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

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.

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Comments (3)
  • Patent Plays
    , contributor
    Comments (978) | Send Message
    There is still more to this story as PEMEX, Mexico's state run Oil and Gas driller, has retained an investment banker to liquidate its 3 billion plus equity holding in Repsol (Spain's largest Oil and Gas Driller). Both Repsol and PEMEX are flush with cash, due to Repsol's previous settled litigation (involving PEMEX and others). Repsol has already publicly stated they want a USA based driller, and PEMEX is acquiring long term leases on the remaining small operators in the GOM, in bulk. Add to this HERO changing its status to allow for Foreign Ownership, and it becomes clear HERO may indeed be an acquisition target.
    20 May 2014, 05:15 PM Reply Like
  • Jack Hutchison
    , contributor
    Comments (523) | Send Message
    The shine is on this unpolished gem is blinding. The banksters will soon join us small fry.
    20 May 2014, 09:28 PM Reply Like
  • Brent Atwood
    , contributor
    Comments (16) | Send Message
    Just catching this release, been at the barn with the phone on mute. This is going to get really interesting to say the least.....
    20 May 2014, 11:15 PM Reply Like
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