Hercules Offshore, Inc. has signed a five year drilling contract with Maersk Oil North Sea UK Limited for a newbuild jackup rig to be owned and operated by Hercules Offshore. Total contract value is approximately $420 million, which includes approximately $9 million of mobilization fees. Contract commencement is expected in mid-2016.
Hercules Offshore has also signed a rig construction contract with Jurong Shipyard Pte Ltd ("JSL") in Singapore. The rig is based on the Friede & Goldman JU-2000E design, with enhancements that will provide for greater load-bearing capabilities and operational flexibility.