Parker Drilling Company and Superior Energy Services
, Inc., have jointly agreed to terminate their merger agreement, in which Parker was to acquire Superior in an exchange of stock.
In connection with the termination, Superior will make a cash payment to Parker in settlement of certain obligations under the merger agreement.
Superior, in Harvey, La., provides oilfield tool rentals, well plug and abandonment services, and other specialized products to companies operating in the Gulf of Mexico and Gulf Coast regions. Parker, in Tulsa, Okla., is an international provider of offshore and on-land drilling services and oilfield tool rentals.