Nabors Industries to buy Superior Well Services for $900 million

Nabors Industries Ltd, the world's largest land drilling contractor, today said that it will acquire oilfield services company Superior Well Services Inc for about $900 million in cash.

Indiana, Pennsylvania-based-based Superior is a provider of specialised oilfield services and equipment, focused on serving the drilling and production-related needs of oil and gas companies as well as the plug and abandonment and decommissioning services required at the end of a well's life.

It also manufactures, leases and sells specialised equipment and tools for use with well drilling, completion, production and workover activities and owns and operates a diverse fleet of rental liftboats in the Gulf of Mexico, as well as own and operate a derrick barge with an anchor-handling tug.

Hamilton, Bermuda-based Nabors owns and operates about 542 land drilling and approximately 730 land workover and well-servicing rigs in North America. Nabors' actively marketed offshore fleet consists of 40 platform rigs, 13 jack-up units and 3 barge rigs in the US and multiple international markets.

Nabors manufactures top drives and drilling instrumentation systems and provides comprehensive oilfield hauling, engineering, civil construction, logistics and facilities maintenance, and project management services.

It is a major player in the Marcellus shale region, providing well services to oil and gas companies in the unconventional gas producing region that has attracted huge investments from global oil companies including India's Reliance Industries.