HOUSTON, Feb. 12, 2008 (PRIME NEWSWIRE) -- Superior Offshore International, Inc. (Nasdaq:DEEP) today announced that its Board of Directors has approved the appointment of Thomas E. Daman as the Company's Executive Vice President and Chief Financial Officer, effective April 1, 2008. Mr. Daman has significant financial and public company experience and has served as the Company's Treasurer since August 2007 when he joined the Company. Roger D. Burks, Superior Offshore's current Executive Vice President and Chief Financial Officer, will continue to serve in that role through March 31, 2008, and Randy Putman will continue to serve as the Company's Chief Accounting Officer. As previously announced, the Board appointed E. Donald Terry as the Company's Interim President and Chief Executive Officer effective January 27, 2008.
James L. Persky, Superior Offshore's independent Chairman of the Board, said, "We are grateful that Tom has agreed to step into this expanded leadership position. I am confident that his broad experience and strong financial skills will be invaluable to the Company as we move forward. Meanwhile, we thank Roger for his valued efforts in building an experienced management team and helping steer the Company through a challenging period."
Roger D. Burks, Superior Offshore's current Chief Financial Officer, said, "I look forward to working with Don, Tom and Randy over the next two months to ensure a smooth transition. I fully support this management team."
ROV Division Restructuring
Superior Offshore also announced that it has restructured its Remotely Operated Vehicle (ROV) Division to reduce costs and improve the efficiency of its operations. Going forward, the Company expects to utilize third parties for technical support in managing its ROV projects.
"This restructuring will enable us to provide the best, lowest-cost service to our clients," said Mr. Terry. "We will continue to operate in the ROV business, but in a more cost-efficient manner. We remain committed to serving as a ROV operator for domestic and international deepwater projects."
About Thomas E. Daman
Thomas E. Daman has been Superior Offshore's Senior Vice President-Finance and Treasurer since November 2007. Mr. Daman joined Superior Offshore in August 2007 as Vice President and Treasurer. From 2003 to July 2007, Mr. Daman was a Senior Vice President--Investments at Oppenheimer & Co. Inc., a financial services company. From 1988 to 2001, Mr. Daman worked in a variety of capacities at Southdown, Inc., a New York Stock Exchange listed company, including as Vice President and Treasurer from 1995 to 2001. Mr. Daman was a Vice President at Texas Commerce Bank from 1984 to 1988. Mr. Daman has a Master of Business Administration in Finance from the University of Texas at Austin and a Bachelor of Business Administration in Finance from the University of Georgia and currently is a Level 3 candidate for the Chartered Financial Analyst designation.
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 seven 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. 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, Superior Offshore continues 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 Superior Offshore's Prospectus, dated April 19, 2007 and filed with the Securities and Exchange Commission ("SEC") on April 20, 2007, and Superior Offshore's other filings with the SEC, which may be obtained by visiting the Investor Relations section of Superior Offshore's website under "Financial Information" at http://www.superioroffshore.com or from the SEC's website at http://www.sec.gov.