HOUSTON, Nov. 19, 2007 (PRIME NEWSWIRE) -- Superior Offshore International, Inc. (Nasdaq:DEEP) announced today that it has made a timely filing of its Form 10-Q for the quarterly period ending September 30, 2007.
As part of that filing, the Company disclosed that its $55 million Term Loan Facility with Fortis Bank has been classified as a current obligation per FASB reporting requirements because the Company did not meet certain requirements of its term loan debt covenants. As previously disclosed, the Company is currently negotiating a new expanded capacity term loan commitment with an alternative lender. The Company expects confirmation of this new term loan commitment on or before November 30th.
If these negotiations do not result in a new term loan commitment, then the Company will begin negotiations for additional covenant waivers and/or amendments from its existing term loan lender, similar in scope to those recently negotiated with the Company's revolving credit facility lender, JP Morgan Chase.
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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