HOUSTON, Nov. 16, 2007 (PRIME NEWSWIRE) -- Superior Offshore International, Inc. (Nasdaq:DEEP) announced today that James J. Mermis, its President and Chief Executive Officer, and Roger D. Burks, its Executive Vice President, Chief Financial and Administrative Officer, have terminated their Rule 10b5-1 trading plans, which had been initiated in part to pay federal income taxes on vested restricted stock grants. The Company's former General Counsel, R. Joshua Koch, Jr., has also terminated his Rule 10b5-1 trading plan.
James J. Mermis stated, "Roger Burks and I do not plan to make any additional sales this year and have terminated our 10b5-1 trading plans. We both believe Superior Offshore common stock is undervalued at current levels based on peer trading multiples and our financial guidance for the remainder of 2007 and 2008."
Mr. Mermis continues to own approximately 669,000 shares of Superior Offshore common stock and Mr. Burks continues to own approximately 223,000 shares.
About Superior Offshore International
Superior Offshore International 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 11 service vessels and provides remotely operated vehicles (ROVs) and saturation diving systems for deep water and harsh environment operations.
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