UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 1.02. | Termination of a Material Definitive Agreement |
As previously disclosed, on December 18, 2019, Superior Energy Services, Inc. (the “Company”), together with one of its subsidiaries, entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Forbes Energy Services Ltd. and certain of its subsidiaries.
On June 1, 2020, the Company provided notice of termination of the Merger Agreement to Forbes because the mergers contemplated by the Merger Agreement were not consummated by May 31, 2020. The termination came in response to the unpredictable economic conditions resulting from the global health crisis caused by the COVID-19 pandemic and the decline in oil and gas prices, which made it impractical for the Company and Forbes to complete the strategic transaction on the terms originally contemplated by the Merger Agreement. Neither the Company nor Forbes will be responsible to pay the other party any termination fee under the Merger Agreement as a result of the Merger Agreement being terminated.
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/ William B. Masters | |
| William B. Masters | ||
| Executive Vice President, General Counsel and Secretary | ||
Dated: June 1, 2020
Document and Entity Information |
Jun. 01, 2020 |
|---|---|
| Cover [Abstract] | |
| Entity Registrant Name | SUPERIOR ENERGY SERVICES INC |
| Amendment Flag | false |
| Entity Central Index Key | 0000886835 |
| Document Type | 8-K |
| Document Period End Date | Jun. 01, 2020 |
| Entity Incorporation State Country Code | DE |
| Entity File Number | 001-34037 |
| Entity Tax Identification Number | 75-2379388 |
| Entity Address, Address Line One | 1001 Louisiana Street |
| Entity Address, Address Line Two | Suite 2900 |
| Entity Address, City or Town | Houston |
| Entity Address, State or Province | TX |
| Entity Address, Postal Zip Code | 77002 |
| City Area Code | (713) |
| Local Phone Number | 654-2200 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock |
| Trading Symbol | SPN |
| Security Exchange Name | NYSE |
| Entity Emerging Growth Company | false |