A Louisiana lawsuit accusing two former executives of setting up sham companies to allegedly rob Superior Energy Services subsidiary Stabil Drill Specialites of tens of millions of dollars includes a Yukon oilfield executive.
The suit filed recently in Lafayette, Louisiana names longtime Stabil Drill executives Martin A,. LeBlanc and Christopher J. Russo of stealing from the companies but is also against Mike Sheffield. He has been associated with four energy-related companies in recent years including MSI Inspection Service LLC and Quest Holdings. Quest reportedly rented office space located at 101 North Sara Road in Yukon to Superior Energy and received at least $1.7 million.
The lawsuit says Russo and LeBlanc allegedly did not disclose their ownership in Quest Holdings which owns different properties leased and sold to Stabil Drill. It alleges the same building on Sara Road was also purchased by Superior for $2.67 million.
The 42-page lawsuit says the alleged self-dealing dated back to 2008 and involved tens of millions of dollars at the expense of Stabil Drill. Other defendants named in the suit are Laguna Oil Tools, Renegade Performance Properties, Renegade oil Tools and LeBlanc Real Estate Investments. Three other defendants who are from Oklahoma are Quest Holdings, Triton Hardbanding Service and MSI Inspection Service.
Sheffiled has had a direct connection with Quest, and MSI. The suit stated LeBlanc and Russo “engaged in a complex scheme of self-dealing primarily by creating separate but interwoven corporate entitles which they owned or controlled to overcharge Stabil Drill for goods and services…and to benefit themselves by being on both sides of various transactions.”