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Hercules Offshore To Offer Debt, Stock To Repay Loan, Fund Rig Buy

DOW JONES NEWSWIRES Hercules Offshore Inc. (HERO) unveiled plans to sell in a private placement $500 million of debt and offer 20 million shares of stock as the offshore-drilling company looks to repay all outstanding debt under its existing term loan and fund a new rig acquisition. Shares were down 2.4% at $4.96 after hours. Since the close, the stock was up 21% over the past three months. Hercules, which has racked up more than three years of losses, became the biggest rig contractor in the Gulf of Mexico's shallow waters when it closed on a deal in April to acquire the rigs of weakened rival Seahawk Drilling Inc. It said Tuesday it agreed to buy the offshore-drilling rig Ocean Columbia from a subsidiary of Diamond Offshore Drilling Inc. (DO) for $40 million in cash. It also entered into a $106-million, three-year drilling contract with Saudi Aramco for use of the rig. Hercules said it plans to spend an additional $45 million to repair and upgrade the rig as well as move it from the Gulf of Mexico to the Middle East. The company plans to acquire the rig in May and start its contract with Saudi Aramco in November. Hercules said it plans to sell 20 million shares, using 50% of the proceeds to pay off a term loan facility. The rest will go toward the Ocean Columbia acquisition, refurbishment and relocation. The company said it plans to sell up to $300 million in senior secured notes due 2017 and $200 million in senior notes due 2019, also to repay the term loan, and use the rest for general corporate purposes, including the Ocean Columbia project. In January, Standard & Poor's Ratings Services raised its outlook on the company, saying it is benefiting from improving day rates and utilization of its jack-up rigs in the Gulf of Mexico. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Hercules Offshore (HERO)
DateTimeHeadline
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30 -2-
11/15/201309:01:33HBK Investments LP 3Q 13F: Holdings As Of Sep 30
11/15/201308:12:59Fidelity Management & Research Co. 3Q 13F: Largest Eliminations
11/15/201308:12:48Fidelity Management & Research Co. 3Q 13F: -2-
11/15/201308:12:48Fidelity Management & Research Co. 3Q 13F: Largest Sales
11/15/201308:12:48Fidelity Management & Research Co. 3Q 13F: Largest Purchases
03/20/201218:44:33Hercules Offshore To Offer Debt, Stock To Repay Loan, Fund Rig...
07/07/201119:54:14Few US Public Companies Failed New 'Say On Pay' Votes
04/07/201118:26:04US Investigating Hercules On Foreign Corrupt Practices Allegations
03/31/201112:25:05US Regulators Approve Hercules-Seahawk Deal
02/16/201116:58:19BP's Rig Worker Aid Extended To Deepwater Offshore Suppliers
02/14/201110:56:40MARKET SNAPSHOT: Blue-chip Stocks Falter As Wal-Mart Loses
02/14/201110:11:07MARKET SNAPSHOT: U.S. Stocks Tilt Lower As Exxon, Wal-Mart Weigh
01/12/201118:29:36Hercules In Talks To Manage Two New Shallow-Water Rigs
12/16/201014:40:15Offshore Drilling Companies Report Boost in US Gulf Contracts
11/19/201012:41:24Sen Landrieu Yields To White House On Offshore Drilling
10/11/201019:07:17Oil-Service Firms Tout Boost From US Gulf Well-Plug Order
10/04/201008:04:38No BP Aid For Laid-Off Shallow-Water Rig Workers
09/13/201012:36:35US Interior Department Defends Drilling Permit Process
07/29/201020:10:27US House Set To Vote On Offshore-Drilling Overhaul

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