Superior Energy Services, Inc. announced that it has entered into a definitive agreement to divest its U.S. service rig, coiled tubing, wireline, pressure control, flowback, fluid management and accommodations service lines (the "Superior Energy U.S. Business") and combine them with Forbes Energy Services Ltd.'s complementary service lines to create a new, publicly traded consolidation platform for U.S. completion, production and water solutions. Under the terms of the merger agreement, the Superior Energy U.S. Business and Forbes will be merged into a newly formed company ("Newco"). Newco will be led by David Dunlap as CEO and Brian Moore as COO.

Mr. Dunlap is expected to also serve as Chairman of a four-person board of directors, with other board members to be identified before the transaction is closed. Superior Energy's current Chief Financial Officer, Westy Ballard, will become President and CEO of Superior Energy upon completion of the transaction. The Company's current Chief Accounting Officer, Jamie Spexarth, will assume the title of Chief Financial Officer and Treasurer of Superior Energy.