Hercules Offshore, Inc. said Monday that it has acquired TODCO in a deal worth $2.3 billion.
The merger will create the world’s fourth largest jackup fleet, with the resulting company operating a fleet of 33 jackup rigs, 27 barge rigs, 64 liftboats, three submersible rigs, nine land rigs and one platform rig, as well as having operations in 10 countries on 5 continents.
“This transaction positions Hercules Offshore as one of the leading shallow water oil service providers globally,” said Randy Stilley, CEO, President and Director of Hercules Offshore. “Looking forward, Hercules Offshore will continue to focus on seeking strategic growth opportunities, expanding our geographic diversity and maintaining our status as a low-cost provider, while preserving our conservative and disciplined financial management.”
Hercules Offshore offers services to oil and gas producers during drilling, well service, platform inspection, maintenance and decommissioning operations in shallow waters.
TODCO is a provider of contract oil and gas drilling services.