EXHIBIT 99.1
[Superior Letterhead]
Superior Offshore International Announces Resignation of Certain Directors and Officers and
Appointment of Director and Chief Restructuring Officer
HOUSTON,
April 24, 2008,
2008 /PRNewswire-FirstCall via COMTEX News Network/ — Superior
Offshore International, Inc. (Nasdaq: DEEP) (the
“Company”) today announced that James Perskey,
Leon Codron and E. Donald Terry have resigned from
the Company’s board of directors. Mr. Terry
also resigned as
the Company’s president and chief executive officer. Thomas E. Damon has resigned
as
the Company’s executive vice president and chief financial officer, and Steven J. Singer has
resigned as
the Company’s executive vice president and general counsel. Wayne M. Rose has resigned
as
the Company’s senior vice president — commercial and David Weinhoffer has been terminated as
the Company’s executive vice president; however Mr. Rose and Mr. Weinhoffer each have been rehired
by
the Company to assist in the wind-down process..
The Company’s board of directors has appointed H. Malcolm Lovett, Jr. as a director and as its
chief restructuring officer. In that capacity, Mr. Lovett will perform the duties and assume the
responsibilities of the president of
the Company.
Strategic Capital Corporation, a company controlled by Mr. Lovett, has been engaged to provide
financial advisory and restructuring services to
the Company.
As a result of the resignations of the directors and officers described above and the appointment
of Mr. Lovett as a director and chief restructuring officer,
the Company’s board of directors
currently consists of Mr. Lovett and Eric Smith, and Mr. Lovett is the only executive officer of
the Company.
Company has ceased all ongoing operations other than those deemed necessary to ensure (i) the
public safety; (ii) the health and safety of
the Company’s employees; and (iii) an orderly
transition of certain projects to its customers. All of
the Company’s employees have been
terminated except for those necessary to assist in the wind-down of
the Company’s affairs.
Contact:
Superior Offshore International, Inc.
713-910-1875
