Hercules Offshore Drilling Wins Jackup Work

Published at 12:29PM - 25/11/15

Offshore drilling contractor, Hercules Offshore, has announced a contract win for one of its jackup drilling rigs.

The Houston based drilling firm, announced the news in its latest fleet status report.  It said that the Hercules 205 jackup drilling rig, commenced work for exploration firm Renaissance Offshore on 2nd November.

The contact is expected to see the jackup work for Renaissance, for at least 80 days in the Gulf of Mexico, at a day rate of US$50,000.

Hercules Offshore

The news will be welcomed by the Hercules who has in recent times seen deep financial problems, with debts of around US$1.3 billion more than double the US$546 million valuation of its assets.

The firm was forced to delist from the Nasdaq exchange, and filed for Chapter 11 bankruptcy protection in a US court, back in August.

The company’s shares are currently traded in an ‘over the counter’ market.