Hercules Offshore, Inc. Announces Closing of the Platform Rig 3 Sale
HOUSTON, Aug. 20, 2012 /PRNewswire/ -- Hercules Offshore, Inc. (Nasdaq: HERO) announced today 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."
Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 42 jackup rigs, 16 barge rigs, 63 liftboats, and two submersible rigs. 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. Hercules Offshore currently holds 32.1% of share capital in Discovery Offshore S.A., a pure play, ultra-high specification jackup rig company. For more information, please visit our website at http://www.herculesoffshore.com.
SOURCE Hercules Offshore, Inc.