Superior Energy Advances Comprehensive Restructuring Plan as Anticipated with Voluntary Filing of Chapter 11

Superior Energy Services, Inc. (OTCQX: SPNX) (“Superior ” or the “Company”) announced today that it has advanced its previously announced financial restructuring by commencing voluntary cases under chapter 11 of the U.S. Bankruptcy Code before the U.S. Bankruptcy Court (the “Bankruptcy Court”) for the Southern District of Texas (the “Chapter 11 Cases”) to implement a proposed “pre-packaged” Plan of Reorganization (the “Plan”).

Superior entered the Chapter 11 Cases with the support of holders of approximately 85% of Superior’s $1.3 billion of senior unsecured notes. Subject to the Bankruptcy Court’s approval, under the Plan, the noteholders would receive 100% of the equity to be issued and outstanding by the reorganized Company in exchange for discharging $1.3 billion of unsecured claims arising under the senior notes. As a result, the Plan would eliminate all of the Company’s funded debt and related interest costs and establish a capital structure that the Company believes will improve its operational flexibility and long-term financial health even in a low-commodity-price environment.

“Since the initial announcement of our planned recapitalization initiative in September, we have been encouraged by the growing consensus of the noteholders that have agreed to support the Plan, as well as the ongoing strong backing and support provided by our customers and lenders,” said David Dunlap, President and CEO of Superior. “We also thank all of our employees for their ongoing hard work and commitment to our Company and our customers and are grateful to our vendors and other valuable business partners for their continued support. The Company looks forward to quickly emerging from the Chapter 11 Cases in early 2021.”