exv99w1

Exhibit 99.1


		1105 Peters Road Harvey, Louisiana 70058 (504) 362-4321 Fax (504) 362-4966 NYSE: SPN

FOR FURTHER INFORMATION CONTACT:
Terence Hall, CEO; Robert Taylor, CFO;
Greg Rosenstein, VP of Investor Relations, 504-362-4321

Superior Energy Services, Inc. Posts Record Third Quarter 2006 Results
EPS increases almost five fold over the third quarter of 2005 and
42% over the second quarter of 2006

Harvey, La. — October 30, 2006 — Superior Energy Services, Inc. (NYSE: SPN) today announced record net income of $55.2 million and diluted earnings per share of $0.68, on revenues of $290.5 million, as compared to net income of $9.4 million, or $0.12 diluted earnings per share on revenues of $184.1 million for the third quarter of 2005.

As compared to the second quarter of 2006, revenues increased 11%, operating income increased 16% and earnings per share increased 42%.

Highlights for the quarter include:

•		Well Intervention revenues increased 9% from the second quarter of 2006, reflecting strong demand for production-related and plug and abandonment services.

•		Rental Tool revenues increased 13% from the second quarter of 2006, largely on international growth.

•		Marine revenues increased 6% from the second quarter of 2006, as average dayrates in all liftboat classes improved and effective utilization (utilization less idle days for inspections, maintenance and repair work) was 100%.

•		Oil and Gas revenues increased 14% from the second quarter of 2006 due mainly to increased oil and gas production.

•		Revenue from non-Gulf of Mexico markets was approximately $112 million as compared to approximately $100 million in the second quarter of 2006 and approximately $68 million in the third quarter of 2005.

•		The Derrick Barge Performance (“DB Performance”) went on a 14-month charter in late August working offshore Malaysia.

Terence Hall, Chairman and CEO of Superior, commented, “Our third quarter results were outstanding and all business units performed very well. We also made tremendous strides in executing our growth strategy during the quarter. In July, we announced multiple international contracts totaling more than $100 million as part of our international expansion initiatives. In September, we agreed to acquire Warrior Energy Services Corporation (NASDAQ: WARR) which will significantly expand our U.S. onshore operational footprint.

“Once the Warrior transaction is closed, we will have operations in virtually all major oil and gas basins in the lower 48 states and an excellent platform to drive our continued growth. Both these international and U.S. onshore activities increase our ability to cross sell services, open up additional opportunities to further export our portfolio of products and services, and expand our customer base. We believe shareholders will benefit from our expansion activities in 2007 and well beyond.”

For the nine months ended September 30, 2006, revenues were $774.7 million and net income was $126.1 million or $1.55 diluted earnings per share, as compared to revenues of $547.3 million and net income of $51.6 million or $0.65 diluted earnings per share for the nine months ended September 30, 2005.

Well Intervention Group Segment

Third quarter revenues for the Well Intervention Group were a record $122.2 million, a 9% increase from the second quarter of 2006 and a 42% increase from the third quarter of 2005. Operating income was $28.8 million, or 24% of segment revenue, up from $25.7 million, or 23% of segment revenue, in the second quarter of 2006. The biggest activity increases were in coiled tubing, engineering and project management services, well control, mechanical wireline and plug and abandonment services. These increases reflect continued high demand for production-enhancement activities, increased well abandonment work in the Gulf of Mexico and the company’s continued involvement in providing hurricane-recovery project management and services.

Rental Tools Segment

Revenues for the Rental Tools segment were a record $98.3 million, 13% higher than the second quarter of 2006 and a 59% increase from the third quarter of 2005. Operating income was $35.1 million, or 36% of segment revenue, up from $29.4 million, or 34% of segment revenue in the second quarter of 2006. The primary factors leading to the record quarter were increased rentals of on-site accommodations, stabilizers, drill collars, specialty tubulars, drill pipe and associated handling tools across all geographic markets.

Marine Segment

Superior’s marine revenues were $36.0 million, a 6% increase over the second quarter of 2006 and a 95% increase from the third quarter of 2005. Operating income was $16.2 million, or 45% of segment revenue, up from $15.3 million, or 45% of segment revenue in the second quarter of 2006. Average fleet utilization was 78% as compared to 84% in the second quarter of 2006, but average daily revenue in the third quarter was approximately $391,000, inclusive of subsistence

revenue, as compared to $373,000 per day in the second quarter of 2006, reflecting higher dayrates which were put into place during the quarter.

During the third quarter, the 145-155 ft. class and 160-175 ft. class incurred significant downtime due to shipyard days. Effective utilization, which is utilization excluding shipyard days or other idle days due to repairs and maintenance, was 100% across all liftboat classes in the third quarter, meaning no liftboat was idle for something other than inspections or repairs. This marks the second consecutive quarter that effective utilization was 100%.

Liftboat Average Dayrates and Utilization by Class Size
Three Months Ended September 30, 2006
($ actual)


			Average
Class	Liftboats		Dayrate		Utilization
145-155’		11	$	10,856		70.2	%
160’-175’		6		14,149		69.7	%
200’		4		17,456		95.7	%
230’-245’		3		28,996		98.6	%
250’		2		36,856		82.6	%

Oil and Gas Segment
Oil and gas revenues were $38.2 million, a 14% increase over second quarter 2006 levels and a 76% improvement over the third quarter of 2005. Operating income was $8.1 million, or 21% of segment revenue, up from $5.5 million, or 16% of segment revenue, in the second quarter of 2006. Third quarter production was approximately 739,000 barrels of oil equivalent (boe), or about 8,000 boe per day, up from approximately 636,000 boe, or 7,000 boe per day in the second quarter of 2006, and approximately 427,000 boe, or about 4,600 boe per day in the third quarter of 2005. Production during the third quarter of 2005 was adversely impacted by Hurricanes Katrina and Rita.

