Hercules 267 (Savannah Oil Services) (Jackup)

Hercules Offshore reports Angolan contract cancellations

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20 June 2014

Hercules Offshore, Inc. (Hercules) today announced that due to the failure of Sonangol officials to accept a local representative that meets the Company’s international legal compliance standards, Hercules has experienced delays in obtaining Angolan visas for required crewmembers and delays in importing required parts and equipment into Angola to support operations under the drilling contract for the ‘Hercules 267’. As a result of these delays, the contract for the unit will be terminated. Sonangol has failed to accept any of three different local representatives proposed by Hercules who meet our legal compliance standards, notwithstanding the legal and technical sufficiency of our proposals. The Company understands that working with a local representative is required and the transition to a representative meeting our compliance standards is a necessary condition for Hercules to continue to perform its contract obligations in Angola. The ‘Hercules 267’ was previously mobilised to Gabon from Angola and has been stacked on a zero dayrate since late April 2014. The cessation of Chevron’s contract with the unit reduces Hercules current contract backlog by an estimated USD91.8 million. The result of these circumstances also means that the company has voluntarily forgone a three-year contract award it previously received in Angola for the ‘Hercules Triumph’.

Source: http://services.corporate-ir.net/SEC/Document.Service?id=P3VybD1hSFIwY0RvdkwyRndhUzUwWlc1cmQybDZZWEprTG1OdmJTOWtiM2R1Ykc5aFpDNXdhSEEvWVdOMGFXOXVQVkJFUmlacGNHRm5aVDA1TmpZeU9EUTJKbk4xWW5OcFpEMDFOdz09JnR5cGU9MiZmbj1IZXJjdWxlc09mZnNob3JlSW5jLnBkZg==


More News for Operator: Savannah Oil Services

21 Feb 2013

Hercules Offshore Purchase 'Ben Avon' Jackup

Hercules Offshore has reached an agreement with KCA Deutag to purchase the 'Ben Avon' jackup rig for a total price of US$55 million. Hercules also announced that they have secured a contract for the unit with Cabinda Gulf Oil Company in Angola to carry out the contract that was previously awarded to the now retired 'Hercules 185' unit for a firm three year period. The purchase of the ‘Ben Avon’ is expected to be completed in March 2013, and sees Hercules continue to purchase older jackup rigs and secure long term contracts for the units, like the operator also did with the ‘Ocean Columbia’ (now Hercules 266) in March 2012 which is expected to begin working for Saudi Aramco in Saudi Arabia in April 2013.

11 Jul 2016

Hercules Offshore, Inc. Announces Agreement to Sell the Hercules 267 by Hercules International Drilling Ltd.

Hercules Offshore, Inc. (OTC Pink: HEROQ) announced today that its subsidiary, Hercules International Drilling Ltd., entered into an agreement to sell the Hercules 267 to an undisclosed buyer for $3.16 million. The sale is expected to close imminently, subject to the satisfaction of customary closing conditions.

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