Hercules Offshore Announces Liftboat in Nigeria Likely Lost in Fire

Published on Tuesday, 17 January 2012 06:08 Written by TradersHuddle Staff

All Hercules Offshore Personnel and Contractors Secured

HOUSTON, Jan. 17, 2012 /PRNewswire/ -- Hercules Offshore (NASDAQ: HERO) (the "Company") today announced that the Mako, a 175' class liftboat in Nigeria, was engulfed by a fire that originated on a third-party rig, the KS Endeavor, during the early morning hours on January 16, 2012.  The Mako was providing excess storage services adjacent to the KS Endeavor drilling rig at the time of the incident. The incident occurred off the coast of Nigeria, approximately 250 kilometers west of Port Harcourt.  All 27 personnel aboard the Mako were safely rescued and transported to a local clinic for medical evaluation and treatment. No major injuries have been reported.

(Logo: http://photos.prnewswire.com/prnh/20050601/DAW092LOGO)

At this time, the Company has not been able to confirm the extent of the damage to the Mako, although visual indication from Company employees at the site indicated that the vessel sustained significant damage. The vessel has an insured value of $8.0 million, subject to a $1.0 million deductible. The deductible would not apply in the event the vessel is a total loss. The Company also carries removal of wreck insurance, subject to a $250,000 deductible.

The Company has notified the appropriate authorities, including the United States Coast Guard.

About Hercules Offshore

Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 42 jackup rigs, 17 barge rigs, 65 liftboats, two submersible rigs, and one platform rig. 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 several key shallow water provinces around the world. Hercules Offshore currently holds 28% of share capital in Discovery Offshore, a pure play, ultra-high specification jackup rig company.  For more information, please visit our website at http://www.herculesoffshore.com.

SOURCE Hercules Offshore, Inc.