Hercules 265 (Hercules Offshore) (Jackup)

'Hercules 265' jackup is evacuated

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24 July 2013

The ‘Hercules 265’ mat-supported jackup rig which is currently working for Walter Oil & Gas in the US Gulf of Mexico has been evacuated of all personnel whilst drilling on the South Timbalier 220 block. The unit experienced a well control incident and as such all personnel were transported onshore as the operator attempts to regain control of the natural gas well it has been drilling. Walter reported the loss of well control on Tuesday morning at the A-3 well being drilled in 154ft of water, as the well began to flow gas but no oil. Walter and Hercules are both working with responders to ensure the best course of action is taken for the complete shutdown of the well.

Source: http://phx.corporate-ir.net/phoenix.zhtml?c=192573&p=irol-newsArticle&ID=1840125&highlight=

More News for Operator: Hercules Offshore

23 Dec 2013

Hercules Offshore releases details of insurance claim for 'Hercules 265'

Hercules Offshore Inc (Hercules) has announced the company received payment from its insurance underwriters for the previously-disclosed damage to its ‘Hercules 265’ jackup drilling rig. Hercules insurance underwriters determined that the unit is a constructive total loss and as such Hercules received gross insurance proceeds of US$50 million. As a result of this insurance collection, Hercules anticipates recording an insurance gain of approximately $31 million in the fourth quarter 2013. Hercules and its insurance underwriters continue to negotiate the insurance recovery amounts for costs related to the salvage of the ‘Hercules 265’ and certain other insured losses. Also on December 20, 2013, Hercules announced that it has closed the sale of its ‘Hercules 170’ jackup drilling rig for a purchase price of US$8.3 million. Hercules did not disclose details of the new owner and manager of the ‘Hercules 170’.

20 May 2015

Hercules announces sale of cold stacked jackups

Hercules Offshore, Inc. (“Hercules”) today released an updated version of its monthly fleet report and announced the sale of four jackup rigs. The jackup focused rig owner announced the sale of the previously cold stacked; Hercules 85, Hercules 153, Hercules 203 and Hercules 206. The four jackups were all previously cold stacked in 2009 and are either mat cantilever or leg slot units. The announcement of the sale is good news for the jackup market as the units are expected to have been retired from operational service. Rig owners have thus far preferred to stack their jackups during the current drilling downturn.

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