New Orleans-based oil field services and equipment provider Superior Energy Services (NYSE: SPN) is targeting the rental tools business in Brazil, company CEO David Dunlap announced Tuesday.
"The tip of the spear for us expansion wise in Brazil is rental tools. The drilling market has expanded there. There's not been an increase in the rentals side of the business to accommodate that expansion, so rentals are in high demand," Dunlap said in a presentation.
The executive added the country meets Superior's international expansion criteria for increasing the company's footprint in a market: large, expanding and mature.
"What I see in these mature markets that I like is that they've got a labor base and management base of local talent. And so when you go into a country like Brazil, I don't need to deal with someone from New Orleans, or Houston, or Lafayette, we can hire a seasoned executive in Brazil."
Superior's regional operations also cover Argentina, Colombia, Ecuador, Mexico, Peru, Trinidad & Tobago and Venezuela.
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