Diamond sells jackup to Hercules

Offshore staff

HOUSTON – Diamond Offshore Drilling, Inc. (NYSE:DO) has agreed to sell its Ocean Columbia jackup drilling rig to Hercules Offshore Inc. (NASDAQ:HERO) for $40 million.

The transaction is expected to close in May, following the usual closing conditions.

“Hercules approached us with an offer to acquire the Ocean Columbia, and we found the terms to be compelling,” said Larry Dickerson, president and CEO of Diamond Offshore. “We are principally a floater company, and this transaction will further augment our funds for potential investments in deepwater and ultra-deepwater assets.”

3/21/2012

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