Superior Offshore to repay bank debt with proceeds from Superior Achiever sale

By Sara Rosenberg

New York, Jan. 9 - Superior Offshore International Inc. plans to repay bank debt using proceeds from the sale of the Superior Achiever, a DP-III deepwater construction and dive support vessel, to Hornbeck Offshore Services LLC, according to a news release.

Specifically, the company will repay its $55 million term loan obligation to Fortis Bank and will pay down substantially all of the outstanding borrowings under its senior secured credit facility with JPMorgan.

Following the completion of the sale and the application of the proceeds, Superior Offshore will have no outstanding term debt and will have reduced its 2008 capital requirements by about $30 million.

Closing is expected to occur on or before Jan. 21, subject to customary conditions.

Superior Offshore is a Houston-based provider of subsea construction and commercial diving services to the offshore oil and gas industry.

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