Rig Equipment: News for Oil & Gas and Hydrocarbon Industries  Membership Services »
Gulf Oil and Gas grow your business
Home News Events Projects Tenders Unconventionals Community | My Account
Products and vendors Services and providers Jobs

Hercules to Acquire Ocean Columbia from Diamond

Source: www.gulfoilandgas.com 3/20/2012, Location: North America

Share |

Hercules Offshore, Inc. announced the execution of a definitive agreement to acquire the offshore drilling rig Ocean Columbia from a subsidiary of Diamond Offshore Drilling, Inc. The purchase price is $40 million in cash. Ocean Columbia is a LeTourneau Class 82 SD-C self-elevating drilling rig registered and flagged in the Marshall Islands. Subject to customary closing conditions, the Company expects the acquisition to close in May 2012.

Hercules Offshore also announced that it has entered into a three-year drilling contract with Saudi Aramco for the use of the Ocean Columbia. Over this three-year period, the Company expects to generate total revenues of $160.0 million, including a lump-sum mobilization fee, assuming a utilization rate of 98% for the rig. Under the drilling contract, Saudi Aramco has the option to extend the term for an additional one-year period. Prior to commencing work under the contract, the Company expects to spend approximately $45.0 million for repairs, upgrades and other contract specific refurbishments to the rig and to mobilize the rig from the Gulf of Mexico to the Middle East. The Company expects the rig to commence work under the contract in November 2012.

Rig Equipment >>

Rig Equipment News in United States >>

US Stock Movements in March 2015
United States >>  4/15/2015 - Preliminary data for February shows that total commercial oil stocks rose by 6.2 mb for the fourth consecutive month to stand at 1,182 mb, which is ne...
Canada Oil Supply in March 2015
Canada >>  4/7/2015 - Canada’s oil output is forecast to average 4.37 mb/d in 2015, revised up by 20 tb/d due to a base change in 2014, a proposed increase of 0.14 mb/d ove...

Bechtel & Skycatch to Advance Processes in the Construction Industry
United States >>  4/6/2015 - Bechtel has been granted permission for commercial use of unmanned aircraft system (UAS) technology by the United States Federal Aviation Administrati...
Emerson Releases SmartProcess Oil & Gas Applications Software
United States >>  4/2/2015 - Emerson Process Management has released its new SmartProcess Oil and Gas Applications Suite - answering critical challenges facing the oil and gas pro...

US Economy in March 2015
United States >>  4/1/2015 - Some moderation in US 4Q14 GDP growth became apparent recently. However, this came after two consecutive strong quarters, so this should not have come...
Canada Economy in March 2015
Canada >>  3/26/2015 - In Canada, improvements continue as well, along with the US, its most important trading partner. A mild slowdown in exports and in the energy sector h...



Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 |

More News

Oil & Gas Companies in United States >>

Related Links

Countries Quick Links

CA US
Gulf Oil and Gas B2B marketplace:   About -  Advertising -  Competitive Intelligence -  Talent Solutions -  Membership Services Follow us on Facebook
Copyright © Universal Solutions All rights reserved. Privacy Policy. - Contact Us  Gulfoilandgas rss feed