Hercules sells 1979-built jackup

Offshore staff

HOUSTON Hercules Offshore Inc. subsidiary Hercules International Drilling Ltd. has agreed to sell the Hercules 267 to an undisclosed buyer for $3.16 million. The company’s most recent fleet status report, dated March 23, showed the rig as being warm-stacked in Gabon.

The sale is expected to close imminently, subject to the satisfaction of customary closing conditions.

The Hercules 267 is a 207-ft (81-m) long self-elevating MODU delivered in 1979. Of the Marathon Letourneau Class 82-SDC, it is rated to drill in water depths of 250 ft (76.2 m).

In May, Hercules Offshore announced that it had entered into a restructuring support agreement with lenders holding about 99% of the indebtedness under its first lien credit agreement. Days later, in June, the company filed for voluntary petitions under Chapter 11 in the US Bankruptcy Code.

The news came about six months after Hercules completed financial restructuring and emerged from Chapter 11 of the US Bankruptcy Code in November 2015.

As a result of this restructuring, Hercules Offshore previously transferred the right of the newbuild harsh environment jackup then-named Hercules Highlander to Maersk Drilling.

07/12/2016

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