Hercules Picks Up Eight Liftboats
Hercules Offshore, Inc. announced that one of its wholly owned subsidiaries has closed the previously disclosed acquisition of eight liftboats owned by Halliburton West Africa Limited and assumed the rights of Halliburton Energy Services Nigeria Limited to operate five additional liftboats under an arrangement with the third party vessel owner.
The liftboats are currently operating in the coastal waters of Nigeria and Cameroon and have leg lengths ranging from 105 to 215 feet. The initial purchase price was approximately $50 million. The parties also entered into an earn-out agreement, whereby Hercules will make additional payments to Halliburton over a three-year period based upon Hercules Offshore's liftboat operations in West Africa meeting certain annual profitability and capital expenditures targets.
Randy Stilley, Chief Executive Officer and President of Hercules Offshore, commented, "The acquisition of Halliburton's liftboat fleet furthers Hercules' efforts in accomplishing a number of important strategic objectives including, increasing our geographic diversity and economies of scale in various core markets. We are now intently focused on integrating the fleet into our existing business as we have done successfully with all our past acquisitions."
Headquartered in Houston, Hercules Offshore operates a fleet of nine jack-up drilling rigs and 64 liftboats. The company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in shallow waters.
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