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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 12, 2007
SUPERIOR ENERGY SERVICES, INC.
(Exact name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction)
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0-20310
(Commission File Number)
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75-2379388
(IRS Employer Identification No.) |
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1105 Peters Road, Harvey, Louisiana
(Address of principal executive offices)
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70058
(Zip Code) |
(504) 362-4321
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligations of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01. Entry into a Material Definitive Agreement.
On September 13, 2007, Superior Energy Services,
Inc. (the Company), SESI, L.L.C., a subsidiary of
the Company (SESI), Advanced Oilwell Services,
Inc., a subsidiary of the Company (AOS), certain
other subsidiaries of the Company (the Subsidiary
Guarantors) and The Bank of New York Trust
Company, N.A., as trustee (the Trustee), entered
into two Supplemental Indentures. One Supplemental
Indenture was entered into pursuant to the
Indenture dated as of May 22, 2006, by and among
the Company, SESI, the Subsidiary Guarantors and
the Trustee, with respect to SESIs 6 7/8% Senior
Notes due 2014. The other Supplemental Indenture
was entered into pursuant to the Indenture dated as
of December 12, 2006, by and among the Company,
SESI, the Subsidiary Guarantors and the Trustee,
with respect to SESIs 1.50% Senior Exchangeable
Notes due 2026. The purpose of the Supplemental
Indentures is to amend the respective Indentures to
add AOS as a Subsidiary Guarantor with respect to
the 6-7/8% Senior Notes due 2014 and the 1.50%
Senior Exchangeable Notes due 2026, effective as of
August 29, 2007.
The foregoing description of the Supplemental
Indentures does not purport to be complete and is
qualified in its entirety by reference to the
Supplemental Indentures, copies of which are
attached as Exhibits 4.1 and 4.2 to this Current
Report on Form 8-K and are incorporated herein by
reference.
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in
Fiscal Year.
On September 12, 2007, the Companys Board of Directors adopted
Amended and Restated Bylaws to, among other things, reflect updates
to comply with recent changes to Delaware General Corporate Law and
other applicable law. The foregoing description of the Companys
Amended and Restated Bylaws does not purport to be complete and is
qualified in its entirety by reference to the full text of the
Amended and Restated Bylaws, a copy of which is attached as Exhibit
3(ii) to this Current Report on Form 8-K and is incorporated herein
by reference.
Item 8.01. Other Events.
On
September 18,
2007, the
Company issued a
press release
announcing that
the Companys
Board of
Directors has
authorized the
Company to
repurchase from
time to time up
to $350 million
in the Companys
outstanding shares of common
stock. The
stock repurchase
program will
expire on
December 31,
2009. A copy of
the Companys
press release is
attached as
Exhibit 99.1 to
this Current
Report on Form
8-K and
incorporated
herein by
reference.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
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3(ii)
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Amended and Restated Bylaws of the Company (as amended through
September 12, 2007). |
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4.1
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Supplemental Indenture, dated September 13, 2007 but effective as of
August 29, 2007, by and among AOS, SESI, the other Guarantors (as
defined in the Indenture referred to therein) and the Trustee. |
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4.2
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Supplemental Indenture, dated September 13, 2007 but effective as of
August 29, 2007, by and among AOS, SESI, the other Guarantors (as
defined in the Indenture referred to therein) and the Trustee. |
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99.1
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Press release issued by the
Company, dated September 18, 2007. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SUPERIOR ENERGY SERVICES, INC.
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By: |
/s/ Robert S. Taylor
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Robert S. Taylor |
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Chief Financial Officer |
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Dated:
September 18, 2007
EXHIBIT INDEX
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Exhibit |
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Number |
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Description |
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3(ii)
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Amended and Restated Bylaws of the Company (as amended through
September 12, 2007). |
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4.1
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Supplemental Indenture, dated September 13, 2007 but effective as of
August 29, 2007, by and among AOS, SESI, the other Guarantors (as
defined in the Indenture referred to therein) and the Trustee. |
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4.2
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Supplemental Indenture, dated September 13, 2007 but effective as of
August 29, 2007, by and among AOS, SESI, the other Guarantors (as
defined in the Indenture referred to therein) and the Trustee. |
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99.1
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Press release issued by the
Company, dated September 18, 2007. |
exv3wii
Exhibit 3(ii)
AMENDED AND RESTATED
BYLAWS
OF
SUPERIOR ENERGY SERVICES, INC.
(as amended through September 12, 2007)
SECTION 1.
OFFICES
1.1 Registered Office. The registered office of Superior Energy Services, Inc. (the
Corporation) is 1209 Orange Street in the City of Wilmington, County of New Castle, State of
Delaware, and the name of its registered agent at such address is The Corporation Trust Company.
1.2 Other Offices. The Corporation may also have offices at such other places both
within and without the State of Delaware as the Corporations Board of Directors (the Board) may
from time to time determine or the business of the Corporation may require.
SECTION 2.
MEETINGS OF STOCKHOLDERS
2.1 Annual Meetings. The annual meeting of the stockholders of the Corporation shall
be held at such date, time and place, either within or without the State of Delaware, as may be
fixed by resolution of the Board.
2.2 Special Meetings. Special meetings of the stockholders may be called at any time
only by the Secretary at the direction of the Board pursuant to a resolution adopted by the Board.
2.3 Notice of Stockholder Nominations and Business.
(a) Nominations of persons for election to the Board and the proposal of business to be
considered by the stockholders may be made at an annual meeting of stockholders only (i) pursuant
to the Corporations notice of meeting delivered pursuant to Section 2.4, (ii) by or at the
direction of the Board or (iii) by any stockholder of the Corporation who is entitled to vote at
the meeting, who complied with the notice procedures set forth in Sections 2.3(c)(ii) and (iii) and
who was a stockholder of record on the date such notice is delivered to the Secretary.
