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Hercules Offshore Sale Announced

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According to documents filed with the SEC, Hercules Offshore Middle East (the seller), a subsidiary of Hercules Offshore, entered into a purchase and sale agreement with Advanced Energy Systems (ADES) S.A.E. (the buyer).

The buyer is purchasing from the seller three jack-up drilling rigs named Hercules 261, Hercules 262 and Hercules 266 in their entirety, together with everything on board or onshore, if any, relating solely to such rigs, including all mentioned or unmentioned provisions, spare parts and equipment on board, rig site inventory, drawings, operating manuals, maintenance records, service contracts and all other documents pertaining to them for $65,088,800 in cash. The purchase agreement is expected to close within 60 days from the execution date, subject to certain closing conditions, including the novation of certain drilling contracts relating to the Rigs.

Read more oil & gas bankruptcy news.

The post Hercules Offshore Sale Announced appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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