Hercules Offshore agrees to sell most of its inland fleet

Hercules Offshore Inc. agreed to sell 11 inland barge rigs, which includes 3 active rigs, 8 cold-stacked rigs, and related assets for $45 million. Excluded from that divestiture, Hercules also agreed to sell the Hercules 27 to a third party for $5 million.

Closing will be staggered based on the expiration dates of existing contracts on the three active rigs and is subject to the completion of certain customary closing conditions.

An initial closing is expected to include 10 rigs and is expected in late second quarter, at which time Hercules will $35 million, and closing on the final rig is expected in early third quarter, at which time the Company will receive the remaining balance of $10 million.

John T. Rynd, Hercules chief executive officer and president, said, “The sale of our inland rigs is consistent with our ongoing efforts to rationalize noncore assets.”

Based in Houston, Hercules operates a fleet of 38 jack up rigs, 13 barge rigs, and 64 lift boats.

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