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Hercules Offshore Announces Rig Management Agreement

Source: www.gulfoilandgas.com 11/7/2013, Location: North America

Hercules Offshore announced that it has entered into an agreement with a wholly-owned subsidiary of Perisai Petroleum Teknologi Bhd ("Perisai") to act as operations and maintenance manager of the Perisai Pacific 101 and Perisai Pacific 102, Perisai's newbuild Pacific Class 400 jack-up drilling rigs ("the Rigs"). The Rigs are currently under construction, with the Perisai Pacific 101 scheduled for delivery in July 2014 and the Perisai Pacific 102 about a year thereafter. Primary commercial terms of the agreement consist of the following:

- Hercules will perform marketing, administrative, negotiation and rig operation services;
- Hercules will receive a daily management fee equal to $4,000 per rig, payable starting at the commencement date;
- Hercules will receive a daily operational fee equal to 12% of the daily EBITDA earned by the Rigs;
- Hercules will be reimbursed for all operating expenses and Perisai will pay for all capital expenditures with respect to the Rigs;
- Hercules has the right of first refusal to purchase the Rig(s).

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

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


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