Conference Call Information
The Company will host a conference call at 10 a.m. Central Time on Tuesday, October 31, 2006. The call can be accessed from Superior’s website at www.superiorenergy.com, or by telephone at 303-262-2194. For those who cannot listen to the live call, a telephonic replay will be available through Tuesday, November 7, 2006 and may be accessed by calling 303-590-3000 and using the pass code 11073568#. An archive of the webcast will be available after the call for a period of 60 days on www.superiorenergy.com.

Superior Energy Services, Inc. is a leading provider of specialized oilfield services and equipment focused on serving the production-related needs of oil and gas companies primarily in the Gulf of Mexico and the drilling-related needs of oil and gas companies in the Gulf of Mexico and select international market areas. The Company uses its production-related assets to enhance, maintain and extend production and, at the end of an offshore property’s economic life, plug and decommission wells. Superior also owns and operates mature oil and gas properties in the Gulf of Mexico.

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 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.

# # #

Consolidated Statements of Operations
Three and Nine Months Ended September 30, 2006 and 2005
(in thousands, except earnings per share amounts)
(unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2006			2005			2006			2005
Oilfield service and rental revenues	$	252,309		$	162,337		$	687,441		$	470,151
Oil and gas revenues		38,208			21,764			87,304			77,197

Total revenues		290,517			184,101			774,745			547,348

Cost of oilfield services and rentals		109,525			90,029			304,066			243,203
Cost of oil and gas sales		19,562			11,368			52,469			35,264

Total cost of services and sales		129,087			101,397			356,535			278,467

Depreciation, depletion, amortization and accretion		28,831			22,883			77,473			68,860
General and administrative expenses		44,385			37,583			122,124			103,133
Reduction in value of assets		—			3,244			—			3,244
Gain on sale of liftboats		—			—			—			3,269


Income from operations		88,214			18,994			218,613			96,913

Other income (expense):
Interest expense		(5,989	)		(5,437	)		(16,389	)		(16,530	)
Interest income		1,255			739			3,477			1,470
Earnings from equity-method investments		2,704			558			3,852			1,336
Reduction in value of equity-method investment		—			—			—			(1,250	)
Loss on early extinguishment of debt		—			—			(12,596	)		—


Income before income taxes		86,184			14,854			196,957			81,939

Income taxes		31,026			5,496			70,904			30,318

Net income	$	55,158		$	9,358		$	126,053		$	51,621


Basic earnings per share	$	0.69		$	0.12		$	1.58		$	0.66


Diluted earnings per share	$	0.68		$	0.12		$	1.55		$	0.65


Weighted average common shares used in computing earnings per share:
Basic		79,824			78,707			79,754			77,936

Diluted		81,340			80,168			81,232			79,423

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2006 AND DECEMBER 31, 2005
(in thousands)


	9/30/2006		12/31/2005
	(unaudited)		(audited)
ASSETS

Current assets:
Cash and cash equivalents	$	111,882	$	54,457
Accounts receivable — net		269,110		196,365
Current portion of notes receivable		14,558		2,364
Prepaid insurance and other		60,651		51,116


Total current assets		456,201		304,302


Property, plant and equipment — net		661,633		534,962
Goodwill — net		224,807		220,064
Notes receivable		16,524		29,483
Equity-method investments		62,586		953
Other assets — net		12,900		7,486


Total assets	$	1,434,651	$	1,097,250


LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	48,861	$	42,035
Accrued expenses		104,639		69,926
Income taxes payable		74,397		11,353
Fair value of commodity derivative instruments		—		10,792
Current portion of decommissioning liabilities		25,067		14,268
Current maturities of long-term debt		810		810


Total current liabilities		253,774		149,184


Deferred income taxes		101,125		97,987
Decommissioning liabilities		96,826		107,641
Long-term debt		311,801		216,596
Other long-term liabilities		3,617		1,468

Total stockholders’ equity		667,508		524,374

Total liabilities and stockholders’ equity	$	1,434,651	$	1,097,250

Superior Energy Services, Inc. and Subsidiaries
Segment Highlights
Three months ended September 30, 2006, June 30, 2006 and September 30, 2005
(Unaudited)
(in thousands)


	Three months ended,
Revenue	September 30, 2006			June 30, 2006			September 30, 2005

Well Intervention	$	122,205		$	111,675		$	85,848

Rental tools		98,262			86,593			61,686

Marine		36,013			33,951			18,467

Oil and Gas		38,208			33,625			21,764

Less: Oil and Gas Eliminations (2)		(4,171	)		(4,085	)		(3,664	)


Total Revenues	$	290,517		$	261,759		$	184,101


	Three months ended,
Gross Profit (1)	September 30, 2006		June 30, 2006		September 30, 2005

Well Intervention	$	53,767	$	48,320	$	25,986

Rental tools		67,476		58,370		39,694

Marine		21,541		20,158		6,628

Oil and Gas		18,646		14,923		10,396


Total Gross Profit	$	161,430	$	141,771	$	82,704


(1)		Gross profit is calculated by subtracting cost of services from revenue for each of the Company’s four segments.

(2)		Oil and gas eliminations represent products and services from the company’s segments provided to the Oil and Gas Segment.