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Friday, 04/17/2015 5:56:47 AM

Friday, April 17, 2015 5:56:47 AM

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. (HERO - Snapshot Report) announced that it has entered into a drilling agreement with Maersk Oil North Sea UK Limited. The deal requires Hercules Offshore to deploy a newbuild jackup rig to develop Maersk Oil North Sea’s Culzean Field in the Central North Sea. Following this announcement, shares of Hercules Offshore gained about 4.6% in after-hours trading.

 
The five-year contract is valued at around $420.0 million (including about $9 million as mobilization fees) and is expected to come into effect from the middle of 2016. Hercules Offshore would be the owner and operator of the newbuild.
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