(b) For nominations or other business to be properly brought before an annual meeting by a
stockholder pursuant to Section 2.3(a)(iii), the stockholder must have given timely notice thereof
in writing to the Secretary and, in the case of business other than nominations, such other
business must otherwise be a proper matter for stockholder action. To be timely, a stockholders
notice shall be delivered to the Secretary at the Corporations principal executive office not
later than the close of business on the 90th day, nor earlier than the close of business
on the 120th day prior to the first anniversary of the preceding years annual meeting;
provided however, that if the date of the annual meeting is advanced by more than 30 days, or
delayed by more than 90 days, from such anniversary date, notice by the stockholder to be timely
must be so delivered not earlier than the close of business on the 120th day prior to such annual
meeting and
not later than the close of business on the later of the 90th day prior to such
annual meeting or the tenth day following the day on which public announcement of the date of such
meeting is first made by the Corporation. In no event shall the public announcement of an
adjournment or postponement of an annual meeting commence a new time period (or extend any time
period) for the giving of a stockholders notice as described in this Section 2.3(b). Such
stockholders notice shall set forth: (i) as to each person whom the stockholder proposes to
nominate for election as a director, all information relating to such person that is required to be
disclosed in solicitations of proxies for election of directors in an election contest, or is
otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of
1934, as amended (the Exchange Act), including such persons written consent to being named in
the proxy statement as a nominee and to serving as a director if elected; (ii) as to any other
business that the stockholder proposes to bring before the meeting, a brief description of the
business desired to be brought before the meeting, the text of the proposal or business (including
the text of any resolutions proposed for consideration and if such business includes a proposal to
amend these Bylaws, the text of the proposed amendment), the reasons for conducting such business
at the meeting, and any material interest in such business of such stockholder and the beneficial
owner, if any, on whose behalf the proposal is made; and (iii) as to the stockholder giving the
notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made (A) the
name and address of such stockholder, as they appear on the Corporations books, and of such
beneficial owner, (B) the class and number of shares of the Corporation that are owned beneficially
and of record by such stockholder and such beneficial owner and (C) a representation as to whether
the stockholder or the beneficial owner, if any, intends or is part of a group that intends to
solicit proxies from stockholders in support of such proposal or nomination. The foregoing notice
requirements shall be deemed satisfied by a stockholder if the stockholder has notified the
Corporation of the stockholders intention to present a proposal or nomination at an annual meeting
in compliance with applicable rules and regulations promulgated under the Exchange Act and such
stockholders proposal or nomination has been included in a proxy statement that has been prepared
by the Corporation to solicit proxies for such annual meeting. The Corporation may require any
proposed nominee to furnish such other information as it may reasonably require to determine the
eligibility of such proposed nominee to serve as a director of the Corporation and the impact that
such service would have on the ability of the Corporation to satisfy the requirements of laws,
rules, regulations and listing standards applicable to the Corporation or its directors.
(c) Only such business shall be conducted at a special meeting of stockholders as shall have
been brought before the meeting pursuant to the Corporations notice of meeting pursuant to Section
2.4. Nominations of persons for election to the Board may be made at a special meeting of
stockholders at which directors are to be elected pursuant to the Corporations notice of meeting
(i) by or at the direction of the Board or (ii) by any stockholder of the Corporation who is
entitled to vote at the meeting, who complies with the notice procedures set forth in this Section
2.3 and who is a stockholder of record at the time such notice is delivered to the Secretary. If
the Corporation calls a special meeting of stockholders for the purpose of electing one or more
directors to the Board, any stockholder entitled to vote in such election may nominate such number
of persons for election to such position(s) as are specified in the Corporations notice of
meeting, if the stockholders notice as required by Section 2.3(a)(ii) shall be delivered to the
Secretary at the Corporations principal executive offices not earlier than the close of business
on the 120th day prior to such special meeting and not later than the close of
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business on the later of the 90th day prior to such special meeting or the tenth
day following the day on which public announcement of the date of the special meeting and of the
nominees proposed by the Board to be elected at such meeting is first made by the Corporation. In
no event shall the public announcement of an adjournment or postponement of a special meeting
commence a new time period (or extend any time period) for the giving of a stockholders notice as
described above.
(d) (i) Only persons who are nominated in accordance with the procedures set forth in these
Bylaws shall be eligible to be elected as directors at a meeting of stockholders and only such
business shall be conducted at a meeting of stockholders as shall have been brought before the
meeting in accordance with the procedures set forth in this Section 2.3. Except as otherwise
provided by law, the Certificate of Incorporation or these Bylaws, the Chairman of the Board shall
have the power and duty to determine whether a nomination or any business proposed to be brought
before the meeting was made or proposed in accordance with the procedures set forth in this Section
2.3 and, if any proposed nomination or business is not in compliance with this Section 2.3, to
declare that such defective proposal or nomination shall be disregarded.
(ii) For purposes of these Bylaws, public announcement shall mean disclosure in a press
release reported by the Business Wire, Dow Jones News Service, Associated Press or a comparable
national news service or in a document publicly filed by the Corporation with the Securities and
Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act.
(iii) Notwithstanding anything to the contrary in these Bylaws, a stockholder shall also
comply with all applicable requirements of the Exchange Act and the rules and regulations
thereunder with respect to the matters set forth in this Section 2.3. Nothing in this Section 2.3
shall be deemed to affect any rights of stockholders to request inclusion of proposals in the
Corporations proxy statement pursuant to applicable rules and regulations under the Exchange Act.
2.4 Notice of Stockholder Meetings.
(a) All notices of meetings of stockholders shall be sent or otherwise given in accordance
with this Section 2.4 not less than ten nor more than 60 days before the date of the meeting to
each stockholder entitled to vote at such meeting. The notice shall specify the place, if any,
date, and hour of the meeting, the means of remote communications, if any, by which stockholders
and proxyholders may be deemed to be present in person and vote at such meeting, and, in the case
of a special meeting, the purpose or purposes for which the meeting is called.
(b) Written notice of any meeting of stockholders, if mailed, is given when deposited in the
United States mail, postage prepaid, directed to the stockholder at the address as it appears on
the records of the Corporation. An affidavit of the secretary or of the transfer agent of the
Corporation that the notice has been given shall, in the absence of fraud, be prima facie evidence
of the facts stated therein.
