Nabors closes center in Bradford
The company that purchased the former Superior Well Services is closing its Bradford service center along with several others amid tightening competition.
“Unfortunately, we’re forced to contract a little bit,” said Dennis Smith, director of corporate development and investor relations for Bermuda-based Nabors Industries Ltd.
However, he said no such action is planned for its Black Lick facility.
The Bradford Era newspaper reported the move affects 67 people. Equipment and some personnel are being reassigned to Black Lick.
In 2010, Nabors purchased Indiana-based Superior Well Services through a deal valued at around $900 million. The acquisition provided Nabors with roughly 430,000 horsepower in pressure pumping capacity. Nabors dropped the Superior name last year and is combining it with its production services unit. The new group has been renamed Nabors Completion and Production Services. Between Superior and the U.S. production services group, the two operated 120 facilities, Smith said.
On Tuesday, Nabors announced its second-quarter operating results probably would fail to meet market expectations.
“Adverse weather and intense competition negatively affected results in Completion and Production Services, particularly for pressure pumping in the U.S. and Canada,” said Tony Petrello, Nabors’ chairman and CEO, in a statement.
“We remain particularly cautious in our outlook for pressure pumping. Although industry activity appears to be increasing slightly, the combination of improving pumping efficiency and increasing competitive intensity tempers our view,” he said.