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Article: Parker Drilling to Acquire Superior Energy Services In $168 Million Merger.
- Article from:
- The Oil Daily
- Article date:
- October 30, 1998
CopyrightCOPYRIGHT 1998 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Sam Fletcher Parker Drilling Co., the Tulsa-based drilling contractor, is merging with Louisiana-based Superior Energy Services in a $168 million deal that will also make Parker the second largest oil tool rental company behind Weatherford International Inc., officials said Thursday.
The merger will be done through a stock swap by early February, pending approval of the two firms' shareholders and the usual regulatory officials.
Under terms of the definitive merger agreement signed by the two companies, each share of Superior common stock will be exchanged for 0.9 share of Parker's stock.
Parker is to issue about 26 million new shares to ...