Superior Energy Services, Inc. Underwriters Exercise Over-Allotment Option
HARVEY, La.--(BUSINESS WIRE)--Nov. 1, 2004--Superior Energy Services, Inc. ("Superior") (NYSE: SPN) today announced that the underwriters of its recent public offering have exercised in full their option to purchase an additional 1,454,494 shares of common stock to cover over-allotments. The public offering price of the shares was $12.25 per share, and the over-allotment closing will provide Superior with additional net proceeds of approximately $17.0 million, after deducting underwriting discounts and commissions.
Superior Energy Services, Inc. provides a broad range of specialized oilfield services and equipment primarily to major and independent oil and gas companies engaged in the exploration, production and development of oil and natural gas properties offshore in the Gulf of Mexico and throughout the Gulf Coast region. These services and equipment include the rental of liftboats, rental of specialized oilfield equipment, electric and mechanical wireline services, well plug and abandonment services, well control, coiled tubing services and engineering services. Additional services provided include contract operating and supplemental labor, offshore and dockside environmental cleaning services, the manufacture and sale of drilling instrumentation and the manufacture and sale of oil spill containment equipment.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which involve known and unknown risks, uncertainties and other factors. Among the factors that could cause actual results to differ materially are: volatility of the oil and gas industry, including the level of exploration, production and development activity; risks associated with the Company's rapid growth; changes in competitive factors and other material factors that are described from time to time in the Company's filings with the Securities and Exchange Commission. Actual events, circumstances, effects and results may be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Consequently, the forward-looking statements contained herein should not be regarded as representations by Superior or any other person that the projected outcomes can or will be achieved.
CONTACT: Superior Energy Services, Inc.
Terence Hall, Robert Taylor, or Greg Rosenstein
504-362-4321
SOURCE: Superior Energy Services, Inc.
