The Power of ONE IPAA Oil and Gas Investment Symposium April 19, 2004

2 QUICK FACTS Business Primary focus on the wellhead through well intervention services, rental tools and liftboats Production-related solutions that provide cost savings over conventional rig-based methods –Rigless and riserless Strategy Moving from a primarily Gulf of Mexico provider to select international locations Enhancing utilization through property acquisitions Other Data Ticker: SPN Market Cap: $750 million Ratings (Moody’s / S&P) : B1 / BB-

3 STARTED AS A RIGLESS P&A COMPANY Avg. Stock Price: $ person crew 3 basic services Slickline Pumping Electric line No rig required

4 MOVED FURTHER UPSTREAM Avg. Stock Price: $6.57 Acquired complementary assets to support drilling and production in the shallow water Gulf of Mexico market Brand-name rental tools Basic well intervention services Industry’s largest & most diverse liftboats Field management & environmental services

5 WELL INTERVENTION PROJECTS Primary equipmentSecondary equipment

6 ADDED LARGE LIFTBOATS TO DELIVER BUNDLED SERVICES PACKAGE Avg. Stock Price: $9.09

Coiled tubing Electric Line P&A Spread Slickline General project types: Sidetrack drilling Initial completions Workover and re-entry Construction work Plug & abandonment

8 BALANCED MIX OF OPERATIONS Revenue by Segment 2003 EBITDA by Segment 2003 $500.6 million $117.2 million See Appendix for reconciliation between net income and EBITDA

9 PRIMARY FOCUS ON PRODUCTION 2003 Revenue Breakdown

10 GROWTH STRATEGY International expansion

11 SUPERIOR’S ESTIMATED GOM vs. GLOBAL MARKET SHARE Source: Company estimates; Spears & Associates, Liftboats.com Room to grow internationally in key product and service lines

12 WORLDWIDE DRILLING AND COMPLETION SPENDING (2000 – 2005E) 1% CAGR 7% CAGR Source: Spears & Associates

13 SUPERIOR’S INTERNATIONAL BUSINESS International revenue as % of total revenue

INTERNATIONAL EXPANSION 5North Sea & Continental Europe 6Middle East 7West Africa 8Australia 1Offshore eastern Canada 2Mexico 3Trinidad 4Venezuela

15 INTERNATIONAL EXPANSION POTENTIAL Australia Liftboats Services Rental tools Venezuela Liftboats Services Rental tools North Sea/Europe Rental tools Mexico Liftboats Services Rental tools Middle East Rental tools Liftboats Eastern Canada Rental tools West Africa Liftboats Rental tools Trinidad Liftboats Services Rental tools

16 ESTIMATED GROWTH IN DRILLING AND COMPLETION SPENDING BY MARKET Source: Spears & Associates ’03 – ’04 Growth ’02 – ’05 CAGR New Orleans 600 miles Trinidad 11% 2% Venezuela 33% 6% Mexico 35% 23%

17 GROWTH STRATEGY International expansion Increase asset utilization and efficiencies by working on acquired GOM properties

18 SPN RESOURCES PROPERTY PROFILE Seismic Exploration and Development Well Intervention (Operational, remediation, workover) Production Maturity SPN Resources Property Profile Abandonment

19 SPN RESOURCES: 3 SOURCES OF OPPORTUNITY Production –Produce more from existing wells Production-related service work –Existing assets will service producing wells –Well intervention services, liftboats, rental tools and property management –Gain efficiencies through timing of work Abandonment and decommissioning work –Turnkey opportunity

20 OWNED VS. MANAGED PROPERTIES SPN Resources 17 fields on 24 blocks 33 structures 97 wells (15 producing wells)

21 SPN RESOURCES Est. production, historical LOE & potential backlog acquired from three transactions

22 SPN RESOURCES TO UTILIZE WELL INTERVENTION SERVICES OFFERED BY SUPERIOR Primary equipmentSecondary equipment

23 GROWTH STRATEGY International expansion Increase asset utilization and efficiencies by working on acquired GOM properties Innovation

24 INNOVATION Subsea Intervention Lubricator System COILTAC ™ Pipeline cleaning thruster system Subsea Completion Market

% CAGR 30.1% CAGR PROVEN RESULTS (1)Results for the years 1996, 1997, 1998 and 1999 reflect a full year’s results for both Cardinal and Superior. (2)Results for all acquisitions are included from the date of acquisition. See Appendix for reconciliation between net income and EBITDA Revenue (1)(2) EBITDA (1)(2)

