Superior Offshore International Completes Sale and Charter-Back of the Superior Achiever With Hornbeck Offshore Services
22 Januar 2008 - 10:15PM
PR Newswire (US)
HOUSTON, Jan. 22 /PRNewswire-FirstCall/ -- Superior Offshore
International, Inc. (NASDAQ:DEEP) today announced that it has
completed the sale and charter-back of the Superior Achiever with
Hornbeck Offshore Services LLC, a wholly owned subsidiary of
Hornbeck Offshore Services, Inc. (NYSE:HOS) ("Hornbeck"), on the
terms previously disclosed. The Achiever, which was successfully
launched on January 19, 2008, is a DP-III deepwater construction
and dive support vessel that is under construction and is expected
to be delivered in late 2008. The Achiever's sale price was
approximately $70 million, which represents Superior Offshore's
investment to date in the vessel. Superior Offshore will use (i)
$56.2 million of the proceeds to repay its term loan obligation to
Fortis Bank, which includes $55.0 million of principal and $1.2
million of accrued interest and prepayment fees, (ii) $2.6 million
to settle an interest rate swap related to the term loan, (iii)
$0.9 million for charter hire payments due to Hornbeck for a
separate vessel and (iv) $0.5 million for certain transaction
expenses. The remaining $9.4 million of proceeds will be used to
repay borrowings under Superior Offshore's senior secured credit
facility. After the application of the proceeds, Superior Offshore
will have no outstanding term debt and approximately $15 million
outstanding under its senior secured credit facility. The
transaction will reduce Superior Offshore's 2008 capital
expenditure requirements by approximately $30 million. Superior
Offshore will take delivery of the Achiever or another acceptable
vessel under a five-year time charter with Hornbeck. Superior
Offshore will have the option to terminate the charter with 90
days' advance notice prior to the end of each six-month period
within the term. Superior Offshore and Hornbeck are also exploring
non-exclusive joint marketing and cooperation agreements for new
business opportunities that would leverage the complementary
resources of the two companies. The Superior Achiever will be
capable of working in harsh or deepwater environments. Superior
Offshore expects to deploy the vessel by the end of this year to
international markets and/or deepwater Gulf of Mexico projects.
About Superior Offshore International, Inc. Superior Offshore is a
leading provider of subsea construction and commercial diving
services to the offshore oil and gas industry, serving operators
internationally and domestically in the outer continental shelf of
the U.S. Gulf of Mexico. Construction services include
installation, upgrading and decommissioning of pipelines and
production infrastructure. Commercial diving services include
inspection, maintenance and repair services and support services
for subsea construction and salvage operations. The company also
operates a construction/fabrication division. Superior Offshore
operates a fleet of nine service vessels and provides remotely
operated vehicles (ROVs) and saturation diving systems for
deepwater and harsh environment operations. Forward-Looking
Statements Certain statements contained in this news release are
forward-looking statements. All statements other than statements of
historical fact are, or may be deemed to be, forward-looking
statements, including statements concerning the expected use of
proceeds from the transaction, plans to pursue business
opportunities with Hornbeck and expected synergies with Hornbeck's
fleet, expected performance of the Superior Achiever, expected
delivery and deployment of the Superior Achiever, Superior
Offshore's strategy and business plans. Forward-looking statements
by their nature involve substantial risks and uncertainties that
could significantly affect expected results, and actual future
results could differ materially from those described in such
statements. Although it is not possible to identify all factors, we
continue to face many risks and uncertainties. Some of the factors
that could cause actual future results to differ materially are
described under the caption "Risk Factors" in our Prospectus, dated
April 19, 2007 and filed with the Securities and Exchange
Commission ("SEC") on April 20, 2007, and our other filings with
the SEC, which may be obtained by visiting the Investor Relations
section of our website under "Financial Information" at
http://www.superioroffshore.com/ or from the SEC's website at
http://www.sec.gov/. Contacts: Superior Offshore International
Roger Burks, CFO 713-910-1875 DRG&E Ken Dennard 713-529-6600
DATASOURCE: Superior Offshore International, Inc. CONTACT: Roger
Burks, CFO of Superior Offshore International, Inc.,
+1-713-910-1875, ; or Ken Dennard of DRG&E, +1-713-529-6600, ,
for Superior Offshore International, Inc. Web site:
http://www.superioroffshore.com/
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