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(c) To the extent permitted by the applicable law and without limiting the manner by which
notice otherwise may be given effectively to stockholders, any notice to stockholders given by the
Corporation under applicable law, the Certificate of Incorporation or these Bylaws shall be
effective if given by a form of electronic transmission if consented to by the stockholder to whom
the notice is given. Any such consent shall be revocable by the stockholder by written notice to
the Corporation. Any such consent shall be deemed to be revoked if (i) the Corporation is unable
to deliver by electronic transmission two consecutive notices by the Corporation in accordance with
such consent and (ii) such inability becomes known to the Secretary or to the transfer agent, or
other person responsible for the giving of notice; provided, however, that the inadvertent failure
to treat such inability as a revocation shall not invalidate any meeting or other action. Notice
given by electronic transmission, as described above, shall be deemed given: (A) if by facsimile
telecommunication, when directed to a number at which the stockholder has consented to receive
notice; (B) if by electronic mail, when directed to an electronic mail address at which the
stockholder has consented to receive notice; (C) if by a posting on an electronic network, together
with separate notice to the stockholder of such specific posting, upon the later of (1) such
posting and (2) the giving of such separate notice; and (D) if by any other form of electronic
transmission, when directed to the stockholder.
For purposes of this Section 2.4, electronic transmission shall mean any form of
communication, not directly involving the physical transmission of paper, that creates a record
that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly
reproduced in paper form by such a recipient through an automated process.
2.5 Stockholder List. The Secretary shall prepare and make, at least ten days before
every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting,
arranged in alphabetical order, and showing the address of each stockholder and the number of
shares registered in the name of each stockholder. Such list shall be open to the examination of
any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a
period of at least ten days prior to the meeting, at the principal place of business of the
Corporation. The list shall also be produced and kept at the time and place of the meeting during
the whole time thereof, and may be inspected by any stockholder who is present.
2.6 Quorum. Except as otherwise provided by law or by the Certificate of
Incorporation, the holders of a majority of the voting power of the outstanding shares of the
Corporation entitled to vote generally in the election of directors (the Voting Stock),
represented in person or by proxy, shall constitute a quorum at a meeting of stockholders, except
that when specified business is to be voted on by a class or series voting as a class, the holders
of a majority of the voting power of the shares of such class or series shall constitute a quorum
for the transaction of such business. The Chairman of the Board or the holders of a majority of
the voting power of the shares of Voting Stock so represented may adjourn the meeting from time to
time, whether or not there is such a quorum (or, in the case of specified business to be voted on
by a class or series, the Chairman of the Board or the holders of a majority of the voting power of
the shares of such class or series so represented may adjourn the meeting with respect to such
specified business). No notice of the time and place of adjourned meetings need be given except as
required by law. The stockholders present at a duly organized meeting may continue to transact
business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less
than a quorum.
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2.7 Proxies. At all meetings of stockholders, a stockholder may vote by proxy as
permitted by applicable law; provided, that no proxy shall be voted after three years from its
date, unless the proxy provides for a longer period. Any proxy to be used at a meeting of
stockholders must be filed with the Secretary or his representative at or before the time of the
meeting.
2.8 Voting. Unless otherwise required by law, the Certificate of Incorporation or
these Bylaws, (a) at all meetings of stockholders for the election of directors, directors shall be
elected by a plurality of votes cast and (b) any other question brought before any meeting of
stockholders shall be decided by the vote of the holders of a majority in voting power of the stock
represented and entitled to vote thereon. Unless otherwise provided in the Certificate of
Incorporation, each stockholder represented at a meeting of stockholders shall be entitled to cast
one vote for each share of the capital stock entitled to vote thereat held by such stockholder.
The Board, in its discretion, or the officer of the Corporation presiding at a meeting of
stockholders, in his discretion, may require that any votes cast at such meeting shall be cast by
written ballot.
2.9 Inspector of Elections; Opening and Closing of Polls; Conduct of Meetings.
(a) The Board by resolution shall appoint one or more inspectors to act at a meeting of
stockholders and make a written report thereof. One or more persons may be designated as alternate
inspectors to replace any inspector who fails to act. If all inspectors or alternates who have
been appointed are unable to act, at a meeting of stockholders, the Chairman of the Board shall
appoint one or more inspectors to act at the meeting. Each inspector, before discharging his or
her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict
impartiality and according to the best of his or her ability. The inspectors shall have the duties
prescribed by applicable law.
(b) The Chairman of the Board shall fix and announce at the meeting the date and time of the
opening and the closing of the polls for each matter upon which the stockholders will vote at the
meeting.
(c) The Board may adopt by resolution such rules and regulations for the conduct of the
meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such
rules and regulations as adopted by the Board, the person presiding over any meeting of
stockholders shall have the right and authority to convene and to adjourn the meeting, to prescribe
such rules, regulations and procedures and to do all such acts as, in the judgment of such
presiding person, are appropriate for the proper conduct of the meeting. Such rules, regulations
or procedures, whether adopted by the Board or prescribed by the presiding person of the meeting,
may include, without limitation, the following: (i) the establishment of an agenda or order of
business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the
safety of those present; (iii) limitations on attendance at or participation in the meeting to
stockholders of record of the Corporation, their duly authorized and constituted proxies or such
other persons as the presiding person of the meeting shall determine; (iv) restrictions on entry to
the meeting after the time fixed for the commencement thereof; and (v) limitations on the time
allotted to questions or comments by participants. The presiding person at any meeting of
stockholders, in addition to making any other determinations that may be appropriate to the conduct
of the meeting, shall, if the facts warrant, determine and declare to the
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meeting that a matter or business was not properly brought before the meeting and if such
presiding person should so determine, such presiding person shall so declare to the meeting and any
such matter or business not properly brought before the meeting shall not be transacted or
considered. Unless and to the extent determined by the Board or the person presiding over the
meeting, meetings of stockholders shall not be required to be held in accordance with the rules of
parliamentary procedure.
