-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FVDXSAVIvx5A9OpbBFSBDM32e7MdGGpdnf1feb++OG0HrpUSp3K5FBvibv/qMItL 9c2G6KOl9qDk8rM0AB9x8w== 0001101195-08-000053.txt : 20080213 0001101195-08-000053.hdr.sgml : 20080213 20080213143735 ACCESSION NUMBER: 0001101195-08-000053 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080213 DATE AS OF CHANGE: 20080213 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ENERGY XXI (BERMUDA) LTD CENTRAL INDEX KEY: 0001343719 STANDARD INDUSTRIAL CLASSIFICATION: OIL AND GAS FIELD EXPLORATION SERVICES [1382] IRS NUMBER: 000000000 STATE OF INCORPORATION: D0 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-82736 FILM NUMBER: 08603738 BUSINESS ADDRESS: STREET 1: CANONS COURT STREET 2: 22 VICTORIA STREET PO BX HM 1179 CITY: HAMILTON STATE: D0 ZIP: 00000 BUSINESS PHONE: 713 351 3003 MAIL ADDRESS: STREET 1: CANONS COURT STREET 2: 22 VICTORIA STREET PO BX HM 1179 CITY: HAMILTON STATE: D0 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: ENERGY XXI ACQUISITION CORP BERMUDA LTD DATE OF NAME CHANGE: 20051107 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SATELLITE ASSET MANAGEMENT LP CENTRAL INDEX KEY: 0001101195 IRS NUMBER: 134065352 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 623 FIFTH AVENUE, 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 2122092000 MAIL ADDRESS: STREET 1: 623 FIFTH AVENUE, 19TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10022 SC 13G/A 1 energy.txt SECURITIES & EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ SCHEDULE 13G/A (Amendment No. 1)* Under the Securities Exchange Act of 1934 Energy XXI (Bermuda) Limited (Name of Issuer) Common Stock (Title of Class of Securities) G10082108 (CUSIP Number) December 31, 2007 (Date of event which requires filing of this statement) Check the appropriate box to designate the rule pursuant to which this Schedule 13G is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Continued on following pages (Page 1 of 29 Pages) Exhibit List: Page 27 CUSIP No. G10082108 13G Page 2 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE FUND II, L.P. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 1,509,219 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 1,509,219 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,509,219 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.79% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** PN _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10082108 13G Page 3 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE FUND IV, L.P. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 292,317 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 292,317 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 292,317 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.35% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** PN _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10082108 13G Page 4 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 3,639,482 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 3,639,482 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 3,639,482 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.31% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10082108 13G Page 5 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) THE APOGEE FUND, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 707,969 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 707,969 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 707,969 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.84% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10082108 13G Page 6 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND V, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 342,613 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 342,613 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 342,613 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.41% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10082108 13G Page 7 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND VI, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 147,234 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 147,234 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 147,234 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.17% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10082108 13G Page 8 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND VII, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 104,494 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 104,494 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 104,494 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.12% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10082108 13G Page 9 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND VIII, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 228,653 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 228,653 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 228,653 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.27% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10082108 13G Page 10 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE OVERSEAS FUND IX, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 326,310 OWNED BY ___________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 326,310 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 326,310 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 0.39% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! Page> CUSIP No. G10082108 13G Page 11 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE STRATEGIC FINANCE PARTNERS, LTD. