NASDAQ-listed drilling contractor Hercules Offshore, having emerged from Chapter 11 bankruptcy in November, has announced the formation of a special committee to consider and explore various strategic alternatives potentially available to the company.
The company was quick to point out that the committee was not formed due to a proposal or approach by a third party.
The committee will look at any potential strategic transaction including the sale of the company, a merger or share exchange, or the sale of some or all of the company’s assets. A recapitalization of the company is also another possibility up for consideration.
Hercules said that no decision has been made to engage in any particular transaction or transactions, and that there can be no assurance that the committee or board will authorize the pursuit of any strategic alternative.
As part of the process, Hercules has engaged PJT Partners as its financial advisor and Akin Gump Strauss Hauer & Feld LLP as its legal counsel.