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News Breaks
May 20, 2014
16:34 EDTHEROHercules Offshore announces five year drilling contract with Maersk Oil
Hercules Offshore announced that it has signed a five year drilling contract with Maersk Oil North Sea UK Limited for a newbuild jackup rig to be owned and operated by Hercules Offshore. Total contract value is approximately $420M, which includes approximately $9M of mobilization fees. Contract commencement is expected in mid-2016. Hercules Offshore has also signed a rig construction contract with Jurong Shipyard, or JSL, in Singapore. The rig is based on the Friede & Goldman JU-2000E design, with enhancements that will provide for greater load-bearing capabilities and operational flexibility. In addition, this High Specification, Harsh Environment, or HSHE, rig will feature a 400 foot water depth rating, 30,000 foot drilling capacity, two million pounds of static hook load, 75 foot cantilever reach, off-line pipe handling capability, 15,000 psi blowout preventer systems, high pressure/high temperature rating and accommodations capacity for up to 150 personnel. The shipyard cost of the rig is estimated at approximately $236M. Including project management, spares, commissioning and other costs, total delivery cost is estimated at approximately $270M. Hercules Offshore initially pays 10% of the shipyard cost, or approximately $24M to JSL, followed by a second 10% payment one year after the initial payment. The final 80% of the shipyard payment is due upon delivery of the rig, estimated in April 2016.
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February 11, 2016
08:06 EDTHEROHercules Offshore forms special committee to explore strategic alternatives
Hercules Offshore comprised of all the independent members of the Board of Directors of the Company to consider and explore various strategic alternatives potentially available to the Company in order to maximize the value of the Company. The formation of the Special Committee is not in response to any proposal received by the Company or an approach by a third party.The Special Committee is authorized to explore, review, and evaluate any potential strategic transaction involving the Company and any alternatives thereto, including, but not limited to, the sale of the Company, a merger or share exchange involving the Company, the sale of some or all of the Company's assets, and a recapitalization of the Company. No decision has been made to engage in any particular transaction or transactions. There can be no assurance that the Special Committee or the Board will authorize the pursuit of any strategic alternative. Moreover, there can be no assurance with respect to the terms or the timing of any transaction, or whether any transaction will ultimately occur. As a matter of policy, the Company does not comment on or provide the market with updates as to the status of any informal expressions of interest or formal proposals or offers presented to the Company from time to time, or the course of discussions with any prospective counterparties, nor will it comment upon any rumors with regard to either of the foregoing or make a further announcement regarding the Special Committee's consideration of any proposal or other expressions of interest until such time, if ever, that it enters into a definitive agreement for a completed transaction or is otherwise required to make an announcement.
08:03 EDTHEROHercules Offshore halted, news pending
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