Gulf Oil and Gas accountACCOUNT

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 >>

United States >>  9/25/2016 - The sweet/sour differentials narrowed further in the US Gulf Coast (USGC), while in Asia and Europe, they widened. ...
United States >>  9/22/2016 - Refinery utilization in the US averaged around 93% in August, corresponding to 16.7 mb/d, a level similar to the previous month and to the same month ...

United States >>  9/18/2016 - Open interest volume (OIV) decreased in July for select US commodity markets such as agriculture, crude oil, natural gas and copper, while it increase...
United States >>  9/6/2016 - US monthly oil demand remained on a positive upward trend in May, supported by the continuing lower oil price environment and in line with rising priv...

United States >>  9/1/2016 - With the return of the supply glut in the US and Asia, as it spilled over from refined products to crude, the Dubai market structure flipped back into...
United States >>  8/30/2016 - Refinery utilization in the US averaged around 93% in July, corresponding to 16.7 mb/d, which was around 200 tb/d higher than a month earlier. However...

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 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 |

More News

 

Oil & Gas Companies in United States >>


Related Links

CA US
Gulf Oil and Gas
Copyright Universal Solutions All rights reserved. - Privacy Policy.