the following key product and service lines: premium drill pipe, bottom hole assemblies, completion tools and products, hydraulic workover, snubbing and production services and well control services.  These product lines have strong global market share positions, and greater than 75% of their combined revenue during the third quarter of 2019 was generated from U.S. offshore and international markets. \nUnder the terms of the merger agreement, the Superior Energy U.S. Business and Forbes will be merged into a newly formed company (\"Newco\").  At the closing of the transaction, Superior Energy will receive 49.9% of Newco's issued and outstanding voting Class A common stock (\"Class A Stock\") and 100% of Newco's issued and outstanding non-voting Class B common stock, which w...