|Superior Energy Services, Inc. Announces Exchange Offer for Senior Notes Due 2014|
HARVEY, La., Oct. 26 /PRNewswire-FirstCall/ -- Superior Energy Services, Inc. (NYSE: SPN) announced today that SESI, L.L.C., its wholly owned subsidiary, has commenced an exchange offer for its outstanding 6 7/8% Senior Notes due 2014. These notes originally were issued in a May 22, 2006 private offering in an aggregate principal amount of $300,000,000. Holders of these notes may exchange them for a like principal amount of a new issue of 6 7/8% Senior Notes due 2014 pursuant to an effective registration statement on Form S-4 filed with the Securities and Exchange Commission. Terms of the new notes are substantially identical to those of the original notes, except that the transfer restrictions and registration rights relating to the original notes do not apply to the new notes. Original notes that are not exchanged will continue to be subject to transfer restrictions. The new registered notes will not be subject to transfer restrictions.
The exchange offer will expire at 5:00 p.m., New York City time, on November 27, 2006, unless extended. Tenders of the original notes must be made before the exchange offer expires and may be withdrawn at any time before the exchange offer expires. Documents describing the terms of the exchange offer, including the prospectus and transmittal materials for making tenders, can be obtained from The Bank of New York Trust Company, N.A., which is serving as the exchange agent in connection with the exchange offer. The contact information for The Bank of New York Trust Company, N.A. is as follows:
The Bank of New York Corporate Trust Operations - Reorganization Unit 101 Barclay Street - 7 East New York, NY 10286 Facsimile: (212) 298-1915
This news release is for information purposes only and is not an offer to buy or the solicitation of an offer to sell any securities of Superior. The exchange offer is being made only pursuant to the exchange offer documents, including the prospectus and the letter of transmittal that are being distributed to holders of the original notes and have been filed with the Securities and Exchange Commission.
Superior Energy Services, Inc. is a leading provider of specialized oilfield services and equipment focused on serving the production-related needs of oil and gas companies primarily in the Gulf of Mexico and the drilling-related needs of oil and gas companies in the Gulf of Mexico and select international market areas. Superior uses its production-related assets to enhance, maintain and extend production and, at the end of an offshore property's economic life, plug and decommission wells. Superior also owns and operates mature oil and gas properties in the Gulf of Mexico.
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.
FOR FURTHER INFORMATION CONTACT:
Greg Rosenstein, VP of Investor Relations, 504-362-4321
Ken Dennard / DRG&E, 713-529-6600
SOURCE Superior Energy Services, Inc.