SECTION 3.
DIRECTORS
3.1 Powers. The business and affairs of the Corporation shall be managed by or under
the direction of the Board. In addition to the powers and authorities by these Bylaws expressly
conferred upon the Board, the Board may exercise all such powers of the Corporation and do all such
lawful acts and things as are not by law or by the Certificate of Incorporation or by these Bylaws
required to be exercised or done by the stockholders.
3.2 Number. Subject to Section 3.3, the number of directors constituting the entire
Board shall be determined, from time to time, by a resolution of the Board. No reduction of the
authorized number of directors shall have the effect of removing any director before such
directors term of office expires. No more than a minority of the number of directors necessary to
constitute a quorum shall be non-citizens of the United States.
3.3 Resignation and Vacancies. A director may resign at anytime effective upon giving
written notice to the Chairman of the Board, unless the notice specifies a later time for the
effectiveness of such resignation. Unless otherwise provided in the Certificate of Incorporation
or these Bylaws, vacancies arising through death, resignation, removal, an increase in the number
of directors or otherwise may be filled only by a majority of the directors then in office, though
less than a quorum, or by a sole remaining director, and the directors so chosen shall hold office
until the next annual election and until their successors are duly elected and qualified, or until
their earlier death, resignation or removal.
3.4 Compensation. Directors may receive such compensation for their services and
reimbursement of expenses as may be fixed or determined from time to time by the Board.
SECTION 4.
MEETINGS OF THE BOARD
4.1 Meetings.
(a) The Board may hold meetings, both regular and special, either within or without the State
of Delaware. Regular meetings of the Board may be held without notice at such time and at such
place as shall from time to time be determined by the Board. Special meetings of the Board may be
called by the Chairman of the Board or a majority of the Board. The person or persons authorized
to call special meetings of the Board may fix the time and place of the meetings.
(b) Notice of the time and place of special meetings may be given personally or by mail,
telephone, facsimile or by means of electronic transmission. If the notice is mailed, it
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shall be sent by first class mail addressed to each director or that directors address as it
is shown on the records of the Corporation and deposited in the United States mail at least four
days before the time of the holding of the meeting. If the notice is delivered personally or by
telephone, facsimile or electronic transmission it shall be delivered by such means at least 24
hours before the time of the holding of the meeting, or on such shorter notice as the person or
persons calling such meeting may deem necessary or appropriate under the circumstances.
4.2 Quorum. At all meetings of the Board a majority of the directors shall constitute
a quorum for the transaction of business and the act of a majority of the directors present at any
meeting at which there is a quorum shall be the act of the Board, except as may be otherwise
specifically provided by law or by the Certificate of Incorporation. If a quorum shall not be
present at any meeting of the Board, the directors present may adjourn the meeting from time to
time, without notice other than announcement at the meeting, until a quorum shall be present.
4.3 Action at Meeting. If a quorum is present when any meeting of the Board is
convened, the directors may continue to do business, taking action by vote of a majority of a
quorum as fixed in Section 4.2, until adjournment, notwithstanding the withdrawal of enough
directors to leave less than a quorum or the refusal of any director present to vote.
4.4 Action by Consent. Unless otherwise restricted by the Certificate of
Incorporation, any action required or permitted to be taken at any meeting of the Board or of any
committee thereof may be taken without a meeting, if all members of the Board or committee, as the
case may be, consent thereto in writing, and the writing or writings are filed with the minutes of
proceedings of the Board or committee.
4.5 Meetings by Telephone. Unless otherwise restricted by the Certificate of
Incorporation, members of the Board or any committee designated by the Board may participate in a
meeting of the Board or any committee, by means of conference telephone or similar communications
equipment by means of which all persons participating in the meeting can hear each other, and such
participation in a meeting shall constitute presence in person at the meeting.
4.6 Presiding Officer. The Chairman of the Board shall preside at all meetings of the
Board or, in his absence, a chairman appointed by resolution of the Board. The Secretary shall act
as secretary of each meeting, but in the absence of the Secretary, the chairman of the meeting may
appoint any person to act as secretary of the meeting.
4.7 Committees.
(a) The Corporation shall have four standing committees: the audit committee, the nominating
and corporate governance committee, the compensation committee and the reserves committee. Each
such standing committee shall consist of such number of directors and shall have such power and
authority as shall be determined by resolution of the Board.
(b) The Board may designate one or more additional committees, with each such committee
consisting of such number of directors and having such power and authority as shall be determined
by resolution of the Board.
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(c) All acts done by any committee within the scope of its powers and authority pursuant to
these Bylaws and the resolutions adopted by the Board in accordance with the terms hereof shall be
deemed to be, and may be certified as being, done or conferred under authority of the Board. The
Secretary is empowered to certify that any resolution duly adopted by any such committee is binding
upon the Corporation and to execute and deliver such certifications from time to time as may be
necessary or proper to the conduct of the business of the Corporation.
(d) Regular meetings of committees shall be held at such times as may be determined by
resolution of the committee in question and no notice shall be required for any regular meeting
other than such resolution. A special meeting of any committee shall be called by the Secretary
upon the request of the chairman or a majority of the members of such committee. Notice of special
meetings shall be given to each member of the committee in the same manner as that provided for in
Section 4.1(b).
SECTION 5.
OFFICERS
5.1 Officers. The officers of the Corporation shall be elected by the Board and shall
consist of: a Chairman of the Board; a Chief Executive Officer; a President; a Chief Operating
Officer; a Chief Financial Officer; a Treasurer; a Secretary; and such other officers (including
without limitation, Executive Vice Presidents and Vice Presidents) as the Board from time to time
may determine. Officers elected by the Board shall each have such powers and duties as generally
pertain to their respective offices, subject to the specific provisions of this Section 5. Such
officers shall also have such powers and duties as from time to time may be conferred by the Board.
