Milestones for the Sale of Halter Marine Established
Friede Goldman Halter, Inc. (FGH) received milestone dates from the U.S Bankruptcy Court regarding the sale of Halter Marine. The Court auction date has been set for July 16th 2002 with the sale hearing to take place on July 23rd 2002. A copy of the procedures for participating in the auction is available from counsel for the Selling Debtors, Douglas G. Walter, Andrews & Kurth, Mayor, Day, Caldwell & Keeton, 600 Travis, Suite 4200, Houston, Texas 77002. The sale contemplates an agreement for the purchase of all the operating assets and properties of Halter, including the assets at Halter Pascagoula, Halter Moss Point, Moss Point Marine, Halter Port Bienville, Halter Lockport, and Halter Gulfport East including the Corporate Headquarters, Gulfport Central and Three Rivers.
Hercules Offshore to Acquire TODCO for $2.3 B
Hercules Offshore, Inc. entered into a definitive merger agreement pursuant to which Hercules Offshore will acquire 100% of the outstanding stock of TODCO in a stock and cash transaction valued at approximately $2.3 billion. The combined company will operate a fleet of 33 jackup rigs, 27 barge rigs, 64 liftboats, three submersible rigs, nine land rigs and one platform rig and have operations in ten different countries on five continents. The boards of directors of Hercules Offshore and TODCO unanimously approved the transaction. Closing of the transaction is subject to regulatory approvals and other customary conditions, as well as both Hercules Offshore and TODCO shareholder approval.
