Maersk Drilling Buys Newbuild Jack-Up from Rival Hercules

Maersk Drilling has entered into a definitive agreement to acquire the newbuild harsh environment jack-up rig from struggling rival Hercules Offshore (Nasdaq: HERO). According to the agreement, Maersk Drilling assumes the right to take delivery of the rig, formerly named Hercules Highlander, immediately from Jurong Shipyard Pte Ltd (Jurong) in Singapore and Maersk agrees to … [Read more...]

Hercules Offshore Files for Bankruptcy

BY Steven Church, Tiffany Kary and David Wethe (Bloomberg) -- Hercules Offshore Inc., owner of the largest fleet of shallow-water drilling rigs in the Gulf of Mexico, filed for bankruptcy with a plan to be taken over by senior creditors. The company said it planned to use the bankruptcy process to implement a proposal, announced in July, to cut $1.2 billion in debt. The … [Read more...]

Hercules Offshore to File for Bankruptcy

By Laura J. Keller (Bloomberg) -- Hercules Offshore Inc. plans to put itself into bankruptcy next month in a creditor-supported deal that would wipe out all of its $1.2 billion of debt. The offshore drilling rig owner grappling with a cash crunch after oil prices plunged entered into a pact with more than 67 percent of its junior-ranked bondholders including units of … [Read more...]

HERO to Zero

Dan Dicker, Energy contributor at TheStreet.com, talks with Jim Cramer about the recent downgrade of Hercules Offshore to bankruptcy by Deutsche Bank. With only a few of its rigs currently in service and several destined to finish contracts soon, the cash flow at HERO looks dire. But who is likely to be the next victim of depressed oil prices? No other offshore driller … [Read more...]

Hercules Offshore to Cut 324 Offshore Jobs in Gulf of Mexico

Houston-based jackup rig and liftboat contractor Hercules Offshore Inc. will cut 324 jobs related to the shut down of four rigs in the U.S. Gulf of Mexico, the company said in a letter sent to the Texas Workforce Commission and obtained by the Houston Business Journal. The job cuts, which are expected to come on or around December 31, represent approximately 15% of Hercules' … [Read more...]