Net proceeds from this offering were approximately $113 million, after deducting underwriting discounts and commissions and the estimated expenses of the offering. Superior used all of the net proceeds to repurchase 9,696,627 shares of Superior common stock from First Reserve Fund VII, Limited Partnership and First Reserve Fund VIII, L.P. (the "First Reserve Funds"). The 9,696,627 shares were purchased by Superior at a price of $11.69875 per share and retired upon repurchase.
Subsequent to the offering, Ben A. Guill and Joseph R. Edwards, both of First Reserve Corporation, resigned as directors of Superior Energy Services, Inc.
"I want to thank Mr. Guill and Mr. Edwards for their service on our Board," said Terry Hall, CEO of Superior Energy Services, Inc. "Our relationship with First Reserve has added value to our company in many ways. We are grateful for the leadership and counsel provided during the past five years."
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