Shallow-water driller Hercules Offshore (NASDAQ: HERO ) has signed a definitive agreement to acquire the liftboat�Titan 2, a 280-foot class vessel�built in 2008, from a subsidiary of KS Energy for $42 million in cash. It�expects the acquisition of the Panamanian�registered and flagged vessel to close early next month.
With the Titan 2 currently located in Limbe, Cameroon, Hercules is looking to capitalize on strong demand for larger vessel classes�in West Africa. The driller's president and CEO�John T. Rynd was quoted as saying, "Our acquisition of the�Titan 2�expands our opportunity set in the region to meet the most attractive segment of this market, and is part of our ongoing effort to renew our fleet. The�Titan 2�is one of the premier liftboats in the region, with a solid record of operations for some of the most prominent customers in West Africa."
The acquisition adds to Hercules'�existing fleet of 37 jackup rigs, 13 barge rigs, and 63 liftboats. Following the closing of the transaction, Hercules�expects the vessel to commence work�at a dayrate of approximately $65,000. Afterward, the Titan 2�will be scheduled to enter the shipyard for approximately�one month for dry-dock maintenance and certain capital upgrades estimated at approximately $5 million.
The driller indicated it is in discussions on several additional opportunities in the region.
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