Hercules Offshore (NASDAQ: HERO) has signed a contract with Cairn India Ltd. for the use of the Hercules Triumph (formerly Discovery Triumph) in the Indian Ocean. Total contract value is approximately $36.6 million, which includes approximately $13 million of mobilization and demobilization fees, to be earned over an estimated 110 days. Contract commencement is expected in late October.
John T. Rynd, CEO and president of Hercules Offshore, stated that the company is also in discussions with several operators about follow-on work for the Hercules Triumph, as well as work for the Hercules Resilience (formerly Discovery Resilience). Construction of the Hercules Resilience remains on schedule, and the company expects that the rig will be delivered in October.
Headquartered in Houston, Hercules Offshore Inc. operates a fleet of 40 jackup rigs, including two Keppel FELS Super A high-specification, harsh-environment jackup rigs, and 24 liftboats. The company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in several key shallow-water provinces around the world.