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Hercules Offshore Inc Announces Agreement To Acquire Jackup Rig Ben Avon And Letter Of Agreement For Three Year Drilling Contract


Thursday, 21 Feb 2013 05:15pm EST 

Hercules Offshore Inc announced the execution of an agreement to acquire the offshore drilling rig Ben Avon from a subsidiary of KCA Deutag. The purchase price is $55 million in cash. The Ben Avon is a LeTourneau Class 82 SD-C self-elevating drilling rig registered and flagged in Panama. Subject to completion of certain closing conditions, the Company expects the acquisition to close by late-March 2013. Hercules Offshore also announced that it has signed a Letter of Agreement (LOA) for a three-year rig commitment with Cabinda Gulf Oil Company Limited (CABGOC) for use of the Ben Avon. The Company expects to generate total revenue of approximately $119 million 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 2013. 

Company Quote

3.28
0.04 +1.23%
18 Aug 2014