HOUSTON -- Superior Energy Services is in a favorable position to expand into deepwater well intervention services through acquisition or newbuilds, according to a research note today from Pritchard Capital Partners.
The company seeks to establish a position in deepwater well intervention by building or acquiring heavier assets, using its engineering capabilities, and leveraging its existing customer relationships, the note said.
"We believe that although still a burgeoning market, a low-cost method of subsea well intervention could provide a significant opportunity for Superior Energy Services in the years to come," said research analyst Mark Brown.
The analysts believed the company was more likely to purchase existing equipment with an immediate backlog of work rather than newbuilds.
Company officials have indicated a preference for 350-ft (107-m) DP-3 boats capable of work in depths to 1,500 ft (457 m). Each vessel would cost in the $120 million to $150 million range, and would also be capable of trenching work, decommissioning, and construction. The vessels may have saturation diving systems, ROV systems, moonpools, multiple cranes, dynamic positioning, and deck space for equipment.
"We believe these vessels can sometimes earn dayrates approaching $200,000-$300,000 on subsea spot work, but these dayrates would only be available some of the time," the note said.
Likely markets include the Gulf of Mexico, West Africa, and the North Sea.