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.

Newco's headquarters will be in Houston and will have support services provided to it by Superior Energy for up to two years under a transition services agreement. 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. Following the closing of the transaction, Newco will operate under a new corporate name and ticker symbol.