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Hercules Offshore Completes Restructuring, Emerges from Bankruptcy

November 09, 2015, 07:08 AM
Filed Under: Bankruptcy

Hercules Offshore announced it has completed its financial restructuring and emerged from Chapter 11, and funding of the company's new $450 million senior secured credit facility has been completed.

"Today marks the beginning of a new chapter for Hercules. Proactively restructuring our balance sheet early in the cycle generated significant benefits for Hercules including substantial debt reduction and added liquidity that will allow us to meet our capital commitments and support operations. With our new capital structure, we are much better positioned to compete successfully in the offshore drilling market" stated John T. Rynd, Chief Executive Officer and President of Hercules Offshore.

"I extend my appreciation to our employees, former board of directors and advisors who have worked diligently throughout this process. Likewise, I am grateful to our customers, suppliers and investors for their confidence and support of our company. While we are excited to have this milestone behind us, the hard work of successfully turning around our company is just beginning. To that end, we look forward to working with our new board of directors, and with the support of our new investor base, to execute on our strategic goals through the current industry downturn and thrive in the next upcycle."

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.

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