Superior Energy Services officials say 2005 was ‘extraordinary’

Superior Energy Services officials say 2005 was ‘extraordinary’

April Capochino

Superior Energy Services officials said 2005 was a record year despite hurricanes Katrina and Rita.

The Harvey-based oilfield service and equipment company’s revenues rose 30.3 percent from $564.3 million in 2004 to $735.3 million last year.

It was an extraordinary year in the fact that we had significant disruptions and displacement and people suffered personally, said Greg Rosenstein, vice president of investor relations. We had to temporarily relocate our offices and take care of our people financially and re-establish our operations with our employees.

The Harvey campus was displaced for three months after the storm when officials moved employees to its property in Broussard about eight miles southeast of Lafayette. The company also brought in 40 tractor-trailer trucks and moved all of its equipment from Harvey about a week after Hurricane Katrina struck.

The company returned to Harvey in November, Rosenstein said, with 90 percent of its employees returning.

Its oil and gas production shut down after Katrina and didn’t fully return until April.

Last, year was Superior Energy Services’ 10th as a public company. The company began in 1995 with $26 million in revenues and fewer than 100 employees. Last year, Superior earned more than $700 million and employed 3,200 people in more than 70 locations in seven countries.

In 2004, Superior Energy completed more production-related bundled service projects than in the previous two years and increased renting revenue from expanding the geographic region of renting tools, and acquired two wells in the Gulf of Mexico.

Superior’s services include tool rentals, environmental services and well intervention. It operates the world’s largest lift boat fleet at 26. The lift boats came in handy after Katrina when transporting customers to check on oil platforms.

Despite the hurricane disruptions, the company netted $67.9 million in 2005, an 89.1 percent increase from $35.9 million in 2004.

The story of the year was how remarkable of a year we had despite the disruptions, Rosenstein said. A lot of it is attributed to our ability to diversify ourselves in other markets.

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