Houston oil field services co. to spin off U.S. business lines

Superior Energy Services Inc. has reached an agreement to spin off a number of its core U.S. business lines into a separate public company to be based in Houston.

Houston-based Superior is combining those business lines with Alice, Texas-based Forbes Energy Services Ltd. to create a new company focused on U.S. completion, production and water, according to a press release. In exchange, Superior will get a non-controlling 65 percent economic interest in the new company.

Superior plans to close the…