Hercules Offshore acquires rig for $55M, signs agreement with Cabinda Gulf Oil Hercules Offshore announced the execution of an agreement to acquire the offshore drilling rig Ben Avon from a subsidiary of KCA Deutag. The purchase price is $55M in cash. The company expects the acquisition to close by late-March. Hercules Offshore also announced that it has signed a letter of agreement for a three-year rig commitment with Cabinda Gulf Oil Company for use of the Ben Avon. The company expects to generate total revenue of approximately $119M over this three-year period under the contract. Subject to the execution of a mutually agreed drilling contract, the company expects the rig to commence work as early as May.
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