Hercules Offshore executes a definitive agreement to acquire the liftboat 'Titan 2' from a subsidiary of KS Energy Ltd. The purchase price is $42 million in cash. The Titan 2 is a 280 foot class vessel, constructed in 2008, registered and flagged in Panama, and currently located in Limbe, Cameroon. The Company expects the acquisition to close in early March 2013, subject to completion of certain customary closing conditions. John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, "Demand for liftboats in West Africa has been very strong in recent years, particularly in the higher-end market segment that requires larger vessel classes.
