Superior Energy to Repurchase $350 Million in Stock
Superior Energy Services' Board has authorized a $350 million share repurchase program that expires on December 31, 2009.
"Our intention is to return capital to shareholders by repurchasing shares opportunistically when conditions warrant over the next two years," said Terence E. Hall, chairman and chief executive officer. "Our Board, management and employees have been extremely focused and dedicated to growing revenues, earnings and free cash flow which have paid off handsomely for our stockholders. Due to these efforts, we are extremely pleased to initiate this $350 million share repurchase program which we believe will increase shareholder value."
Superior serves drilling-related needs primarily through tool rental and production-related needs through its well intervention. The Company uses production assets to enhance, maintain and extend existing production. Superior owns and operates oil and gas properties in the Gulf of Mexico.
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