Hercules Offshore will acquire assets of shallow-water rigs operator, Seahawk Drilling, for about $100 million. Hercules will pay about $25 million in cash and 22.3 million shares at $3.36 per share for the Seahawk stake.
The total cash consideration may be increased by up to $45 million. The proceeds from the sale will be used by Seahawk to repay its debtor-in-possession loan secured in connection with its bankruptcy filing.
Click here for the release from PR Newswire.