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION CAYMAN ISLANDS _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 1,042,542 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 1,042,542 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,042,542 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 1.23% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** CO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10082108 13G Page 12 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE ASSET MANAGEMENT, L.P. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 8,340,833 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 8,340,833 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,340,833 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.87% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** IA;PN _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10082108 13G Page 13 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE FUND MANAGEMENT LLC _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 8,340,833 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 8,340,833 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 8,340,833 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 9.87% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** OO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10082108 13G Page 14 of 29 Pages ____________________________________________________________________________ (1) NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) SATELLITE ADVISORS, L.L.C. _____________________________________________________________________________ (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** (a) [ ] (b) [X] _____________________________________________________________________________ (3) SEC USE ONLY _____________________________________________________________________________ (4) CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE _____________________________________________________________________________ NUMBER OF (5) SOLE VOTING POWER 0 SHARES ______________________________________________________________ BENEFICIALLY (6) SHARED VOTING POWER 1,801,536 OWNED BY ______________________________________________________________ EACH (7) SOLE DISPOSITIVE POWER 0 REPORTING ______________________________________________________________ PERSON WITH (8) SHARED DISPOSITIVE POWER 1,801,536 _____________________________________________________________________________ (9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,801,536 _____________________________________________________________________________ (10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES** [ ] _____________________________________________________________________________ (11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 2.13% _____________________________________________________________________________ (12) TYPE OF REPORTING PERSON ** OO _____________________________________________________________________________ ** SEE INSTRUCTIONS BEFORE FILLING OUT! CUSIP No. G10082108 13G Page 15 of 29 Pages ____________________________________________________________________________ Item 1(a). NAME OF ISSUER: Energy XXI (Bermuda) Limited (the "Issuer"). Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: Canon's Court, 22 Victoria Street, P.O Box HM 1179 Hamilton, HM EX, Bermuda Item 2(a). NAME OF PERSON FILING: This statement is filed by: (i) Satellite Fund II, L.P. ("Satellite II"); (ii) Satellite Fund IV, L.P. ("Satellite IV"); (iii) Satellite Overseas Fund, Ltd. ("Satellite Overseas") (iv) The Apogee Fund, Ltd. ("Apogee"); (v) Satellite Overseas Fund V, Ltd. ("Satellite Overseas V"); (vi) Satellite Overseas Fund VI, Ltd. ("Satellite Overseas VI"); (vii) Satellite Overseas Fund VII, Ltd. ("Satellite Overseas VII"); (viii) Satellite Overseas Fund VIII, Ltd. ("Satellite Overseas VIII"); (ix) Satellite Overseas Fund IX, Ltd. ("Satellite Overseas IX"); (x) Satellite Strategic Finance Partners, Ltd. ("SSFP"); (xi) Satellite Asset Management, L.P. ("Satellite Asset Management"); (xii) Satellite Fund Management LLC ("Satellite Fund Management"); and (xiii) Satellite Advisors, L.L.C. ("Satellite Advisors"). This statement relates to Shares (as defined herein) held by (i) Satellite II, Satellite IV (collectively, the "Delaware Funds") over which Satellite Advisors has discretionary trading authority, as general partner, and (ii) Satellite Overseas, Apogee, Satellite Overseas V, Satellite Overseas VI, Satellite Overseas VII, Satellite Overseas VIII and Satellite Overseas IX and SSFP (collectively, the "Offshore Funds" and together with the Delaware Funds, the "Satellite Funds") over which Satellite Asset Management has discretionary investment trading authority. The general partner of Satellite Asset Management is Satellite Fund Management. Satellite Fund Management and Satellite Advisors each share the same Executive Committee that make investment decisions on behalf of the Satellite Funds and investment decisions made by such Executive Committee, when necessary, are made through approval of a majority of the Executive Committee members. