Hercules Offshore, Inc. announced that the board of directors has appointed John T. Rynd as the company's Chief Executive Officer and President, succeeding Randall D. Stilley, who has resigned as Chief Executive Officer and President of the company and as a director. Mr. Rynd also has been appointed as a director.
Mr. Rynd has served as Executive Vice President and Chief Operating Officer of the company since July 2007. Mr. Rynd joined the company in September 2005, serving as Senior Vice President of Hercules Offshore and President of Hercules Drilling Company, LLC. Previously, Mr. Rynd spent 15 years at Noble Drilling Services, Inc, serving in a variety of management roles, including Vice President Investor Relations and Vice President Marketing and Contracts. Prior to joining Noble Corporation, Mr. Rynd worked on offshore drilling rigs for Rowan Companies Inc. for 10 years in various roles of increasing levels of responsibility.
"I am proud of my time at Hercules Offshore and what we accomplished," said Randy Stilley. "With the integration of several key acquisitions completed, the recent downturn in the company's domestic businesses now clearly behind us, and the platform for international expansion in place, the time to turn the reins of the company over to John Rynd is ideal."
"We appreciate the contributions Randy has made to Hercules Offshore over the past four years," said Chairman of the Board John Reynolds. "With Randy's leadership, the company experienced tremendous growth, generating an increase in the company's total enterprise value from approximately $100 million to over $4 billion today. We thank him for his service and we wish him all the best.
"We are grateful that John Rynd has agreed to serve as our new CEO and President," Reynolds added. "The board has great confidence in John and his management team to continue the company's growth and international expansion."
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