Hercules Offshore and Seahawk Drilling Announce Completion of Asset Purchase and Sale (USA)

Hercules Offshore, Inc. and Seahawk Drilling, Inc. announced the completion of the asset purchase and sale previously disclosed on February 11, 2011.

In accordance with the terms of the Asset Purchase Agreement, Hercules Offshore will acquire 20 jackup rigs located in the U.S. Gulf of Mexico and related assets, accounts receivable, cash, accounts payables, and certain contractual rights from Seahawk Drilling.

The total consideration paid to Seahawk Drilling consists of approximately 22.3 million shares of Hercules Offshore common stock and $25.0 million in cash. Following this transaction, there will be a total of approximately 137.2 million outstanding shares of Hercules Offshore, Inc.

Source: Hercules, April 28, 2011;