Source: Hercules Offshore
Hercules Offshore, Inc. (Nasdaq:HERO) has completed the asset purchase and sale of the offshore drilling rigs of Seahawk Drilling, Inc. (Nasdaq:HAWK).
In accordance with the terms of the Asset Purchase Agreement, Hercules Offshore will acquire 20 jackup rigs located in the U.S. Gulf of Mexico and related assets, accounts receivable, cash, accounts payables, and certain contractual rights from Seahawk Drilling.
The total consideration paid to Seahawk Drilling consists of approximately 22.3 million shares of Hercules Offshore common stock and $25.0 million in cash. Following this transaction, there will be a total of approximately 137.2 million outstanding shares of Hercules Offshore, Inc.