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): February 25, 2008
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
(Registrant’s 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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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 February 25, 2008, SESI, L.L.C. (“SESI”), a
Delaware limited liability company and
subsidiary of Superior Energy Services, Inc.,
a Delaware corporation (the “Company”), and
SPN Resources, LLC (“SPN”), a Louisiana
limited liability company and subsidiary of
the Company, entered into a Purchase,
Contribution and Redemption Agreement (the
“Agreement”), with Dynamic Offshore Resources,
LLC (“Dynamic”) and Moreno Group LLC
(“Moreno”), pursuant to which the Company will
sell 75% of its interest in SPN to Dynamic and
Moreno for an aggregate purchase price of
$165,000,000 in cash.
As part of the transactions contemplated by
the Agreement, the Company’s affiliates will
retain a preferential right on certain service
work to SPN and will enter into a turnkey
contract to perform well abandonment and
decommissioning work associated with oil and
gas properties owned and operated by SPN as of
the closing date.
The transactions contemplated by the Agreement
are expected to close during the first quarter
of 2008 and will be effective as of January 1,
2008.
A copy of the Agreement is included as
Exhibit 10.1 to this Current Report on
Form 8-K, incorporated by reference herein,
and the description of the Contract is
qualified in its entirety by the full text of
such Exhibit.
Item 8.01. Other Events.
On February 26,
2008, the
Company issued
the press
release attached
hereto as
Exhibit 99.1,
announcing the
execution of the
Agreement and
related
agreements. The
press release is
included as
Exhibit 99.1 to
this Current
Report on Form
8-K,
incorporated by
reference
herein, and the
description of
the press
release is
qualified in its
entirety by
reference to
such Exhibit
Item 9.01. Financial Statements and Exhibits.
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(d) |
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Exhibits. |
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10.1 |
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Purchase, Contribution and Redemption Agreement,
dated February 25, 2008, by and among Dynamic
Offshore Resources, LLC, Moreno Group LLC, SESI,
L.L.C. and SPN Resources, LLC. |
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99.1 |
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Press release issued by Superior Energy Services,
Inc., dated February 26, 2008. |