Steel Excel Inc. engages in the energy and sports business activities in the United States. The company, through its wholly-owned subsidiary, Steel Energy Services Ltd., provides drilling and production services to the oil and gas industry. Through its wholly-owned subsidiary Steel Sports Inc., the company’s Sports business provides event-based sports services and other health-related services. Services Energy The Energy business provides various services to exploration and production companies in the oil and gas business. The services provided include well completion and recompletion, well maintenance and workover, snubbing, flow testing, down hole pumping, plug and abatement, and rental of auxiliary equipment. Well completion services involve prepping the well for production, including running frac strings, setting production tubing, installing down hole equipment, drilling out vertical and horizontal plugs, cleaning out the wellbore, and starting production flow. Well recompletion services involve assisting in the re-stimulation of an existing well or plug-back to shut off the flow in the well from points before the plug. Well maintenance and workover services include pulling rods or tubing, installing submersible pumping equipment, repairing casing, and swabbing. Snubbing services involve installing or removing tubes to enable the customer to continue to work on a well and perform many tasks without having to stop production. Flow testing services involve separating the elements - oil, water, gas, and solids - so that the customer can maximize the quality and quantity of their product. Down hole pumping services involve pumping the necessary fluids into the wellbore. Plug and abatement services involve sealing the well and cleaning the site to reduce the potential for any pollution. Sports The Sports business provides baseball facility services, soccer camps and leagues, and strength and conditioning services. The baseball facility services, which include tournaments, field rentals, camps, and player and umpire instruction, are provided at the company’s facility that is equipped with four full-sized outdoor fields, three smaller youth-sized outdoor fields, and an indoor facility. Soccer camps and leagues are run at facilities owned by municipalities or schools and are run either in conjunction with local youth soccer leagues or as an offering. Strength and conditioning services are provided at the two Crossfit facilities. Sales and Marketing The company relies primarily on its local operations to sell and market its services. Customers The company’s Energy business client base consists of exploration and production companies in the oil and gas industry. For the year ended December 31, 2014, revenues from Oasis Petroleum and Continental Resources represented 20.7% and 20.3%, respectively, of the company’s consolidated revenues. The company’s Sports business client base consists of various municipalities, youth sports leagues, and organizations, and individuals. Government and Environmental Regulation Among the various environmental laws the company is subject to, the Clean Water Act established the basic structure for regulating discharges of pollutants into the waters of the United States and quality standards for surface waters. The company’s businesses are also subject to the Clean Air Act, as amended. The company is also subject to the Occupational Safety and Health Act, as amended, and comparable state laws that regulate the protection of employee health and safety. History The company was founded in 1981. It was incorporated in California in 1981 and reincorporated in Delaware in 1998. The company was formerly known as Adaptec, Inc. and changed its name to ADPT Corporation in 2010. Further, the company changed its name to Steel Excel Inc. in 2011.
steel excel inc (SXCL:NASDAQ CM)
1133 Westchester Avenue
White Plains, NY 10604
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