Hercules Wins Two Contracts from ONGC
Hercules Offshore has been awarded three-year contracts for the Hercules 258 and Hercules 260 jackup rigs for drilling operations offshore India from ONGC. The contract for the Hercules 258 is expected to commence in mid-second quarter 2008 following the completion of an existing contract commitment offshore India. The contract for the Hercules 260 is expected to commence in late first quarter 2008 following the completion of shipyard work on the rig. The Company has entered into a contract to transport the Hercules 260 to India after completion of this shipyard work and expects to commence transportation this month. Revenue that could be generated over each of the three-year contracts totals approximately $121.0 million for Hercules 258 and approximately $156.6 million for Hercules 260, which excludes payment to the Company of reimbursable expenses and a total of approximately $6.5 million for mobilization of both rigs.
Randy Stilley, President and Chief Executive Officer of Hercules Offshore, stated, "We are extremely pleased to further accomplish our ongoing goals of expanding our international presence and significantly increasing our contract backlog. These contracts confirm our belief that India represents an excellent location for our drilling rigs, and that demand for our drilling services in our targeted international locations remains strong."
Operates 37 Offshore Rigs
Manages 8 Offshore Rigs
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Company: Hercules Offshore more info
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