In addition to the officers elected by the Board, the Corporation may have one or more appointed
vice presidents, assistant treasurers, assistant secretaries or other officers who shall also be
officers of the Corporation (each, an Appointed Officer). The Chief Executive Officer shall have
the power to appoint and remove any Appointed Officer as the business or the Corporation may
require, each of whom shall perform such duties and have such authority as the Chief Executive
Officer may from time to time determine.
(a) Chairman of the Board. The Chairman of the Board shall preside when present at
all meetings of the stockholders and the Board. The Chairman of the Board shall advise and counsel
the Chief Executive Officer and other officers and shall exercise such powers and perform such
duties as shall be assigned to or required of the Chairman of the Board from time to time by the
Board or these Bylaws.
(b) Chief Executive Officer. The Chief Executive Officer shall be the chief executive
officer of the Corporation, shall have general supervision of the affairs of the Corporation and
general control of all of its business subject to the ultimate authority of the Board, and shall be
responsible for the execution of the policies of the Board. In the absence (or inability or refusal
to act) of the Chairman of the Board, the Chief Executive Officer (if he or she shall be a
director) shall preside when present at all meetings of the stockholders and the Board.
(c) President. If the President is not also the Chief Executive Officer, the
President shall make recommendations to the Chief Executive Officer on all operational matters
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that would normally be reserved for the final executive responsibility of the Chief Executive
Officer. In the absence (or inability or refusal to act) of the Chairman of the Board and Chief
Executive Officer, the President (if he or she shall be a director) shall preside when present at
all meetings of the stockholders and the Board. The President shall also perform such duties and
have such powers as shall be designated by the Board.
(d) Chief Operating Officer. The Chief Operating Officer shall be the chief operating
officer of the Corporation and shall, subject to the authority of the Chief Executive Officer, the
President and the Board, have general management and control of the day-to-day business operations
of the Corporation and shall consult with and report to the Chief Executive Officer. The Chief
Operating Officer shall put into operation the business policies of the Corporation as determined
by the Chief Executive Officer and the Board and as communicated to the Chief Operating Officer by
the Chief Executive Officer and the Board.
(e) Chief Financial Officer. The Chief Financial Officer shall have responsibility
for development and administration of the Corporations financial plans and all financial
arrangements, its cash deposits and short term investments, its accounting policies and its federal
and state tax returns. The Chief Financial Officer shall also be responsible for the Corporations
internal control procedures. The Chief Financial Officer shall perform all the duties incident to
the office of chief financial officer of a corporation, those duties assigned to him by other
provisions of these By-laws and such other duties as may be assigned to him either directly or
indirectly by the Board, the Chairman of the Board or the Chief Executive Officer, or as may be
provided by law.
(f) Treasurer. The Treasurer shall, in the absence (or inability or refusal to act)
of the Chief Financial Officer, perform the duties and exercise the powers of the Chief Financial
Officer.
(g) Vice Presidents. In the absence (or inability or refusal to act) of the
President, the Vice President (or in the event there be more than one Vice President, the Vice
Presidents in the order designated by the Board) shall perform the duties and have the powers of
the President. Any one or more of the Vice Presidents may be given an additional designation of
rank or function.
(h) Secretary.
(i) The Secretary shall attend all meetings of the stockholders, the Board and (as required)
committees of the Board and shall record the proceedings of such meetings in books to be kept for
that purpose. The Secretary shall give, or cause to be given, notice of all meetings of the
stockholders and special meetings of the Board and shall perform such other duties as may be
prescribed by the Board, the Chairman of the Board, Chief Executive Officer or President. The
Secretary shall have custody of the corporate seal of the Corporation and the Secretary shall have
authority to affix the same to any instrument requiring it, and when so affixed, it may be attested
by his or her signature. The Board may give general authority to any other officer to affix the
seal of the Corporation and to attest the affixing thereof by his or her signature.
9
(ii) The Secretary shall keep, or cause to be kept, at the principal executive office of the
Corporation or at the office of the Corporations transfer agent or registrar, if one has been
appointed, a stock ledger, or duplicate stock ledger, showing the names of the stockholders and
their addresses, the number and classes of shares held by each and, with respect to certificated
shares, the number and date of certificates issued for the same and the number and date of
certificates cancelled.
5.2 Term of Office; Removal; Vacancies. The officers of the Corporation shall be
appointed by the Board and shall hold office until their successors are duly elected and qualified
by the Board or until their earlier death, resignation, retirement, disqualification, or removal
from office. Any officer may be removed, with or without cause, at any time by the Board.
5.3 Other Officers. The Board may delegate the power to appoint such other officers
and agents, and may also remove such officers and agents or delegate the power to remove same, as
it shall from time to time deem necessary or desirable.
5.4 Multiple Officeholders; Stockholder and Director Officers. Any number of offices
may be held by the same person unless the Certificate of Incorporation or these Bylaws otherwise
provide.
SECTION 6.
INDEMNIFICATION
6.1 Right to Indemnification. Each person who was or is made a party to or is
threatened to be made a party to or is involved in any threatened, pending or completed action,
suit or proceeding, whether civil, criminal, administrative, arbitrative or investigative (other
than an action by or in the right of the Corporation) (hereinafter a proceeding), by reason of
the fact that he is or was a director or officer of the Corporation, or by reason of the fact that
such director or officer, at the request of the Corporation, is or was serving as a director,
officer, partner, venturer, trustee, employee, agent, or similar functionary of another
corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or
other enterprise, whether the basis of such proceeding is alleged action in an official capacity as
a director or officer or in any other capacity while serving or having agreed to serve as a
director or officer of the Corporation, shall be indemnified and held harmless by the Corporation
to the fullest extent permitted by law, as the same exists or may hereafter be amended (but, in the
case of any such amendment, only to the extent that such amendment permits the Corporation to
provide broader indemnification rights than permitted the Corporation to provide prior to such
amendment) against all expense, liability and loss (including without limitation, attorneys fees,
judgments, fines, excise or similar taxes, punitive damages or penalties and amounts paid or to be
paid in settlement) actually and reasonably incurred or suffered by such person in connection with
such proceeding, and such indemnification under this Section 6 shall continue as to a person who
has ceased to serve in the capacity which initially entitled such person to indemnity hereunder and
shall inure to the benefit of his or her heirs, executors and administrators; provided, however,
that the Corporation shall indemnify any such person seeking indemnification in connection with a
proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was
authorized by a resolution of the Board. The right to indemnification granted pursuant to this
Section 6 shall be a contractual right, and no
10
amendment, modification or repeal of this Section 6 shall have the effect of limiting or
denying any such rights with respect to actions taken or proceedings arising prior to any such
amendment, modification or repeal.
