Hercules Offshore bags 5-year deal for jack-up rig

Hercules Offshore has signed a five-year contract with a subsidiary of Eni S.p.A. for use of the Hercules 260 in West Africa.

The dayrate under the contract will range from a minimum of $75,000 per day when the price of Brent crude oil is $86 or less per barrel, to a maximum of $125,000 per day when the price of Brent crude oil is $125 or more per barrel.

The contract is expected to begin in early April 2015. Costs for contract specific upgrades will be reimbursed by the operator.