Houston-based Hercules Offshore has filed for Chapter 11 bankruptcy protection with a pre-packaged deal that will send the company into a reorganization and financial restructuring. Image from Hercules…
A major cross-industry initiative led by Wärtsilä, MAN Diesel & Turbo and Winterthur Gas & Diesel to develop basic technologies for use in two-stroke and four-stroke marine engines has been officially launched. The Hercules-2 project is aimed…
Houston-headquartered driller Northern Offshore (NOF) is to be combined with Chinese-controlled Blue Ocean Drilling into a new firm if a deal with Shandong Offshore International Co. worth about US$160 million (NOK 1.3 billion) is agreed…
As expected, Hercules Offshore Inc. plans to file for Chapter 11 bankruptcy protection next month as a final solution to its US$1.2 billion debt woes. The firm is one of the first to crash and burn as a result of insufficient cash flow due…
Houston-based Hercules Offshore entered into a restructuring support agreement with a group of its debt holders that will shakeup the company’s finances and position Hercules to benefit during the expected rebound in the offshore drilling industry…
Hercules Offshore received a welcome notice from Saudi Aramco—a withdrawal notice to rescind Aramco’s previously issued notice of termination of its contract for the Hercules 261. As a result, almost all terms and conditions of the contract…
Houston-headquartered drilling contractor Hercules Offshore sold four jackups that had been previously cold stacked since 2009. Despite the sale, 11 rigs in the company’s fleet remained cold stacked, five were added to that list this year alone…
Houston-based Hercules Offshore signed a five-year contract with a subsidiary of Eni S.p.A. for use of the Hercules 260 in West Africa. The dayrate under the contract will range from a minimum of US$75,000 per day when the price of Brent crude oil is $86 or less per barrel…
Global rig provider Transocean said it will scrap two more rigs from its fleet taking the total number of floaters it is planning to scrap to 18, the company announced on 1 April 2015. The two rigs joining its soon to be departed brethren are the GSF Aleutian Key and Sedco 707…
Hercules Offshore received a notice from Saudi Aramco to terminate its drilling contract for the Hercules 261, effective 27 March 2015. Hercules says it is in the process of seeking a basis for continuing the Hercules 261 contract. The…
Houston-based Hercules Offshore promoted Troy L. Carson to senior vice president and chief financial officer, effective 21 November 2014. Carson is currently serving as senior vice president and chief accounting officer. He joined…
Stephen M. Butz joins Rowan Companies plc as executive vice president, chief financial officer and treasurer, effective 1 December 2014. Butz joins the company from Hercules Offshore, Inc., where for the past nine years he has served in various corporate development…
Maersk Oil North Sea UK Ltd. awarded Heerema Hartlepool Ltd. a contract for the engineering, procurement and construction (EPC) of the Culzean development’s well head platform (WHP) jacket. Maersk’s proposed Culzean development…
Wärtsilä and MAN Diesel & Turbo are continuing with a new Hercules-2 project, pending approval under the Horizon 2020 EU Framework Program for Research and Innovation. The Hercules-2 project is aimed at developing a fuel-flexible marine…
Statoil’s Brugdan II well offshore the Faroe Islands is being plugged and abandoned after finding no hydrocarbons. The well, which was a re-entry of the 6104/21-2 well, was drilled to 4542m, 130km offshore the Faroe Islands. Drilling…
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