Hercules Offshore cuts rates for three rigs in Persian Gulf

Hercules Offshore cuts rates for three rigs in Persian Gulf

Dubai: NASDAQ-listed drilling contractor Hercules Offshore has announced that it reached agreements with Saudi Aramco to reduce the day rates for three jackup rigs working in the Persian Gulf.

According to the agreement, Hercules Offshore will cut day rates for the Hercules 261, Hercules 262 and Hercules 266 to $67,000 per day for each rig. The original rates for those units fell between $117,000 to $136,000.

In the meantime, Hercules Offshore said Saudi Aramco has withdrawn the previously issued notice of termination with respect to the contract for the rig Hercules 261.

Last week, Asia Offshore Drilling, owned by Seadrill and Thailand’s Mermaid Maritime, also reached an agreement with Saudi Aramco to reduce the operating day rates on three jackup rigs by 10%.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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