& 2004 ESTIMATED FREE CASH FLOW

27 INVESTMENT HIGHLIGHTS Leading Gulf of Mexico market positions Long-standing relationships with blue chip customers Seeking growth by utilizing existing assets in new markets - International expansion - SPN Resources - Innovation Focused on achieving high returns relative to peers

28 DISCLOSURES Use of Forward looking statements In addition to historical information, our presentation materials include certain forward-looking statements about the Company’s future performance, growth opportunities, outlook, plans, alternatives, strategies, expectations and objectives. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Such forward- looking statements are subject to uncertainties that could cause the Company’s actual results to differ materially from such statements. Such uncertainties include but are not limited to: volatility of the oil and gas industry, including the level of offshore exploration, production and development activity; risks of the Company’s growth strategy, including the risks of rapid growth and the risks inherent in acquiring businesses; changes in competitive factors affecting the Company’s business operations; operating hazards, including the significant possibility of accidents resulting in personal injury, property damage or environmental matters; seasonality of the offshore industry in the Gulf of Mexico; the Company’s dependence on certain customers; and the potential shortage of skilled workers. These and other uncertainties related to the business are described in detail in the Company’s Annual Report on From 10-K for the Company’s last completed fiscal year. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update any of its forward-looking statements for any reason. Use of Non-GAAP Financial Measures In this presentation, Superior has included certain financial measures (EBITDA and Free Cash Flow) which are not calculated in accordance with generally accepted accounting principles (GAAP). You should not consider these measures in isolation from or as a substitute for measures prepared in accordance with GAAP. Additionally, these financial measures may not be comparable to other similarly titled measures of other companies. Descriptions of these non-GAAP financial measures and management’s reasons for discussing them are provided in the following appendix to the presentation.

APPENDIX NON-GAAP RECONCILIATION

30 RECONCILIATION BETWEEN NET INCOME AND EBITDA Earnings before interest, taxes depreciation and amortization (EBITDA) is a non-GAAP financial measurement. Management uses EBITDA because it believes that such a measurement is a widely accepted financial indicator used by investors and analysts to analyze and compare companies on the basis of operating performance and that this measurement may be used by some investors and others to make informed investment decisions. In addition, EBITDA is used in the financial ratios included in the Company’s Credit Agreement and Senior Notes Indenture. You should not consider it in isolation from or as a substitute for net income or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. EBITDA calculations by one company may not be comparable to EBITDA calculations made by another company. The following table provides a reconciliation between net income (loss) (a GAAP financial measure) and EBITDA (a non-GAAP financial measure) for the Company’s segments and on a consolidated basis: Slide 8

31 RECONCILIATION BETWEEN NET INCOME AND EBITDA Slide 25 (1)The EBITDA calculation for the fiscal years ending December 31, 1996, 1997, 1998 and 1999 reflect the summation of audited financial statements for Superior Energy Services, Inc. and Cardinal Holding Corp. When we acquired Cardinal Holding Corp. on July 15, 1999, the transaction was treated for accounting purposes as if Cardinal acquired us. Because we were the Company being “acquired” for accounting purposes, financial information in our financial statements and filings with the Securities and Exchange Commission for periods prior to the merger represents the results of Cardinal’s operations, and financial information for periods following the merger represents the results of the combined companies. Cardinal’s historical results were substantially different than ours for the same periods and reflected substantial non-cash and extraordinary charges associated with a recapitalization and refinancing.

32 Slide 26 Free cash flow is a non-GAAP financial measurement. Management uses free cash flow because it believes that such a measurement is a widely accepted financial indicator used by investors and analysts to analyze and compare companies on the basis of operating performance and that this measurement may be used by some investors and others to make informed investment decisions, though their definitions may vary. Management uses the free cash flow measure in analyzing the Company’s liquidity. This non-GAAP financial measure should not be considered in isolation or as an alternative to net income or operating income (GAAP financial measures) as an indicator of the Company’s operating performance (see the accompanying consolidated statements of income), or to net cash provided by operating activities (a GAAP financial measure) as a measure of the Company’s liquidity (see the accompanying consolidated statements of cash flow). Free cash flow calculations by one company may not be comparable to free cash flow calculations made by another company. FREE CASH FLOW