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. Our acquisition of the Titan 2 expands our opportunity set in the region to meet the most attractive segment of this market, and is part of our ongoing effort to renew our fleet. The Titan 2 is one of the premier liftboats in the region, with a solid record of operations for some of the most prominent customers in West Africa."
Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 37 jackup rigs, 13 barge rigs and 63 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.