Vantage buys jack-up rig from bankrupt Hercules

  • Business & Finance

Offshore drilling contractor Vantage Drilling has acquired the Hercules 260 jack-up rig from the bankrupt driller Hercules Offshore and has renamed it the Vantage 260. 

The driller said on Wednesday that its subsidiary, Vantage Drilling Africa, bought the rig for an undisclosed amount from Hercules’ subsidiary, Hercules International Drilling, Ltd.

The jack-up is of a Marathon LeTourneau Class built in 1973 and received major upgrade in 2008.

As part of the acquisition, Vantage Drilling Africa acquired a multi-year drilling contract with Eni in Congo.

Vantage is reactivating its 2009-built Sapphire Driller, a Baker Marine Pacific Class 375 jack-up rig currently warm-stacked offshore Congo, and later this year will substitute it for the Vantage 260.

Ihab Toma, Vantage’s Chief Executive Officer, commented, “We are delighted to have completed this transaction and are happy to welcome the 260 team to Vantage. We look forward to continuing the excellent operations for Eni Congo.”

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