Superior Energy Services, Inc. has purchased a 50% interest in two, 265-ft. class liftboats from Moreno Energy, Inc. The Company and Moreno Energy have also entered into contracts to jointly construct on a 50%/50% basis two additional 265-ft. class liftboats. The Company expects the total cost for its 50% interest in the four liftboats will be approximately $52 million. Under the terms of the Company's arrangements with Moreno Energy, Superior will market and operate the liftboats.
Construction of the first two liftboats is scheduled to be complete in the third and fourth quarters 2008, while construction of the last two liftboats is scheduled to be complete in late 2009. The liftboats will be certified to work in international waters as they will be built to meet U.S. Coast Guard, American Bureau of Shipping (ABS) and SOLAS standards. In addition, each liftboat will have two cranes (200-ton and 70-ton capacity), 8,500 square feet of clear deck space and accommodations for up to 40 people.
Terence Hall, Chairman and CEO of Superior, commented, "This investment enhances our position to compete in the international liftboat market. We expect that the combination of our liftboat operating experience, increasing international sales and marketing presence and our experience in working marine assets internationally will assist us in further diversifying our liftboat business to new geographic markets."
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