HOUSTON, Feb. 11, 2016 /PRNewswire/ -- Hercules
Offshore, Inc. (NASDAQ: HERO) (the "Company") announced today the
formation of a special committee (the "Special Committee")
comprised of all the independent members of the Board of Directors
of the Company (the "Board") to consider and explore various
strategic alternatives potentially available to the Company in
order to maximize the value of the Company. The formation of the
Special Committee is not in response to any proposal received by
the Company or an approach by a third party.
The Special Committee is authorized to explore, review, and
evaluate any potential strategic transaction involving the Company
and any alternatives thereto, 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 (whether by issuance of equity or
debt securities, incurrence of additional indebtedness, or issuance
of derivative securities thereof).
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. As a matter of policy, the
Company does not comment on or provide the market with updates as
to the status of any informal expressions of interest or formal
proposals or offers presented to the Company from time to time, or
the course of discussions with any prospective counterparties, nor
will it comment upon any rumors with regard to either of the
foregoing or make a further announcement regarding the Special
Committee's consideration of any proposal or other expressions of
interest until such time, if ever, that it enters into a definitive
agreement for a completed transaction or is otherwise required to
make an announcement.
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.
Financial Update
As of February 9, 2016, the
Company had approximately $514
million of cash, which includes $200
million held in escrow for the final delivery payment for
the Hercules Highlander, $450
million of total debt outstanding, and 20 million shares of
common stock outstanding.
About Hercules Offshore, Inc.
Headquartered in Houston,
Hercules Offshore, Inc. operates a fleet of 27 jackup rigs,
including one rig under construction, and 19 liftboats. The Company
offers a range of services to oil and gas producers to meet their
needs during drilling, well service, platform inspection,
maintenance, and decommissioning operations in several key shallow
water provinces around the world. For more information, please
visit our website at http://www.herculesoffshore.com.
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SOURCE Hercules Offshore, Inc.