Superior Energy Services Purchases 50% Interest in Four Newbuild 265-ft. Class Liftboats
April 29 2008 - 7:06PM
PR Newswire (US)
Liftboats will be certified to work in international waters HARVEY,
La., April 29 /PRNewswire-FirstCall/ -- Superior Energy Services,
Inc. (NYSE:SPN) ("the Company") announced today that it has
purchased a 50% interest in two, 265-ft. class liftboats from
Moreno Energy, Inc. ("Moreno Energy"). The Company and Moreno
Energy have also entered into contracts to jointly construct on a
50%/50% basis two additional 265-ft. class liftboats. The Company
expects the total cost for its 50% interest in the four liftboats
will be approximately $52 million. Under the terms of the Company's
arrangements with Moreno Energy, Superior will market and operate
the liftboats. Construction of the first two liftboats is scheduled
to be complete in the third and fourth quarters 2008, while
construction of the last two liftboats is scheduled to be complete
in late 2009. The liftboats will be certified to work in
international waters as they will be built to meet U.S. Coast
Guard, American Bureau of Shipping (ABS) and SOLAS standards. In
addition, each liftboat will have two cranes (200-ton and 70-ton
capacity), 8,500 square feet of clear deck space and accommodations
for up to 40 people. Terence Hall, Chairman and CEO of Superior,
commented, "This investment enhances our position to compete in the
international liftboat market. We expect that the combination of
our liftboat operating experience, increasing international sales
and marketing presence and our experience in working marine assets
internationally will assist us in further diversifying our liftboat
business to new geographic markets." Superior Energy Services, Inc.
serves the drilling and production needs of oil and gas companies
worldwide through its brand name rental tools and its integrated
well intervention services and tools, supported by an engineering
staff who plan and design solutions for customers. Offshore
projects are delivered by the Company's fleet of modern marine
assets. 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:
Terence Hall, CEO; Robert Taylor, CFO; Greg Rosenstein, VP of
Investor Relations, 504-362-4321 DATASOURCE: Superior Energy
Services, Inc. CONTACT: Terence Hall, CEO, or Robert Taylor, CFO,
or Greg Rosenstein, VP of Investor Relations, all of Superior
Energy Services, Inc., +1-504-362-4321
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