8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2010

SUPERIOR ENERGY SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction) 001-34037
(Commission File Number) 75-2379388
(IRS Employer Identification No.)

601 Poydras St., Suite 2400, New Orleans, Louisiana
(Address of principal executive offices) 70130
(Zip Code)

(504) 587-7374
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

     On April 28, 2010, Superior Energy Services, Inc. issued a press release announcing its earnings for the first quarter ended March 31, 2010. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. In accordance with General Instruction B.2. of Form 8-K, the information presented in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

     (d) Exhibits.

Exhibit
Number		Description
	99.1	Press release issued by Superior Energy Services, Inc., dated April 28, 2010.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SUPERIOR ENERGY SERVICES, INC.
By:	/s/ Robert S. Taylor
	Robert S. Taylor
	Chief Financial Officer

Dated: April 29, 2010

EX-99.1

Exhibit 99.1

601 Poydras St., Suite 2400
New Orleans, LA 70130
NYSE: SPN
(504) 587-7374
Fax: (504) 362-1818

FOR FURTHER INFORMATION CONTACT:
Terence Hall, CEO; Robert Taylor, CFO;
Greg Rosenstein, VP of Investor Relations, (504) 587-7374

Superior Energy Services, Inc. Announces First Quarter 2010 Results

New Orleans, LA — April 28, 2010 — Superior Energy Services, Inc. (NYSE: SPN) today announced net income of $21.5 million and diluted earnings per share of $0.27 on revenue of $364.5 million for the first quarter of 2010, as compared with net income of $56.8 million, or $0.72 diluted earnings per share on revenue of $437.1 million for the first quarter of 2009.

Terence Hall, Chairman and CEO of Superior, commented, “While our earnings are below year-ago levels, our financial and operational results are much improved from the fourth quarter of 2009, which is encouraging, especially since the first quarter is typically a seasonally weak period. The biggest factors driving the results were increased utilization of production-related services in the domestic land markets and higher demand for drilling products and services in the Gulf of Mexico, domestic land and international market areas.”

The Company also reaffirms its previously announced full-year 2010 earnings guidance of $1.50 to $1.70 earnings per share.

Geographic Breakdown

For the first quarter of 2010, Gulf of Mexico revenue was approximately $162.7 million, a 56% increase from the fourth quarter of 2009 (“sequential”); domestic land revenue was approximately $92.6 million, a sequential increase of 27%; and international revenue was approximately $109.2 million, a sequential increase of 25%.

Subsea and Well Enhancement Segment

First quarter revenue for the Subsea and Well Enhancement Segment was $232.8 million, a 19% decrease from the first quarter of 2009 (“year-over-year”) and a 60% increase sequentially. The first quarter of 2010 included $19.7 million in revenue from the recently acquired Hallin Marine and from oil and gas production and production-handling fees from the recently acquired Bullwinkle platform and related oil and gas assets. Revenue in the fourth quarter of 2009 was reduced by $68.7 million due to the cost adjustments related to the wreck removal project.

Segment revenue benefitted sequentially from increased demand for coiled tubing and cased hole wireline in the domestic land and Gulf of Mexico market areas, increased revenue from the wreck removal project and increased demand for hydraulic workover and snubbing services in international markets.

1

Income from operations was $23.7 million, or 10% of segment revenue as compared with $61.7 million, or 21% of segment revenue, in the first quarter of 2009, and a loss from operations of $176.6 million in the fourth quarter of 2009. The fourth quarter loss from operations includes $125.0 million in special charges and $68.7 million for total cost adjustments made to the wreck removal project. Excluding those charges, fourth quarter of 2009 income from operations would have been $17.1 million, or 8% of adjusted segment revenue.

Drilling Products and Services Segment

First quarter revenue for the Drilling Products and Services Segment was $114.3 million, 9% lower year-over-year and 17% higher sequentially. Income from operations was $23.9 million, or 21% of segment revenue, as compared with $35.3 million, or 28% of segment revenue in the first quarter of 2009, and $13.8 million, or 14% of segment revenue in the fourth quarter of 2009. The primary factors driving the higher sequential revenue were increased rentals of specialty tubulars and accommodations in the Gulf of Mexico, increased rentals of accommodations and stabilization equipment in the domestic land markets, and increased demand for drill pipe, specialty tubulars and ancillary equipment internationally in Brazil, the North Sea and Colombia.

Marine Segment

Marine Segment revenue was $17.5 million, a 24% decrease year-over-year and an 18% decrease sequentially. Loss from operations was $4.0 million, as compared with income from operations of $2.8 million, or 12% of segment revenue in the first quarter of 2009, and a loss from operations of $2.9 million in the fourth quarter of 2009.

The Company was without the services of both of its 265-foot class liftboats during the period. In addition, dayrates across most liftboat classes decreased sequentially. Average daily revenue in the first quarter was approximately $194,000, inclusive of subsistence revenue, as compared with approximately $257,000 per day in the first quarter of 2009 and approximately $230,000 in the fourth quarter of 2009. The decline was primarily due to the absence of the Company’s 265-foot class liftboats which earn the highest dayrates in the fleet. Average fleet utilization was 47% as compared with 48% in the first quarter of 2009 and 45% in the fourth quarter of 2009.

