Hercules Offshore Inc. (HERO) said its acquired an added 6.1 million shares of Discovery Offshore SA (DISC.OS), bringing the contract driller’s stake to 28% in the Luxembourg-based owner of ultra high-specification jackup rigs.
Hercules shares were down 6% at $3.78 in recent trading. The stock is up 60% in the past year.
Houston-based Hercules said it paid an average of 9.02 Norwegian kroner ($1.60) per Discovery Offshore share, bringing its total investment in the company to about $34.1 million.
The company is overseeing construction, marketing and operations of rigs owned by Discovery Offshore, as well as performing other administrative functions.
Hercules President and Chief Executive John T. Rynd said, “Since our initial investment in Discovery Offshore in January 2011, the fundamentals of the offshore drilling industry have strengthened, and demand for ultra high-specification jackup rigs remains exceptionally strong.”
Hercules, which has racked up more than three years of losses, became the biggest rig contractor in the Gulf of Mexico’s shallow waters when it closed on a deal in April to acquire the rigs of weakened rival Seahawk Drilling Inc.
Equinor has announced a landmark project labor agreement (PLA) with the Building & Construction Trades Council of Greater New York and Vicinity (BCTC) for the construction of the South Brooklyn...
March 22 (Reuters) – The Biden administration on Friday released new rules that will make it easier for offshore wind developers to claim a subsidy for facilities planned in areas that have historically relied...
By Lars Paulsson (Bloomberg) — On the outskirts of Rotterdam, a bright orange ship is hoisted above the muddy Rhine with the help of six chunky triangular legs. The vessel has just been retrofit with a huge...
March 20, 2024
Total Views: 2889
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.