Superior Energy Services Acquires Rival Downhole Tools
Deal News | Feb 28, 2025 | Globenewswire
Superior Energy Services, a leading oilfield services company, has announced its acquisition of Rival Downhole Tools, a top provider of downhole drilling tools. The acquisition, finalized on February 28, 2025, is a strategic move by Superior to enhance its offerings in the oilfield services sector. Superior's CEO, Dave Lesar, stated that the integration of Rival's innovative downhole tools with Superior's existing Stabil Drill business will create a comprehensive drilling rental product offering. This brings Rival's recognized solutions, such as the JOLT friction reduction system, into Superior's portfolio. Neil Fletcher, CEO of Rival, is set to lead the combined Stabil Drill and Rival operations. The acquisition aims to strengthen Superior's market position and innovatively serve customers worldwide.
Sectors
- Oilfield Services
Geography
- United States – Houston-based Superior Energy Services operates primarily in North America and was involved in the acquisition of Rival Downhole Tools.
- International – Superior Energy Services has operations in approximately 47 countries globally, providing a broad market for the newly acquired Rival Downhole Tools.
Industry
- Oilfield Services – Involves companies that provide services and equipment for the exploration, extraction, and production of oil and natural gas. Both Superior Energy Services and Rival Downhole Tools operate within this industry.
Financials
- Not disclosed – The financial terms of the acquisition between Superior Energy Services and Rival Downhole Tools were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Superior Energy Services, Inc | Bidding Company/Buyer | Company | A leader in the oilfield services industry with a diversified portfolio aimed at serving drilling, completion, and production-related needs of oil and gas companies. |
| Rival Downhole Tools | Target Company | Company | A provider of premium downhole drilling tools known for its innovative solutions designed to mitigate drilling challenges. |
| Dave Lesar | CEO & Chairman of Superior Energy Services | Person | CEO of Superior Energy Services, overseeing the strategic direction of the company including acquisitions such as Rival Downhole Tools. |
| Neil Fletcher | CEO of Rival Downhole Tools | Person | Will join Superior Energy Services to lead the combined operations of Stabil Drill and Rival businesses. |
| Jim Brown | President and COO of Superior Energy Services | Person | President and COO of Superior, involved in the strategic integration of Rival's operations. |