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Hercules Closes the Platform Rig 3 Sale

Source: www.gulfoilandgas.com 8/20/2012, Location: North America

Hercules Offshore, Inc. announced that it has closed the previously announced sale of Platform Rig 3, along with its wholly owned subsidiaries, TODCO Mexico Inc. and Servicios TODCO S. de R.L. de C.V., for aggregate consideration of approximately $36 million, consisting of a base purchase price of $28 million, as adjusted for net working capital as of the closing, to Integradora de Servicios Petroleros Oro Negro, S.A.P.I. de C.V.

"The sale of Platform Rig 3 is consistent with our long term strategy to optimize our fleet and in regions where we can capitalize on our operating scale," said John T. Rynd, Chief Executive Officer and President of Hercules Offshore. "Platform Rig 3 and its operating subsidiary represented our only operating assets in Mexico, with limited strategic fit to our longer term growth initiatives. We believe that proceeds from the sale can be applied to more attractive investment opportunities consistent with our corporate growth strategy."

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Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

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