Superior Closes Hallin Marine Acquisition
Superior closed its previously announced acquisition of Hallin on January 26, 2010. The Company paid approximately $162 million to acquire all of the equity in Hallin. In addition, the Company extinguished Hallin's debt of approximately $55 million.
In the fourth quarter of 2009, the Company will incur a non-cash, pre-tax impairment charge of approximately $120 million related to domestic land well intervention assets, pre-tax expenses of $69 million related to increases in the estimated total cost of the wreck removal project, and pre-tax charges of $16 million for miscellaneous items outlined below. As a result, the GAAP loss per share for the fourth quarter of 2009 is expected to be between approximately ($1.40) and ($1.50).
Earnings per share, without considering the aforementioned charges and expenses, is expected to be between approximately $0.19 and $0.23 for the fourth quarter of 2009.
Additionally, during the fourth quarter of 2009, the Company incurred downtime on certain marine assets that had an estimated pre-tax impact of $8 million.
Superior Provides 2010 Earnings Guidance
The Company expects that its 2010 earnings per share will be between approximately $1.50 and $1.70.
Terry Hall, Chairman and CEO of Superior Energy Services, Inc. stated, "Historically, we have not provided annual earnings guidance, but we believe providing earnings guidance for 2010 will be helpful to investors as we wind down the wreck removal project, ramp up activity associated with Bullwinkle and expand our international and subsea presence with Hallin. The earnings guidance provided includes those transactions and reflects our current geographic and product/services outlook. Due to the seasonal nature of the Gulf of Mexico and the fact that many of our well intervention services lag a recovery in the rig count, we anticipate that our 2010 earnings will be weighted more toward the second half of the year."
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Company: Hallin Marine more info
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