Hercules Offshore Now Owns 98.8% of Discovery Offshore

Hercules Offshore has issued a notification of result of mandatory takeover bid for cash addressed to all the remaining shareholders in Discovery Offshore S.A. (“Discovery”) a company incorporated as a société anynome under the laws of the Grand Duchy of Luxembourg ISIN of the shares of Discovery Offshore S.A. 

Reference is made to the stock exchange announcement on 11 July 2013 announcing that Hercules would make amandatory offer (the “Offer”) of all the shares in Discovery not already owned by Hercules or its affiliates. Hercules Offshore, Inc. is represented on the board of directors of Discovery.

The Offer was made on 15 July 2013 pursuant to the offer document dated 11 July 2013, the offer price was NOK 15.00 per share and the acceptance period  of the Offer expired at 09:00 CET on 12 August 2013.

Hercules today announced that it, through the Offer, has received acceptances representing an aggregate of 2,054,989 shares in Discovery. Consequently, following settlement of the Offer, Hercules, with its affiliates, will own 64,720,466 shares in Discovery representing 98.8% of the share capital of Discovery. Settlement is expected to take place on or about 16 August 2013.

Discovery Offshore is a Luxembourg-based public limited liability company incorporated on 12 January 2011 for the purpose of owning new ultra high specification jackup drilling rigs.

The Company’s main assets are two Keppel FELS Super A high specification harsh environment jackup rigs. Construction of the first rig, the Discovery Triumph, was completed in the second quarter of 2013, with delivery of the second rig, the Discovery Resilience, scheduled for the fourth quarter of 2013.