HOUSTON, Sept. 3, 2013 /PRNewswire/ -- Hercules Offshore (NASDAQ: HERO) announced that it has signed a contract with Cairn India Limited for use of the Hercules Triumph (formerly Discovery Triumph) in the Indian Ocean. Total contract value is approximately $36.6 million, which includes approximately $13 million of mobilization and demobilization fees, to be earned over an estimated 110 days. Contract commencement is expected in late October 2013.
John T. Rynd, CEO and President of Hercules Offshore, states, "Our initial contract for the Hercules Triumph demonstrates the strength of demand worldwide for this quality of rigs. We look forward to working with the operator on this opportunity, and are in discussions with several operators about follow on work for the Hercules Triumph as well as work for the Hercules Resilience (formerly Discovery Resilience). Construction of the Hercules Resilience remains on schedule, and we expect the rig will be delivered in October 2013."
About Hercules Offshore
Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 40 jackup rigs, including two Keppel FELS Super A high-specification, harsh-environment jackup rigs, and 24 liftboats. 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 several key shallow water provinces around the world. For more information, please visit our website at http://www.herculesoffshore.com.
Statements above that are not historical fact are forward-looking statements, including the length of the contract, contract commencement date and rig delivery date. Forward-looking statements by their nature involve substantial risks, uncertainties and assumptions, including without limitation, shipyard, transportation and other delays, early termination by the customer pursuant to the contract or otherwise, operational difficulties, government and regulatory actions and other factors described in the risks and uncertainties described in our periodic reports filed with the Securities and Exchange Commission. Many of these factors are beyond our ability to control or predict.
SOURCE Hercules Offshore
