U.S.-based Hercules Offshore Sells Most of Inland Fleet

MarineLink.com
Tuesday, May 21, 2013

Hercules Offshore agrees sale of 11 inland barge rigs, which includes three active rigs, eight cold stacked rigs and related assets  (Inland Asset Package) for cash proceeds of approximately $45 million.

Excluded from the 'Inland Asset Package' are the Hercules 27, for which the Company has a separate agreement to sell the rig to a third party for $5 million, the Hercules 52, and the Hercules 9

The Company will also retain existing working capital within the Inland segment.  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. The initial closing will include ten of the rigs and is expected in late second quarter 2013, at which time the Company will receive $35 million, and closing on the final rig is expected in early third quarter 2013, at which time the Company will receive the remaining balance of $10 million. The Company expects to record a non-cash impairment charge of approximately $40 million as a result of the sale in the second quarter 2013.

John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, "The sale of our Inland rigs is consistent with our on-going efforts to rationalize non-core assets.  Market challenges in this segment have been significant over the past several years, making it difficult to generate a positive return from these assets.  We do not expect these challenges to materially abate.  The sale will generate cash proceeds that can be reinvested in higher returning assets that are strategic to our growth objectives."

Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 38 jackup rigs, 13 barge rigs and 64 liftboats. 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.

 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Voyager IP Wins Irish Navy Satellite Contract

Voyager IP, the Irish marine telecoms solutions specialist, has partnered with the Irish National Space Center to win a €500,000 contract to manage the entire satellite

Carnival’s Costa Brand Orders Two LNG Cruise Ships

Costa’s two new cruise ships will be the largest ever built based on guest capacity; Costa will join sister brand AIDA Cruises in building the first-ever cruise

New Load Measurement Solution for Port of Dampier

Strainstall designs and delivers a load measurement solution for the world’s largest floating wharf at Port of Dampier.   Strainstall, part of James Fisher and Sons plc,

Ship Sales

Diana Containerships Sells Panamax Ship

Diana Containerships Inc. sells Panamax containership, the m/v Cap Domingo   Diana Containerships Inc. today announced that it has signed, through a separate wholly-owned subsidiary,

Scorpio Tankers to Acquire Product Tanker

Scorpio Tankers Inc. announced today that it has entered into an agreement to purchase an MR product tanker. The Company reached an agreement with an unrelated

Korean Shipyards in Troubled Water

Struggling with technology and a plunge in oil prices that has discouraged exploration, Korean vessel makers are racking up debt and could show billions of dollars in losses, reports Bloomberg.

Barges

Singapore MPA Wants LNG Bunkering Options

Singapore's Maritime Port Authority is seeking proposals on liquefied natural gas bunker supplies as it shifts away from fossil fuels towards gas while trying to

MOL's Barge Terminal in Bangkok

Mitsui O.S.K. Lines, Ltd. today announced the signing of a Joint Venture Agreement with SahaThai Terminal Co.,Ltd., a container terminal operation company in Thailand,

ABS Grants AIP for Jensen’s LNG ATB Design

A Jensen Maritime-designed, liquefied natural gas (LNG)-bunkering articulated tug-barge (ATB) has been granted approval in principle (AIP) by classification society American Bureau of Shipping (ABS).

Offshore Energy

BSEE Updates Hurricane Reporting Requirements

BSEE is providing updated guidance for the current and future hurricane seasons through a Notice to Lessees (NTL) released July 27, 2015. NTL 2015-G02 clarifies

Offshore Wind Shift to Drive Vessel Services Cooperation

Evolving procurement processes for U.K. Round 3 offshore wind farms will require a greater number of work streams, personnel with new and differing skills, and

Damen Delivers First Twin Axe FCS for O&G

Damen Maaskant Shipyards Stellendam have a decade-long relationship with the family-run Groen Offshore, Guard & Support, having built seismic research vessels and

Underwater Engineering

New Load Measurement Solution for Port of Dampier

Strainstall designs and delivers a load measurement solution for the world’s largest floating wharf at Port of Dampier.   Strainstall, part of James Fisher and Sons plc,

IMCA Appoints Faure as President

Bruno Faure, Group Senior Vice President Subsea Projects and Operations at Technip  has taken over the role of President of the International Marine Contractors Association (IMCA),

Seabed Geosolutions Bags Two Contracts

Seabed Geosolutions will soon mobilise for the variation order that was signed today by Abu Dhabi National Oil Company (ADNOC) with CGG to conduct a shallow water seabed survey.

 
 
Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2418 sec (4 req/sec)