OilVoice - Superior Energy to Acquire Singapore-Based Hallin Marine Subsea International

Superior Energy to Acquire Singapore-Based Hallin Marine Subsea International

Friday, December 11, 2009

Superior Energy Services, Inc. has entered into an Implementation Agreement with Hallin Marine Subsea International Plc (AIM: HMS) ("Hallin"), to acquire Hallin for a price of 233 pence in cash per Hallin share (the "Offer"). The Offer values Hallin's existing issued and to be issued fully diluted ordinary share capital at approximately 103.5 million pounds sterling (approximately $168.3 million based upon an exchange rate of US$1.626, at the close of business on December 10, 2009). Hallin is an international provider of integrated subsea services and engineering solutions, focused on installing, maintaining and extending subsea wells. Hallin operates in most international offshore oil and gas markets with major offices and facilities located in Singapore, Jakarta, Indonesia; Perth, Australia; Aberdeen, Scotland; and Houston, Texas.

Hallin offers Superior the opportunity to enhance its position in the emerging subsea well intervention market through the combination of Superior's well intervention assets and Hallin's existing subsea assets (remotely operated vehicles, saturation diving systems and chartered vessels) and newbuild vessel program.

Terence Hall, Chairman and CEO of Superior, stated:
"In the short-run, this transaction will provide us with more international penetration and expanded entry into the subsea field development and installation market. Going forward, we believe the combination of Hallin's experienced management team, existing global infrastructure and Superior's well intervention experience and integrated solutions approach will serve as a strong platform for expansion into the growing subsea well intervention market worldwide."

Superior intends to fund the acquisition through its existing revolving credit facility. In the event the conditions to the Offer are satisfied and/or waived by the parties, the transaction is expected to close in the first quarter of 2010.

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