Hercules Offshore to Sell Inland Rigs

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Hercules Offshore is soon to be roughly $45 million richer thanks to an asset sell-off. The company has inked a deal to sell 11 of its inland barge rigs plus related assets. In the press release announcing the move, the firm did not name the counterparty.

The price will be paid in cash across two tranches. The first will see the company receive $35 million for 10 of the rigs, while the second will see the remaining one change hands and $10 million exchanged. The former tranche is expected to close in the late second quarter of this year, with the latter following shortly thereafter.

Of the rigs being divested, three are active while eight are cold stacked.

The article Hercules Offshore to Sell Inland Rigs originally appeared on Fool.com.

Fool contributor Eric Volkman and The Motley Fool have no position in Hercules Offshore. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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