HERO $25.26 Hercules to Sell 9 Land Rigs
Tuesday November 27, 8:46 am ET
Hercules Offshore, Focusing on Shallow-Water Drilling, Sells Former Todco Land Rigs
HOUSTON (AP) -- Hercules Offshore Inc., which operates a fleet of oil drilling rigs, said Tuesday it will sell its nine land rigs and related assets for $107 million.
The rigs will be bought by Petrex Sudamerica Sucursal de Venezuela SA and Saipem Perfuracoes e Construcoes Petroliferas Lda.
The sale -- which includes six rigs in Venezuela, one in Trinidad and two in the United States -- is expected to close in the fourth quarter.
The fleet was formerly owned by rival Todco, which the company acquired in July.
The company said the sale is part of its strategy to focus on shallow water oilfield services.
Hercules operates a fleet of 33 jackup rigs, 27 barge rigs, 65 liftboats, three submersible rigs, one platform rig and a fleet of marine support vessels operated through a subsidiary.
