Hercules Offshore contemplating a sale of its business?
- Exploration & Production
Hercules Offshore, Inc., a U.S. offshore driller is exploring its options, including a merger or a sale of the company.
In a statement on Thursday, the company said it established a special comprised of all the independent members of the Board of Directors of the companyto consider and explore various strategic alternatives potentially available to the company in order to maximize the value of the company.
Hercules Offshore assured that the committee formation is not in response to any proposal received by the company or an approach by a third party.
According to the company, the comittee will explore, review, and evaluate any potential strategic transaction involving the company and any alternatives including, but not limited to, the sale of the company, a merger or share exchange involving the company, the sale of some or all of the company’s assets, and a recapitalization of the company.
“No decision has been made to engage in any particular transaction or transactions. There can be no assurance that the Special Committee or the Board will authorize the pursuit of any strategic alternative. Moreover, there can be no assurance with respect to the terms or the timing of any transaction, or whether any transaction will ultimately occur,” the driller said.
The company also announced that the Special Committee has engaged PJT Partners as its financial advisor and Akin Gump Strauss Hauer & Feld LLP as its legal counsel.