Hercules Offshore acquires Superior liftboat fleetNews // June 10, 2005
The newly acquired fleet of liftboats will be operated as part of Hercules wholly-owned subsidiary, Hercules Liftboats LLC. Following the acquisition, Hercules will have 38 units capable of working in water depths greater than 70ft.
Randy Stilley, Chief Executive Officer and President of Hercules Offshore LLC, said: "We are excited to add this fleet of liftboats to our base operation in the US Gulf of Mexico. Hercules Offshore will continue its strategy of evaluating acquisitions ofassets that meet our financial criteria, as well as continue to pursue opportunities to move our existing assets to other select international markets under attractive contract terms."
Hercules Offshore owns and operates a fleet of 39 liftboats and seven jack-up drilling rigs in the Gulf of Mexico. Through its two operating subsidiaries, Hercules Drilling and Hercules Liftboats, the company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in shallow waters.
Hercules Offshore was formed in July 2004 with equity capital from Lime Rock Partners, a private equity firm based in Westport, Connecticut, and additional equity capital from Greenhill Capital Partners, a private equity firm based in New York.