Hercules Offshore Announces Five Year Contract for Hercules 260
Hercules Offshore (NASDAQ: HERO) announced that it has signed a five-year contract with a subsidiary of Eni S.p.A. for use of the Hercules 260 in West Africa. The dayrate under the contract will range from a minimum of $75,000 per day when the price of Brent crude oil is $86 or less per barrel, to a maximum of $125,000 per day when the price of Brent crude oil is $125 or more per barrel. Contract commencement is expected in early April 2015. Costs for contract specific upgrades will be reimbursed by the operator.
About Hercules Offshore
Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 33 jackup rigs, including one under construction, and 24 liftboats. 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. For more information, please visit our website athttp://www.herculesoffshore.com.
Patterson-UTI Reports Drilling Activity for March 2015
PATTERSON-UTI ENERGY, INC. (PTEN) today reported that for the month of March 2015, the Company had an average of 142 drilling rigs operating in the United States and four rigs in Canada. For the three months ended March 31, 2015, the Company had an average of 165 drilling rigs operating in the United States and eight rigs in Canada.
Average drilling rigs operating reported in the Company’s monthly announcements represent the average number of the Company’s drilling rigs that were operating under a drilling contract. The Company cautioned that numerous factors in addition to average drilling rigs operating can impact the Company’s operating results and that a particular trend in the number of drilling rigs operating may or may not indicate a trend in or be indicative of the Company’s financial performance. The Company intends to continue providing monthly updates on drilling rigs operating shortly after the end of each month.
About Patterson-UTI
Patterson-UTI Energy, Inc. subsidiaries provide onshore contract drilling and pressure pumping services to exploration and production companies in North America. Patterson-UTI Drilling Company LLC and its subsidiaries operate land-based drilling rigs in oil and natural gas producing regions of the continental United States and western Canada. Universal Pressure Pumping, Inc. and Universal Well Services, Inc. provide pressure pumping services primarily in Texas and the Appalachian region.
Location information about the Company’s drilling rigs and their individual inventories is available through the Company’s website at www.patenergy.com.
