Wednesday evening, Superior Energy Services, Inc. (SPN), a provider of oilfield services and equipments to oil and gas companies, said that it has signed contracts with subsidiaries of BP Plc (BP), Chevron Corp. (CVX) and Apache Corp. (APA) to decommission seven downed platforms and related well facilities located offshore Louisiana for a fixed sum of $750 million.The work would take place in water depths ranging from 85 feet to 135 feet and is expected to take three years to complete. Revenue and income would be recognized using the percentage-of-completion method.Superior Energy Services also said that its subsidiary Wild Well Control has successfully engineered, planned, managed and executed numerous projects of similar size, scope and complexity, and in all cases has completed these projects on time and within their customers' budgets.During the past three years, Wild Well Control has gained access to and plugged and abandoned more than 340 wells on 30 downed platforms in water depths of up to 340 feet, which required the removal of more than 15,000 metric tons of steel structure and more than 400 pressurized and unpressurized entries into wells.Terence Hall, Chief Executive Officer of Superior stated, Our approach to this project will be similar to many of our recently completed projects and will involve the same expertise, proprietary tools and processes, as well as the utilization of Superior's well intervention, marine assets, rental tools and deployment of best-in-class resources.SPN closed Wednesday's regular trading session at $35.84, up $1.42 or 4.13%. In the after hours trading, the stock gained $3.16 or 8.82% to trade at $39.00. BP closed Wednesday's regular trade at $73.36, up 19 cents or 0.26%. CVX closed Wednesday's regular trading session at $93.46, up 13 cents or 0.14%. APA closed Wednesday's regular trade at $110.31, up $2.77 or 2.58%.
For comments and feedback contact: editorial@rttnews.com
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.