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The company has not identified any significant damage through the aerial surveys or reports from offshore personnel who have re-boarded the rigs, but a complete evaluation of their condition will require closer inspection by the offshore crews. However, the Hercules 78, an 85-foot Donhaiser Marine submersible, has moved approximately 600 feet from its pre-storm position. An assessment crew is onboard and a diving vessel will be conducting an underwater survey of the rig. The rig is insured for $45 million, with a $10 million deductible and a 10% quota share. The Company has a $200 million aggregate annual limit on losses related to U.S. Gulf of Mexico named windstorms.
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, assumptions, differing interpretations regarding dayrates payable during the evacuation, possible negotiations with customers and other 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 Web site at http://www.sec.gov or the company's Web site 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.
Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 35 jackup rigs, 27 barge rigs, 65 liftboats, three submersible rigs, one platform rig and a fleet of marine support vessels, and has operations in ten different countries on four 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.
SOURCE Hercules Offshore, Inc.
http://www.herculesoffshore.com/
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