6.2 Advance Payment. The right to indemnification conferred in this Section 6 shall
include the right to be paid or reimbursed by the Corporation for the reasonable expenses incurred
by a person of the type entitled to be indemnified under Section 6.1 who was, is or is threatened
to be made a named defendant or respondent in a proceeding in advance of the final disposition of
the proceeding and without any determination as to the persons ultimate entitlement to
indemnification; provided, however, that the payment of such expenses incurred by any such person
in advance of the final disposition of a proceeding shall be made only upon delivery to the
Corporation of a written affirmation by such director or officer of his good faith belief that he
has met the standard of conduct necessary for indemnification under this Section 6 and a written
undertaking, by or on behalf of such person, to repay all amounts so advanced if it shall
ultimately be determined that such indemnified person is not entitled to be indemnified under this
Section 6 or otherwise.
6.3 Indemnification of Employees and Agents. The Corporation may, by resolution of
the Board, provide indemnification to employees and agents of the Corporation, individually or as a
group, with the same scope and effect as the indemnification of directors and officers provided for
in this Section 6.
6.4 Right of Claimant to Bring Suit. If a written claim received by the Corporation
from or on behalf of an indemnified party under this Section 6 is not paid in full by the
Corporation within 60 days after such receipt, the claimant may at any time thereafter bring suit
against the Corporation to recover the unpaid amount of the claim and, if successful in whole or in
part, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It
shall be a defense to any such action (other than an action brought to enforce a claim for expenses
incurred in defending any proceeding in advance of its final disposition where the required
undertaking, if any is required, has been tendered to the Corporation) that the claimant has not
met the standards of conduct which make it permissible under law for the Corporation to indemnify
the claimant for the amount claimed, but the burden of proving such defense shall be on the
Corporation. Neither the failure of the Corporation (including its Board, independent legal
counsel, or its stockholders) to have made a determination prior to the commencement of such action
that indemnification of the claimant is proper in the circumstances because he or she has met the
applicable standard of conduct set forth in law, nor an actual determination by the Corporation
(including the Board, independent legal counsel, or its stockholders) that the claimant has not met
such applicable standard of conduct, shall be a defense to the action or create a presumption that
the claimant has not met the applicable standard of conduct.
6.5 Insurance, Contracts and Funding. The Corporation may maintain insurance, at its
expense, to protect itself and any director, officer, employee or agent of the Corporation or
another corporation, partnership, limited liability company, joint venture, trust, employee benefit
plan or other enterprise against any expense, liability or loss, whether or not the Corporation
would have the power to indemnify such person against such expense, liability or loss under law.
The Corporation may enter into contracts with any indemnitee in furtherance of the provisions of
this Section 6 and may create a trust fund, grant a security interest or use other means
(including,
11
without limitation, a letter of credit) to ensure the payment of such amounts as may be
necessary to effect indemnification as provided in this Section 6.
6.6 Reformation. If any provision of this Section 6 is determined by a court to
violate or conflict with applicable law, the court shall be empowered to modify or reform such
provision so that, as modified or reformed, such provision provides the maximum indemnification
permitted by applicable law, and such provision, as so modified or reformed, and the balance of
this Section 6 shall be applied in accordance with their terms. Without limiting the generality of
the foregoing, if any portion of this Section 6 shall be invalidated on any ground, the Corporation
shall nevertheless indemnify an Indemnitee to the full extent permitted by any applicable portion
of this Section 6 that shall not have been invalidated and to the full extent permitted by law with
respect to that portion that has been invalidated.
SECTION 7.
GENERAL PROVISIONS
7.1 Share Certificates and Uncertificated Shares. The shares of the Corporation may
be represented by certificates or uncertificated, as provided under applicable law. Every holder
of stock represented by certificates shall be entitled to have a certificate signed by, or in the
name of the Corporation by (a) the Chairman of the Board, or the Chief Executive Officer or the
President or a Vice-President, and (b) by the Chief Financial Officer, or the Treasurer, or the
Secretary of the Corporation representing the number of shares registered in certificate form. Any
or all of the signatures on the certificate may be a facsimile. In case any officer, transfer
agent or registrar who has signed or whose facsimile signature has been placed upon a certificate
has ceased to be an officer, transfer agent or registrar before such certificate is issued, it may
be issued by the Corporation with the same effect as if he or she were such officer, transfer agent
or registrar at the date of issue.
7.2 Lost Certificates. Except as provided in this Section 7.3, no new certificates
for shares shall be issued to replace a previously issued certificate unless the latter is
surrendered to the Corporation and canceled at the same time. The Corporation may issue a new
certificate of stock or uncertificated shares in the place of any certificate previously issued by
it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of
the lost, stolen or destroyed certificate, or the owners legal representative, upon the making of
an affidavit of fact by the person claiming the stock certificate to be lost, stolen or destroyed,
to give the Corporation a bond sufficient to indemnify it against any claim that may be made
against it on account of the alleged loss, theft or destruction of any such certificate or the
issuance of such new certificate or uncertificated shares.
7.3 Fixing Record Date. In order that the Corporation may determine the stockholders
entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, or to
express unanimous consent to corporate action in writing without a meeting, or entitled to receive
payment of any dividend or other distribution or allotment of any rights, or entitled to exercise
any rights in respect to any change, conversion or exchange of stock or for the purpose of any
other lawful action, the Board may fix in advance a record date which shall not be more than 60 nor
less than ten days before the date of such meeting, nor more than 60 days prior to any other
action. Except as otherwise provided in the Bylaws, a determination of
12
stockholders of record entitled to notice of or to vote at a meeting of stockholders shall
apply to any adjournment of the meeting, provided, however, that the Board may fix a new record
date for the adjourned meeting.
