SPN Superior Energy Services Inc

On February 10, 2022, SESI, L.L.C. (the “Borrower”), SESI Holdings, Inc., and the subsidiary guarantors party thereto entered into a Third Amendment to Credit Agreement (the “Third Amendment to Credit Agreement”) to, among other things, provide the Borrower and its subsidiaries with additional flexibility around making asset sales. Specifically, the Credit Agreement was amended to refresh the amount of properties sold, transferred or otherwise disposed of pursuant to the “Substantial Portion” exception to $0 as of January 31, 2022. The “Substantial Portion” exception allows the Borrower and its subsidiaries to sell, transfer or otherwise dispose of properties so long as the aggregate value of all such properties sold, transferred or otherwise disposed of do not exceed (a) 10% of the gross book value of the assets of the Borrower and its subsidiaries during the four fiscal year quarter period ending with the fiscal quarter in which such determination is made, or (b) 10% of the consolidated net sales or net income of the Borrower and its subsidiaries during the four fiscal year quarter period ending with the fiscal quarter in which such determination is made. The Credit Agreement was also amended to add a new asset sale exception that allows the Borrower and its subsidiaries to make additional asset sales up to $25,000,000 so long as (a) liquidity is greater than $100,000,000, (ii) unused availability under the Credit Agreement is greater than $25,000,000, and (iii) the Borrower and its subsidiaries receive 100% cash consideration to the extent that the property being sold is otherwise included in the calculation of the borrowing base under the Credit Agreement.

The foregoing description of the Third Amendment to Credit Agreement is a summary only and is qualified in its entirety by reference to the Third Amendment to Credit Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.