New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

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.
News For HERO From The Last 14 Days
Check below for free stories on HERO the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
There are no results for HERO

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use