Superior Energy Services Announces

Reverse stock split; Resumption of trading on the New York Stock Exchange under ticker symbol of “SPN”

HOUSTON, Dec. 18, 2019 (GLOBE NEWSWIRE) -- Superior Energy Services, Inc. (“Superior” or the “Company”) (NYSE: SPN; OTCQX: SPNV) today announced that at a special meeting of stockholders of the Company held on December 18, 2019, its stockholders voted to approve a proposal authorizing the Board of Directors of the Company to effect a reverse stock split of Superior’s issued and outstanding common stock (the “Reverse Stock Split”) and to proportionately reduce the number of the Company’s authorized shares of common stock (the “Authorized Share Reduction”).  Following the special meeting of stockholders, the Board of Directors approved a 1-for-10 Reverse Stock Split. A Certificate of Amendment to the Company’s Restated Certificate of Incorporation was filed with the Delaware Secretary of State.  The Reverse Stock Split and the Authorized Share Reduction will take effect at 5 p.m. Eastern Standard Time on December 18, 2019 (“Effective Date”).

Previously, the New York Stock Exchange (the “NYSE”) suspended trading of the Company’s common stock on the NYSE on September 26, 2019 and commenced delisting proceedings due to the “abnormally low” per share price of the Company’s common stock.  The Company appealed the NYSE’s determination and began trading on the OTCQX Best Market.  The Company expects that the NYSE staff will formally withdraw the delisting determination and pending appeal so that the common stock can resume trading on the NYSE under the ticker symbol “SPN” with a new CUSIP number of 868157306. The Company expects that its common shares will resume trading on the NYSE at market open on December 26, 2019.

The Reverse Stock Split will reduce the number of shares outstanding and is expected to increase the per share trading price of the common stock, which may improve marketability and facilitate its trading. As a result of the Reverse Stock Split, each 10 pre-split shares of common stock outstanding will automatically combine and convert to one issued and outstanding share of common stock without any action on the part of the stockholder.  No fractional shares of common stock will be issued as a result of the reverse split.  Instead, any stockholder who would have been entitled to a fractional share will receive cash payments in lieu of such fractional shares.  The Reverse Stock Split will not affect any stockholder’s percentage of common stock, except to the stockholder receives cash payment in lieu of fractional shares.  The number outstanding common shares will be reduced from approximately 146.8 million to approximately 14.6 million shares. The total number of shares that the Company is authorized to issue has also been reduced by the same ratio.