Hercules Offshore sells jack-up drilling rig for $3 million

Hercules Offshore sells jack-up drilling rig for $3 millionHercules Offshore, a struggling U.S. offshore drilling contractor, has sold a jack-up drilling rig to an undisclosed buyer.

The company on Monday said its subsidiary, Hercules International Drilling Ltd., entered into an agreement to sell the Hercules 267 to an undisclosed buyer for $3.16 million.

“The sale is expected to close imminently, subject to the satisfaction of customary closing conditions,” Hercules Offshore said.

To remind, the shallow-water offshore drilling contractor, which in November last year emerged from Chapter 11 bankruptcy, filed for bankruptcy in a Delaware court again on June 6, as per its May agreement with creditors.

The deal with creditors also calls for the company to place all of its unsold assets into a wind-down vehicle to “ensure their continued, safe operation until they can be sold.”

On of the first assets to be sold is the Hercules 267, a jack-up drilling rig built in Canada in 1979. According to Hercules Offshore’s last rig fleet status report, issued on March 23, 2016, the Hercules 267 rig was warm stacked in Gabon.

Offshore Energy Today Staff

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