Hercules to acquire three Transocean rigs

Hercules Offshore has entered into an agreement with Transocean to purchase three jackup drilling rigs and related equipment for $320 million.

Offshore Staff

HOUSTON -- Hercules Offshore has entered into an agreement with Transocean to purchase three jackup drilling rigs and related equipment for $320 million.

The rig package includes theAdriatic III, a 350-ft (107-m) Marathon LeTourneau 116C, and the High Island I and the High Island VIII, both 250-ft (76-m) Marathon LeTourneau 82-SDCs. All three rigs are currently located in the US Gulf of Mexico. However, Hercules Offshore is marketing the rigs for international work.

Closing of the transaction is subject to regulatory approvals and other customary conditions.

02/18/2008

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