HOUSTON, Dec. 28, 2007 (PRIME NEWSWIRE) -- Superior Offshore International, Inc. (Nasdaq:DEEP) today announced that it has jointly agreed with Ocean Flow International L.L.C. to cancel a definitive merger agreement between the two companies. Ocean Flow is a privately held deepwater subsea project engineering and offshore project management services firm.
"While both companies decided that now is not the right time to complete the merger, our discussions have laid the groundwork for what we expect to be a closer cooperative relationship in future marketing opportunities for large projects requiring deepwater fabrication and construction, pipeline engineering and project management capabilities," said Superior Offshore President and Chief Executive Officer Jim Mermis.
Separately, Superior Offshore announced that it has settled a dispute over the charter of the DP-II vessel, Toisa Puma. Under the settlement agreement, Superior Offshore will pay the vessel owner an additional $4.2 million to terminate the two-year charter. This settlement will relieve Superior Offshore of any future charter payments that would have totaled approximately $27 million.
About Superior Offshore International, Inc.
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 nine service vessels and provides remotely operated vehicles (ROVs) and saturation diving systems for deepwater and harsh environment operations.
The Superior Offshore International, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3909
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 regarding future business relationships between Superior Offshore and Ocean Flow and the fulfillment of contractual obligations under the Toisa Puma settlement agreement. 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 www.superioroffshore.com or from the SEC's website at www.sec.gov.