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    Hercules Offshore plans IPO

    News // July 22, 2005
    Hercules Offshore, which provides shallow-water drilling and liftboat services to the oil and natural-gas industry, has announced that it is planning an initial stock-offering valued at up to US$172.5 million.

    Details about the number of shares offered and estimated price range for the IPO were not disclosed in the Houston-based company's Securities and Exchange Commission filing.

    Proceeds from the offering will be used to pay down a senior secured term loan. The rest will be used for corporate purposes, such as acquiring rigs and liftboats.

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