Hercules Completes Acquisition of TODCO
Hercules Offshore has completed its acquisition of TODCO as the transaction was finalized on July 11, 2007 following approvals by the stockholders of both companies.
During a meeting of the Company's board of directors, also held today, the board voted to elect three new board members, all of whom were previously board members of TODCO, namely: Suzanne V. Baer, Thomas M Hamilton and Thomas N. Amonett. The Hercules board of directors is now composed of ten members.
Randy Stilley, Chief Executive Officer, President and Director of Hercules Offshore, stated, "On behalf of our board of directors and the entire company, I am pleased to announce the successful completion of the acquisition of TODCO. We are excited to move forward as a larger, more diverse organization that has the opportunity to create significant value for our company's shareholders, customers, and employees."
"With the world's fourth largest fleet of jackups, largest fleet of both barge drilling rigs and liftboats, Hercules Offshore is now positioned as one of the leading shallow water oil service providers globally. Our strategic vision remains focused on growth through acquisitions, expanding geographic diversity, financial discipline and preserving our status as an environmentally sound and cost effective provider."
Headquartered in Houston, Hercules Offshore operates a fleet of 33 jackup rigs, 27 barge rigs, 65 liftboats, three submersible rigs, nine land rigs and one platform rig and has operations in ten different countries on five continents. 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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Company: TODCO more info
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