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Hercules Offshore Sales Approved

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The U.S. Bankruptcy Court issued three separate orders approving the following Hercules Offshore (HERO)’s sales motions: (i) authorizing Debtor The Offshore Drilling Company (TODCO) to sell the Hercules 202 & the Hercules 204; (ii) authorizing Debtor SD Drilling to sell the Hercules 213 and (iii) authorizing Debtor Cliffs Drilling Company to sell the Hercules 200.

As previously reported, “In accordance with the PSA, the Buyer has agreed to purchase the Rigs for $450,000 (the ‘Purchase Price’) free and clear of all liens, claims, encumbrances and other interests….In accordance with the PSA, the Buyer has agreed to purchase the Hercules 208 for $1 million, the ‘Purchase Price’ free and clear of all liens, claims, encumbrances and other interests….In accordance with the PSA, the Buyer has agreed to purchase the Hercules 265 for $100,000 (the ‘Purchase Price’) free and clear of all liens, claims, encumbrances and other interests.”

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