Hercules Offshore turns the page

Hercules Offshore, a Houston-headquartered offshore drilling contractor, has completed its financial restructuring and emerged from Chapter 11 of the U.S. Bankruptcy Code. Also, funding of the company’s new $450 million senior secured credit facility has been completed. 

Hercules in August filed a pre-packaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code to continue its financial restructuring of the company.

Chief Executive Officer and President of Hercules Offshore John T. Rynd announced on Friday a new chapter for the company: “Proactively restructuring our balance sheet early in the cycle generated significant benefits for Hercules including substantial debt reduction and added liquidity that will allow us to meet our capital commitments and support operations.”

He added that, with the new capital structure, the company is much better positioned to compete in the offshore drilling market.

“While we are excited to have this milestone behind us, the hard work of successfully turning around our Company is just beginning. To that end, we look forward to working with our new board of directors, and with the support of our new investor base, to execute on our strategic goals through the current industry downturn and thrive in the next upcycle,” Rynd said.

 

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply