Hercules Offshore Announces Liftboat Struck by Waterspouts Offshore Louisiana

Oct 03, 2011, 08:00 ET from Hercules Offshore, Inc.

HOUSTON, Oct. 3, 2011 /PRNewswire/ -- Hercules Offshore (NASDAQ: HERO) (the "Company") today announced that the Starfish, a 140 class liftboat, capsized after being struck by multiple waterspouts late in the evening on September 30, 2011.  The five crewmembers aboard evacuated the vessel and were rescued at sea shortly after the incident.  The crewmembers were treated for minor injuries and released from a Houma, Louisiana hospital.

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The incident occurred at the Ship Shoal Block 116, approximately 30 miles southwest of Port Fourchon, Louisiana. Shortly after the incident, the Company mobilized a nearby liftboat to the location to monitor the condition of the vessel and to coordinate the salvage efforts, which have already commenced.

The Company is insured for damage to the Starfish up to the insured value of $2.5 million, subject to a $1.0 million deductible.  The deductible does not apply in the event the vessel is a total loss.  The Company also carries removal of wreck insurance, subject to a $250,000 deductible.

The Company has notified the appropriate authorities, including the United States Coast Guard.  

About Hercules Offshore

Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 49 jackup rigs, 17 barge rigs, 65 liftboats, two submersible rigs, and one platform rig. 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 28.0% of share capital in Discovery Offshore, 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.



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