Hercules Offshore signs $420M contract with Maersk for newbuild jackup rig

|About: Hercules Offshore Inc (HERO)|By:, SA News Editor

Hercules Offshore (HERO+5.7% AH after announcing a five-year drilling contract with Maersk Oil for a newbuild jackup rig in a deal valued at ~$420M.

HERO says the contract expands its operational footprint to the North Sea with a leading operator in the region; given the unique enhancements required for the rig in developing the field, HERO expects demand for the rig to extend well beyond the initial five-year fixed term.

HERO also signs a construction contract with Jurong Shipyard for a high specification, harsh environment rig in a deal valued at ~$270M.