Hercules Offshore has completed the previously disclosed acquisition of a fleet of five liftboats from Laborde Marine Lifts, Inc. for $49.3 million. In
addition, Hercules assumed the construction of a sixth liftboat with expected
delivery in July 2006. Pursuant to the terms of the purchase agreement, the
original purchase price of $52 million was reduced by $2.6 million, which
represents the total amount owed by Laborde Marine Lifts, Inc. under the
construction contract for the sixth liftboat. The six liftboats have leg
lengths ranging from 105 feet to 200 feet and are currently located in the
Gulf of Mexico.
Randy Stilley, Chief Executive Officer and President of Hercules Offshore,
commented, "With two 175 class and two 200 class vessels, with an average age
of only four years, this acquisition further enhances our ability to service
all of our customers' needs and improves the age profile of our fleet."