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The address of the business office of each of the Reporting Persons is 623 Fifth Avenue, 19th Floor, New York, NY 10022. CUSIP No. G10082108 13G Page 16 of 29 Pages ____________________________________________________________________________ Item 2(c). CITIZENSHIP: 1) Satellite II is a Delaware limited partnership; 2) Satellite IV is a Delaware limited partnership; 3) Satellite Overseas is a Cayman Islands exempted company; 4) Apogee is a Cayman Islands exempted company; 5) Satellite Overseas V is a Cayman Islands exempted company; 6) Satellite Overseas VI is a Cayman Islands exempted company; 7) Satellite Overseas VII is a Cayman Islands exempted company; 8) Satellite Overseas VIII is a Cayman Islands exempted company; 9) Satellite Overseas IX is a Cayman Islands exempted company; 10) SSFP is a Cayman Islands exempted company; 11) Satellite Asset Management is a Delaware limited partnership; 12) Satellite Fund Management is a Delaware limited liability company; and 13) Satellite Advisors is a Delaware limited liability company. Item 2(d). TITLE OF CLASS OF SECURITIES: Common Stock,$.001 par value per share (the "Shares"). Item 2(e). CUSIP NUMBER: G10082108 Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) or 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) [ ] Broker or dealer registered under Section 15 of the Act, (b) [ ] Bank as defined in Section 3(a)(6) of the Act, (c) [ ] Insurance Company as defined in Section 3(a)(19) of the Act, CUSIP No. G10082108 13G Page 17 of 29 Pages ____________________________________________________________________________ (d) [ ] Investment Company registered under Section 8 of the Investment Company Act of 1940, (e) [X] Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E), (f) [ ] Employee Benefit Plan or Endowment Fund in accordance with 13d-1(b)(1)(ii)(F), (g) [ ] Parent Holding Company or control person in accordance with Rule 13d-1(b)(1)(ii)(G), (h) [ ] Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act, (i) [ ] Church Plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940, (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). If this statement is filed pursuant to 13d-1(c), check this box: [] CUSIP No. G10082108 13G Page 18 of 29 Pages ____________________________________________________________________________ Item 4. OWNERSHIP. The percentages used herein and in the rest of Item 4 are calculated based upon 84,511,906 shares of the Issuer's common stock, issued and outstanding as of November5, 2007, as reported in the Issuer's Form 10Q as filed on November 13,2007. Satellite Fund II, L.P. -------------------------- (a) Amount beneficially owned: 1,509,219 (b) Percent of class: 1.79% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 1,509,219 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 1,509,219 Satellite Fund IV, L.P. ------------------------------ (a) Amount beneficially owned: 292,317 (b) Percent of class: 0.35% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 292,317 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 292,317 CUSIP No. G10082108 13G Page 19 of 29 Pages ____________________________________________________________________________ Satellite Overseas Fund, Ltd. ------------------------------ (a) Amount beneficially owned: 3,639,482 (b) Percent of class: 4.31% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 3,639,482 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 3,639,482 The Apogee Fund, Ltd. ------------------------------ (a) Amount beneficially owned: 707,969 (b) Percent of class: 0.84% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 707,969 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 707,969 Satellite Overseas Fund V, Ltd. ------------------------------ (a) Amount beneficially owned: 342,613 (b) Percent of class: 0.41% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 342,613 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 342,613 CUSIP No. G10082108 13G Page 20 of 29 Pages ____________________________________________________________________________ Satellite Overseas Fund VI, Ltd. ------------------------------ (a) Amount beneficially owned: 147,234 (b) Percent of class: 0.17% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 147,234 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 147,234 Satellite Overseas Fund VII, Ltd. ------------------------------ (a) Amount beneficially owned: 104,494 (b) Percent of class: 0.12% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 104,494 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 104,494 Satellite Overseas Fund VIII, Ltd. ------------------------------ (a) Amount beneficially owned: 228,653 (b) Percent of class: 0.27% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 228,653 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 228,653 CUSIP No. G10082108 13G Page 21 of 29 Pages ____________________________________________________________________________ Satellite Overseas Fund IX, Ltd. ------------------------------ (a) Amount beneficially owned: 326,310 (b) Percent of class: 0.39% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 326,310 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 326,310 Satellite Strategic Finance Partners, Ltd. ------------------------------ (a) Amount beneficially owned: 1,042,542 (b) Percent of class: 1.23% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 1,042,542 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 1,042,542 Satellite Asset Management, L.P. --------------------------------- (a) Amount beneficially owned: 8,340,833 (b) Percent of class: 9.87% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 8,340,833 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 8,340,833 CUSIP No. G10082108 13G Page 22 of 29 Pages ____________________________________________________________________________ Satellite Fund Management LLC -------------------------- (a) Amount beneficially owned: 8,340,833 (b) Percent of class: 9.87% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 8,340,833 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 8,340,833 Satellite Advisors, L.L.C. -------------------------- (a) Amount beneficially owned: 1,801,536 (b) Percent of class: 2.13% (c) Number of shares as to which the person has: (i) Sole power to vote or direct the vote 0 (ii) Shared power to vote