Superior Energy Services layoffs, on the record
Every job cut, severance charge and restructuring Superior Energy Services reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from approximately 2,300 to approximately 2,300.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | approximately 2,300 | December 31, 2021 |
| 10-K for 2022 | approximately 2,200 | December 31, 2022 |
| 10-K for 2023 | approximately 2,300 | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryRestructuring expenses were recorded in the Combined Year, primarily for severance and costs of executive officers who resigned, plus professional fees for the Transformation Project.
Word for word“Restructuring expenses during the Combined Year were $24.2 million and primarily relate to severance expenses and costs related to executive officers that resigned during the period as well as professional fees associated with our previously discussed Transformation Project.” 10-K for 2021
Our summaryShut down costs were incurred at certain Well Services locations, including severance of personnel and inventory write-downs.
Word for word“Additionally, during the Combined Year, we incurred shut down costs of $8.7 million at certain locations primarily in our Well Services segment which include costs associated with the severance of personnel and write-down of inventory at these locations.” 10-K for 2021
Our summaryRestructuring costs under the Transformation Project were incurred, mainly professional fees and separation costs for former executives and personnel, and shut down costs with severance were recorded at Well Services locations.
Word for word“Additionally, during the Successor Period, we have incurred shut down costs of $ 8.9 million at certain locations in our Well Services segment.” 10-K for 2021
Our summaryThe filing lists reduction of the global workforce, including severance payments, as a potential COVID-19 impact on the business.
Word for word“• reduction of our global workforce to adjust to market conditions, including severance payments, retention issues, and an inability to hire employees when market conditions improve;” 10-K for 2021
Our summaryRestructuring expenses for the current period were recorded, mainly tied to the Transformation Project and legal and professional fees on tax and shareholder distribution matters.
Word for word“Restructuring expenses were $6.4 million and $24.2 million during the December 31, 2022 and the Combined Period, respectively.” 10-K for 2022
Our summaryShut down costs at certain Well Services locations included severance of personnel along with inventory write-downs.
Word for word“Additionally, during the Successor Period, we incurred shut down costs of $ 8.9 million at certain locations in our Well Services segment.” 10-K for 2022
Our summaryThe company recorded restructuring and transaction expenses in 2023 for its strategic efforts to reconfigure the organization operationally and financially.
Word for word“Expenses in the Current Year represent charges recorded as part of our strategic efforts to reconfigure our organization both operationally and financially.” 10-K for 2023
Our summaryThe company reported that 2023 restructuring and transaction expense fell about 48% from the prior year.
Word for word“Current Year restructuring and transaction expense decreased $3.1 million or 48.3%, as compared to the Prior Year.” 10-K for 2023
Our summaryThe company incurred shut down costs at some Well Services locations, including severance of personnel, in the period after emerging from bankruptcy.
Word for word“During the Successor Period, we incurred shut down costs of $ 8.9 million at certain locations in our Well Services segment.” 10-K for 2023
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-12-31 | $39.2 million |
| 2020-12-31 | $47.1 million |
| 2021-12-31 | $23 million |
| 2022-12-31 | $6.4 million |
| 2023-12-31 | $3.3 million |
Superior Energy Services filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Superior Energy Services’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-03-08. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.