2

Liftboat Average Dayrates and Utilization by Class Size
Three Months Ended March 31, 2010
($ actual)

			Average
Class	Liftboats		Dayrate		Utilization
145’-155’		6	$	5,740		22.8	%
160’-175’		8		7,357		48.9	%
200’		5		10,200		38.9	%
230’-245’		3		22,554		69.3	%
250’		2		32,031		96.1	%
265’1		2		—		—

¹ Out of service for repairs during the quarter.

Conference Call Information

The Company will host a conference call at 9 a.m. Central Time on Thursday, April 29, 2010. The call can be accessed from Superior’s website at http://www.superiorenergy.com, or by telephone at 480-629-9690. For those who cannot listen to the live call, a telephonic replay will be available through Thursday, May 6, 2010 and may be accessed by calling 303-590-3030 and using the pass code 4284277. An archive of the webcast will be available after the call for a period of 60 days on http://www.superiorenergy.com.

Superior Energy Services, Inc. serves the drilling and production-related needs of oil and gas companies worldwide through its brand name drilling products and services and its integrated well enhancement services and tools, supported by an engineering staff who plan and design solutions for customers. Offshore projects are delivered by the Company’s fleet of modern marine assets.

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which involve known and unknown risks, uncertainties and other factors. Among the factors that could cause actual results to differ materially are: volatility of the oil and gas industry, including the level of exploration, production and development activity; risks associated with the uncertainty of macroeconomic and business conditions worldwide, as well as the global credit markets; risks associated with the Company’s rapid growth; changes in competitive factors and other material factors that are described from time to time in the Company’s filings with the Securities and Exchange Commission. Actual events, circumstances, effects and results may be materially different from the results, performance or achievements expressed or implied by the forward-looking statements. Consequently, the forward-looking statements contained herein should not be regarded as representations by Superior or any other person that the projected outcomes can or will be achieved.

3

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
Three Months Ended March 31, 2010 and 2009
(in thousands, except earnings per share amounts)
(unaudited)

	2010			2009
Revenues	$	364,511		$	437,109
Cost of services (exclusive of items shown separately below)		199,052			222,465
Depreciation, depletion, amortization and accretion		51,048			49,868
General and administrative expenses		70,724			64,986
Income from operations		43,687			99,790
Other income (expense):
Interest expense, net		(14,038	)		(13,288	)
Earnings from equity-method investments, net		3,985			2,256
Income before income taxes		33,634			88,758
Income taxes		12,108			31,953
Net income	$	21,526		$	56,805
Basic earnings per share	$	0.27		$	0.73
Diluted earnings per share	$	0.27		$	0.72
Weighted average common shares used in computing earnings per share:
Basic		78,534			78,032
Diluted		79,353			78,428

4

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2010 AND DECEMBER 31, 2009
(in thousands)

	3/31/2010		12/31/2009
	(Unaudited)		(Audited)
ASSETS
Current assets:
Cash and cash equivalents	$	53,948	$	206,505
Accounts receivable, net		388,497		337,151
Income taxes receivable		—		12,674
Prepaid expenses		26,539		20,209
Other current assets		278,471		287,024
Total current assets		747,455		863,563
Property, plant and equipment, net		1,263,760		1,058,976
Goodwill		575,183		482,480
Notes receivable		82,300		—
Equity-method investments		59,941		60,677
Intangible and other long-term assets, net		72,363		50,969
Total assets	$	2,801,002	$	2,516,665
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	75,391	$	63,466
Accrued expenses		149,640		133,602
Income taxes payable		2,315		—
Current portion of decommissioning liabilities		18,633		—
Deferred income taxes		43,601		30,501
Current maturities of long-term debt		810		810
Total current liabilities		290,390		228,379
Deferred income taxes		207,097		209,053
Decommissioning liabilities		109,232		—
Long-term debt, net		899,711		848,665
Other long-term liabilities		102,687		52,523
Total stockholders’ equity		1,191,885		1,178,045
Total liabilities and stockholders’ equity	$	2,801,002	$	2,516,665

5

Superior Energy Services, Inc. and Subsidiaries
Segment Highlights
Three months ended March 31, 2010, December 31, 2009 and March 31, 2009
(Unaudited)
(in thousands)

Revenue	March 31, 2010		December 31, 2009		March 31, 2009
Subsea and Well Enhancement	$	232,766	$	145,822	$	288,057
Drilling Products and Services		114,277		97,567		125,944
Marine		17,468		21,186		23,108
Total Revenues	$	364,511	$	264,575	$	437,109

Gross Profit (1)	March 31, 2010		December 31, 2009		March 31, 2009
Subsea and Well Enhancement	$	89,897	$	2,946	$	122,568
Drilling Products and Services		74,182		65,314		83,908
Marine		1,380		7,688		8,168
Total Gross Profit	$	165,459	$	75,948	$	214,644

Income (Loss) from Operations	March 31, 2010			December 31, 2009			March 31, 2009
Subsea and Well Enhancement (2)	$	23,697		$	(176,585	)	$	61,700
Drilling Products and Services		23,947			13,771			35,309
Marine		(3,957	)		(2,945	)		2,781
Total Income (Loss) from Operations	$	43,687		$	(165,759	)	$	99,790

(1)	Gross profit is calculated by subtracting cost of services (exclusive of depreciation, depletion, amortization and accretion) from revenue for each of the Company’s segments.
(2)	Loss from operations in the Subsea and Well Enhancement Segment for the three months ended December 31, 2009 includes a reduction in value of assets of $119.8 million, adjustments to the estimated total cost of the wreck removal project of $68.7 million and other special charges mentioned in the fourth quarter 2009 earnings press release.

6