7.4 Dividends. The Board may from time to time declare, and the Corporation may pay,
dividends on its outstanding shares in the manner and under the terms provided by law and the
Certificate of Incorporation.
7.5 Waiver of Notice. Whenever any notice is required to be given to any stockholder
or director of the Corporation by law, a waiver thereof in writing, signed by the person or persons
entitled to such notice, or a waiver by electronic transmission by the person entitled to notice,
whether before or after the time stated therein, shall be deemed equivalent to the giving of such
notice. Neither the business to be transacted at, nor the purpose of, any annual or special
meeting of the stockholders or any meeting of the Board or committee thereof need be specified in
any waiver of notice of such meeting.
7.6 Fiscal Year. The fiscal year of the Corporation shall be fixed by resolution of
the Board.
7.7 Seal. The corporate seal shall have inscribed thereon the name of the Corporation
and shall be in such form as may be approved from time to time by the incorporator, or, after the
appointment of directors, the Board. The seal may be used by causing it or a facsimile thereof to
be impressed or affixed or reproduced or otherwise.
SECTION 8.
AMENDMENTS
These Bylaws may be altered, amended or repealed or new Bylaws may be adopted by the Board,
subject to the rights of the stockholders of the Corporation to amend or repeal Bylaws made or
amended by the Board at any meeting of the stockholders, provided that notice of the proposed
action be included in the notice of such meeting.
13
exv4w1
EXHIBIT 4.1
SUPPLEMENTAL INDENTURE
SUPPLEMENTAL INDENTURE (this Supplemental Indenture), dated as of September 13,
2007, but effective as of August 29, 2007, among Advanced Oilwell Services, Inc. (the
Guaranteeing Subsidiary), a subsidiary of SESI, L.L.C., a Delaware limited liability
company (the Company), the Company, the other Guarantors (as defined in the Indenture
referred to herein) and The Bank of New York Trust Company, N.A., as trustee under the Indenture
referred to below (the Trustee).
W I T N E S S E T H
WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the
Indenture), dated as of May 22, 2006 providing for the issuance of 6?% Senior Notes due
2014 (the Notes);
WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Companys Obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the Note
Guarantee); and
WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes
as follows:
1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.
2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee
and in the Indenture including but not limited to Article 10 thereof.
3. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, organizer,
employee, manager, incorporator, stockholder, member or agent of the Guaranteeing Subsidiary, as
such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary
under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the
Notes by accepting a Note waives and releases all such liability. The waiver and release are part
of the consideration for issuance of the Notes. Such waiver may not be effective to waive
liabilities under the federal securities laws and it is the view of the SEC that such a waiver is
against public policy.
4. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED
TO CONSTRUE THIS SUPPLEMENTAL
INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT
THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.
5. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement.
6. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not
affect the construction hereof.
7. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the
recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and
the Company.
[Signature pages follow.]
IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written.
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ADVANCED OILWELL SERVICES, INC.
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By: |
/s/ Robert S. Taylor
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Name: |
Robert S. Taylor |
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Title: |
Vice President and Treasurer |
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SESI, L.L.C.
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By: |
SUPERIOR ENERGY SERVICES, INC.,
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its Managing Member |
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By: |
/s/ Robert S. Taylor
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Name: |
Robert S. Taylor |
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Title: |
Executive Vice President and Chief Financial Officer |
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SUPERIOR ENERGY SERVICES, INC.
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By: |
/s/ Robert S. Taylor
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Name: |
Robert S. Taylor |
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Title: |
Executive Vice President and Chief Financial Officer |
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1105 PETERS ROAD, L.LC
BLOWOUT TOOLS, INC.
CONCENTRIC PIPE AND TOOL RENTALS, L.L.C
CONNECTION TECHNOLOGY, L.L.C.
CSI TECHNOLOGIES, LLC
DRILLING LOGISTICS, L.L.C
F & F WIRELINE SERVICES, L.L.C.
FASTORQ, L.L.C.
H.B. RENTALS, L.C.
INTERNATIONAL SNUBBING SERVICES, L.L.C
J.R.B. CONSULTANTS, INC.
NON-MAGNETIC RENTAL TOOLS, L.L.C.
PROACTIVE COMPLIANCE, L.L.C.
PRODUCTION MANAGEMENT INDUSTRIES, L.L.C.
SEGEN LLC
SELIM LLC
SEMO, L.L.C.
SEMSE, L.L.C.
SPN RESOURCES, LLC
STABIL DRILL SPECIALTIES, L.L.C.
SUB-SURFACE TOOLS, L.L.C.
SUPERIOR CANADA HOLDINGS, INC.
SUPERIOR ENERGY SERVICES, L.L.C.
SUPERIOR INSPECTION SERVICES, INC.
UNIVERSAL FISHING AND RENTAL TOOLS, INC.
WARRIOR ENERGY SERVICES CORPORATION
WILD WELL CONTROL, INC.
WORKSTRINGS, L.L.C.
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By: |
/s/ Robert S. Taylor
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Name: |
Robert S. Taylor |
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Title: |
Authorized Representative |
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SE FINANCE L.P.
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By: |
SEGEN, L.L.C., as general partner
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By: |
/s/ Robert S. Taylor
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Name: |
Robert S. Taylor |
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Title: |
Authorized Representative |
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THE BANK OF NEW YORK TRUST COMPANY,
as Trustee
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By: |
/s/
Christie Leppert |
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Name: |
Christie Leppert |
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Title: |
Assistant Vice President |
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exv4w2
EXHIBIT 4.2
SUPPLEMENTAL INDENTURE
SUPPLEMENTAL INDENTURE (this Supplemental Indenture), dated as of September
13, 2007, but effective as of August 29, 2007, among Advanced Oilwell Services, Inc. (the
Guaranteeing Subsidiary), a subsidiary of SESI, L.L.C., a Delaware limited
liability company (the Company), the Company, the other Guarantors (as defined in the
Indenture referred to herein) and The Bank of New York Trust Company, N.A., as trustee under the
Indenture referred to below (the Trustee).