or to direct the vote 1,801,536 (iii) Sole power to dispose or to direct the disposition of 0 (iv) Shared power to dispose or to direct the disposition of 1,801,536 Satellite Asset Management, Satellite Fund Management and Satellite Advisors expressly declare that this filing shall not be construed as an admission that each is, for the purposes of sections 13(d) or 13(g) of the Act, the beneficial owner of any securities covered by this filing. CUSIP No. G10082108 13G Page 23 of 29 Pages ____________________________________________________________________________ Item 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. IF THIS STATEMENT IS BEING FILED TO REPORT THE FACT THAT AS OF THE DATE HEREOF THE REPORTING PERSON HAS CEASED TO BE THE BENEFICIAL OWNER OF MORE THAN 5% OF THE CLASS OF SECURITIES, CHECK THE FOLLOWING [ ] As of December 31, 2007, the following entities may be deemed to be the beneficial owners of less than 5% of the Shares: (i) Satellite II; (ii) Satellite IV; (iii) Satellite Overseas; (iv) Apogee; (v) Satellite Overseas V; (vi) Satellite Overseas VI; (vii) Satellite OVerseas VII; (viii) Satellite OVerseas VIII; (ix) Satellite Overseas IX; (x) SSFP; and (xi) Satellite Advisors and shall cease to be Reporting Persons. Subsequent filings will be made only by persons that may be deemed to have beneficial ownership of more than 5% of the Shares. Item 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. Satellite Asset Management and Satellite Fund Management have the power to direct the receipt of dividends from, or proceeds from the sale of, the securities held for the accounts of the Satellite Funds. Item 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. This Item 7 is not applicable. Item 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. This Item 8 is not applicable. Item 9. NOTICE OF DISSOLUTION OF GROUP. This Item 9 is not applicable. Item 10. CERTIFICATION. Each of the Reporting Persons hereby makes the following certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. CUSIP No. G10082108 13G Page 24 of 29 Pages ____________________________________________________________________________ SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. DATED: February 13, 2008 SATELLITE FUND II, L.P. By: Satellite Advisors, L.L.C., as General Partner By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: February 13, 2008 SATELLITE FUND IV, L.P. By: Satellite Advisors, L.L.C., as General Partner By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: February 13, 2008 SATELLITE OVERSEAS FUND, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel CUSIP No. G10082108 13G Page 25 of 29 Pages ____________________________________________________________________________ DATED: February 13, 2008 THE APOGEE FUND, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND V, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND VI, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND VII, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND VIII, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel CUSIP No. G10082108 13G Page 26 of 29 Pages ____________________________________________________________________________ DATED: February 13, 2008 SATELLITE OVERSEAS FUND IX, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE STRATEGIC FINANCE PARTNERS, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE ASSET MANAGEMENT, L.P. By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE FUND MANAGEMENT LLC By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: February 13, 2008 SATELLITE ADVISORS, L.L.C. By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact CUSIP No. G10082108 13G Page 27 of 29 Pages ____________________________________________________________________________ EXHIBIT A JOINT FILING AGREEMENT The undersigned hereby agree that this statement on Schedule 13G with respect to the Common Stock of Energy XXI (Bermuda) Limited, dated as of February 13, 2008, is, and any amendments thereto (including amendments on Schedule 13G) signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934. DATED: February 13, 2008 SATELLITE FUND II, L.P. By: Satellite Advisors, L.L.C., as General Partner By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: February 13, 2008 SATELLITE FUND IV, L.P. By: Satellite Advisors, L.L.C., as General Partner By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: February 13, 2008 SATELLITE OVERSEAS FUND, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel CUSIP No. G10082108 13G Page 28 of 29 Pages ____________________________________________________________________________ DATED: February 13, 2008 THE APOGEE FUND, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND V, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND VI, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND VII, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE OVERSEAS FUND VIII, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel CUSIP No. G10082108 13G Page 29 of 29 Pages ____________________________________________________________________________ DATED: February 13, 2008 SATELLITE OVERSEAS FUND IX, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE STRATEGIC FINANCE PARTNERS, LTD. By: Satellite Asset Management L.P., as Investment Manager By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE ASSET MANAGEMENT, L.P. By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: General Counsel DATED: February 13, 2008 SATELLITE FUND MANAGEMENT LLC By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact DATED: February 13, 2008 SATELLITE ADVISORS, L.L.C. By: /s/ Simon Raykher ------------------------ Name: Simon Raykher Title: Attorney-in-Fact -----END PRIVACY-ENHANCED MESSAGE-----