Superior Offshore to acquire Ocean Flow

Offshore staff

HOUSTON -- Superior Offshore International Inc. has signed an agreement to acquire Houston-based Ocean Flow International Llc. for $15 million. The stock-for-stock transaction is expected to close in 4Q 2007.

"The acquisition of Ocean Flow is an important strategic element of our plan to transform Superior Offshore into a world-class subsea construction and services firm," says Jim Mermis, CEO of Superior. "This transaction will give Superior significantly greater strength and capabilities in deepwater construction, pipeline engineering, and project management.

"These added capabilities will enable Superior to pursue a broader range of large-scale projects and will also greatly enhance business development opportunities for the DP-3 vesselSuperior Achiever. The vessel is expected to be ready for service in the second half of 2008."

Ocean Flow's primary focus is the design and deployment of subsea hardware, and management, commissioning, and start-up of subsea oil and gas field developments.

Karl Winter will join Superior as senior VP of engineering and subsea development, and he will continue his responsibilities as president of Ocean Flow, which will become a wholly- owned subsidiary of Superior.

10/24/2007