Hercules Offshore, Inc. Completes Acquisition of TODCO
11 Juillet 2007 - 9:59PM
PR Newswire (US)
HOUSTON, July 11 /PRNewswire-FirstCall/ -- Hercules Offshore, Inc.
("Hercules Offshore", "the Company" Nasdaq: HERO) today announced
the completion of its acquisition of TODCO as the transaction was
finalized today following approvals by the stockholders of both
companies. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050601/DAW092LOGO ) During a
meeting of the Company's board of directors, also held today, the
board voted to elect three new board members, all of whom were
previously board members of TODCO, namely: Suzanne V. Baer, Thomas
M Hamilton and Thomas N. Amonett. The Hercules board of directors
is now composed of ten members. Randy Stilley, Chief Executive
Officer, President and Director of Hercules Offshore, stated, "On
behalf of our board of directors and the entire company, I am
pleased to announce the successful completion of the acquisition of
TODCO. We are excited to move forward as a larger, more diverse
organization that has the opportunity to create significant value
for our company's shareholders, customers, and employees." "With
the world's fourth largest fleet of jackups, largest fleet of both
barge drilling rigs and liftboats, Hercules Offshore is now
positioned as one of the leading shallow water oil service
providers globally. Our strategic vision remains focused on growth
through acquisitions, expanding geographic diversity, financial
discipline and preserving our status as an environmentally sound
and cost effective provider." Headquartered in Houston, Hercules
Offshore operates a fleet of 33 jackup rigs, 27 barge rigs, 65
liftboats, three submersible rigs, nine land rigs and one platform
rig and has operations in ten different countries on five
continents. 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
shallow waters. Contact Information Hercules Offshore, Inc. Stephen
M. Butz Vice President Finance and Treasurer 713-979-9832 This news
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such statements are subject to a
number of risks, uncertainties and assumptions, including the
factors described in Hercules Offshore's most recent periodic
reports and other documents filed with the Securities and Exchange
Commission, which are available free of charge at the SEC's website
at http://www.sec.gov/ or the Company's website at
http://www.herculesoffshore.com/. Hercules Offshore cautions you
that forward-looking statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected or implied in these statements.
Risks with respect to the combination of Hercules Offshore and
TODCO, as well as other recent and future acquisitions, include
difficulties in the integration of the operations and personnel of
the acquired company, diversion of management's attention away from
other business concerns, and the assumption of any undisclosed or
other liabilities of the acquired company. Expected benefits of the
merger may not be achieved in the near term, or at all. Hercules
Offshore will have a significant amount of additional debt as a
result of the merger.
http://www.newscom.com/cgi-bin/prnh/20050601/DAW092LOGO
http://photoarchive.ap.org/ DATASOURCE: Hercules Offshore, Inc.
CONTACT: Stephen M. Butz, Vice President Finance and Treasurer of
Hercules Offshore, Inc., +1-713-979-9832 Web site:
http://www.herculesoffshore.com/
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