Hercules gains Saudi extension

Hercules Offshore has received a notice from Saudi Aramco extending the contract for one of its jack-up drilling rigs operating in Saudi Arabia. 

According to the drilling contractor, the contract for the jack-up Hercules 266 was extended until June 30, 2016.

Further, the dayrate for the Hercules 266 will remain at $63,650 per day through the term of the contract extension.

The dayrate for Hercules 266 was previously slashed in March 2016 from $67,000 per day to $63,650. Before that, in June 2015, the rig’s rate was reduced to $67,000 per day.

Saudi oil company in March also reduced dayrates for two other Hercules’ rigs, the Hercules 261 and Hercules 262, from $67,000 per day to $63,650 per day.

Hercules 266 is a jack-up rig of a Marathon LeTourneau Class 82-SD-C design. The rig was built in 1979 by Marathon Letourneau, Brownsville Tx. It is capable of operating in water depth of 250 ft, and its drilling depth rating is 20,000 ft.

Offshore Energy Today Staff