Hercules Offshore to acquire liftboatVessel & ROV News // March 1, 2013
Hercules Offshore has concluded a definitive agreement to acquire the liftboat Titan 2 from a subsidiary of KS Energy Ltd. The purchase price is US$42 million in cash.
Titan 2 is a 280ft class vessel, constructed in 2008, registered and flagged in Panama, and currently located in Limbe, Cameroon. The company expects the acquisition to close in early March 2013, subject to completion of certain customary closing conditions.
Hercules Offshore also announced that it has signed a Letter of Intent for a short-term commitment to use the Titan 2 at a day rate of approximately US$65,000, before catering and other rebillable items.
Subject to the execution of a mutually agreed contract, the company expects the vessel to commence work shortly after closing of the acquisition.
Thereafter, the vessel will be scheduled to enter the shipyard for approximately one month to perform dry-dock maintenance and certain capital upgrades estimated at approximately US$5 million. The company is in discussions on several additional opportunities in the region.