WITNESSETH
WHEREAS, the Company has heretofore executed and delivered to the Trustee an Indenture, dated
as of December 12, 2006 (the Indenture), providing for the issuance of 1.50% Senior
Exchangeable Notes due 2026 (the Securities);
WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Companys Obligations under the
Securities and the Indenture on the terms and conditions set forth herein (the
Guarantee); and
WHEREAS, pursuant to Section 3.09 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.
NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the
Securities as follows:
1. Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.
2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in the Guarantee and
in the Indenture including but not limited to Article 13 thereof.
3. No Recourse Against Others. No past, present or future director, officer, employee,
incorporator, stockholder or agent of the Guaranteeing Subsidiary (other than the Company or a
Guarantor in its capacity as a stockholder of a Subsidiary), as such, shall have any liability for
any obligations of the Company or any Guaranteeing Subsidiary under the Securities, any Guarantees,
the Indenture or this Supplemental Indenture or for any claim based on, in respect of or by reason
of, such obligations or their creation. Each Holder of the Securities by accepting a Security
waives and releases all such liability. The waiver and release are part of the consideration for
issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal
securities laws and it is the view of the SEC that such a waiver is against public policy.
4. New York Law to Govern. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED
TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.
5. Counterparts. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement.
6. Effect of Headings. The Section headings herein are for convenience only and shall not
affect the construction hereof.
7. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the
recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and
the Company.
[Signature pages follow.]
IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written.
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ADVANCED OILWELL SERVICES, INC.
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By: |
/s/ Robert S. Taylor
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Name: |
Robert S. Taylor |
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Title: |
Vice President and Treasurer |
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SESI, L.L.C.
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By: |
SUPERIOR ENERGY SERVICES, INC.,
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its Managing Member |
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By: |
/s/ Robert S. Taylor
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Name: |
Robert S. Taylor |
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Title: |
Executive Vice President and Chief Financial Officer |
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SUPERIOR ENERGY SERVICES, INC.
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By: |
/s/ Robert S. Taylor
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Name: |
Robert S. Taylor |
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Title: |
Executive Vice President and Chief Financial Officer |
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1105 PETERS ROAD, L.LC
BLOWOUT TOOLS, INC.
CONCENTRIC PIPE AND TOOL RENTALS, L.L.C
CONNECTION TECHNOLOGY, L.L.C.
CSI TECHNOLOGIES, LLC
DRILLING LOGISTICS, L.L.C
F & F WIRELINE SERVICES, L.L.C.
FASTORQ, L.L.C.
H.B. RENTALS, L.C.
INTERNATIONAL SNUBBING SERVICES, L.L.C
J.R.B. CONSULTANTS, INC.
NON-MAGNETIC RENTAL TOOLS, L.L.C.
PROACTIVE COMPLIANCE, L.L.C.
PRODUCTION MANAGEMENT INDUSTRIES, L.L.C.
SEGEN LLC
SELIM LLC
SEMO, L.L.C.
SEMSE, L.L.C.
SPN RESOURCES, LLC
STABIL DRILL SPECIALTIES, L.L.C.
SUB-SURFACE TOOLS, L.L.C.
SUPERIOR CANADA HOLDINGS, INC.
SUPERIOR ENERGY SERVICES, L.L.C.
SUPERIOR INSPECTION SERVICES, INC.
UNIVERSAL FISHING AND RENTAL TOOLS, INC.
WARRIOR ENERGY SERVICES CORPORATION
WILD WELL CONTROL, INC.
WORKSTRINGS, L.L.C.
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By: |
/s/ Robert S. Taylor
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Name: |
Robert S. Taylor |
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Title: |
Authorized Representative |
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SE FINANCE L.P.
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By: |
SEGEN, L.L.C., as general partner
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By: |
/s/ Robert S. Taylor
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Name: |
Robert S. Taylor |
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Title: |
Authorized Representative |
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THE BANK OF NEW YORK TRUST COMPANY,
as Trustee
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By: |
/s/
Christie Leppert |
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Name: |
Christie Leppert |
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Title: |
Assistant Vice President |
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exv99w1
Exhibit 99.1
1105 Peters Road
Harvey, Louisiana 70058
(504) 362-4321
Fax (504) 362-4966
NYSE: SPN
FOR FURTHER INFORMATION CONTACT:
Greg Rosenstein, VP of Investor Relations, 504-362-4321
SUPERIOR ENERGY SERVICES AUTHORIZES $350 MILLION
SHARE REPURCHASE PROGRAM
Company intends to repurchase shares opportunistically under plan
that expires in December of 2009
Harvey, La. September 18, 2007 Superior Energy Services, Inc. (NYSE: SPN) announced today that
its Board of Directors has authorized a $350 million share repurchase program of the companys
common stock. The stock repurchase program will expire on December 31, 2009.
Our intention is to return capital to shareholders by repurchasing shares opportunistically when
conditions warrant over the next two years, said Terence E. Hall, chairman and chief executive
officer. Our Board, management and employees have been extremely focused and dedicated to growing
revenues, earnings and free cash flow which has paid off handsomely for our stockholders. Due to
these efforts, we are extremely pleased to initiate this $350 million share repurchase program
which we believe will increase shareholder value.
Superior Energy Services, Inc. serves the drilling-related needs of oil and gas companies primarily
through its rental tools segment and the production-related needs of oil and gas companies through
its well intervention, rental tools and marine segments. The Company uses its production-related
assets to enhance, maintain and extend existing production and, at the end of a propertys economic
life, plug and abandon wells and decommission platforms and structures. Superior also owns and
operates mature oil and gas properties in the Gulf of Mexico.
###