Superior Energy Services Gain $20 million Liftboat

Superior Energy Services, Inc. has purchased and taken delivery of the newly constructed Dixie Endeavor, a 250-foot class liftboat, for $22.5 million. The Dixie Endeavor, a sister liftboat to Superior's 250-ft. class Dixie Legacy, is an ABS-classed, Maltese Cross A-1, A.M.S., U.S. Coast Guard inspected Subchapter L vessel. The state-of-art liftboat offers a useable deck space of approximately 11,000 square feet, can accommodate 50 people, utilizes a Seatrax hydraulic rack and pinion elevating system, is equipped with a helipad, and two 175-tom Seatrax cranes mounted around the forward leg towards. The Dixie Endeavor is currently under review by ABS to upgrade the leg length to 265 feet. "The addition of the Dixie Endeavor is integral to the growth of Terry Hall, president and CEO of Superior Energy Services, Inc. "We intend to use the Dixie Endeavor our larger fleet, which is comprised of liftboats with leg lengths of 230-ft. and greater," said much the same way we use the Legacy, supporting our well intervention and bundled services projects, performing heavy lifts, and supporting pipeline tie-ins and other construction-related projects." Superior now owns three liftboats with leg lengths of 230-ft. and greater and is currently constructing two 245-ft. class liftboats. By year-end 2002, the Company anticipates it will have five "super-sized" liftboats in its fleet. "These super-sized liftboats uniquely position us within the production-related services market," Hall said. "We have in-house the well intervention assets, engineering capabilities and large liftboats to perform long-term, multi-well projects - similar to what we are currently doing with the 230-ft. class Superior Champion liftboat."