|Superior Energy Services, Inc. Announces Agreement to Acquire Singapore-Based Hallin Marine Subsea International Plc|
Hallin offers Superior the opportunity to enhance its position in the emerging subsea well intervention market through the combination of Superior's well intervention assets and Hallin's existing subsea assets (remotely operated vehicles, saturation diving systems and chartered vessels) and newbuild vessel program.
Superior intends to fund the acquisition through its existing revolving credit facility. In the event the conditions to the Offer are satisfied and/or waived by the parties, the transaction is expected to close in the first quarter of 2010.
The Offer is to be effected by way of a scheme of arrangement under section 152 of the Isle of Man Companies Act 1931, as amended. Copies of the Offer-related documentation including a copy of the announcement which was made pursuant to Rule 2.5 of the City Code on Takeovers and Mergers (the "Rule 2.5 Announcement") is available to the public, subject to restrictions relating to persons in certain overseas jurisdictions, at www.superiorenergy.com. It is anticipated that the scheme document (the "Scheme Document") will be posted to Hallin's shareholders on
This announcement is for informational purposes only and is neither an offer to sell or an invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction. The full terms and conditions of the Offer, including details of how the Offer may be accepted, will be set out in the Scheme Document. Hallin Shareholders who accept the Offer may rely only on the Scheme Document for all terms and conditions to the Offer. Hallin Shareholders are advised to read carefully the formal documentation in relation to the Offer once it has been dispatched.
The distribution of this announcement in jurisdictions other than
This announcement contains forward-looking statements regarding the Offer. Such statements include, but are not limited to, statements about the benefits of the proposed combination and other such statements that are not historical facts, which are or may be based on Superior's plans, estimates and projections. These forward-looking statements involve risks and uncertainties, many of which are beyond Superior's control, that could cause Superior's actual results to differ materially from those indicated in any such forward-looking statements. Such factors include, but are not limited to, failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to the Offer. Superior disclaims and does not undertake any obligation to update or revise any forward-looking statement in this announcement, except as required by applicable law or regulation.
FOR FURTHER INFORMATION CONTACT:
Terence Hall, CEO, or Robert Taylor, CFO, or Greg Rosenstein, VP of Investor Relations, all of Superior Energy Services, Inc., +1-504-587-7374