Hercules Offshore acquires Todco

By Lisa Kerner

Charlotte, N.C., July 11 - Hercules Offshore, Inc. completed its $2.3 billion acquisition of Todco following approvals by the stockholders of both companies.

Three former Todco board members were elected to the 10-member Hercules board of directors. The new members are Suzanne V. Baer, Thomas M. Hamilton and Thomas N. Amonett.

As previously reported, the March 19 merger agreement gives Todco shareholders an average total consideration equal to 0.979 of a share of Hercules Offshore and $16 in cash for each share of Todco common stock outstanding, or an estimated 56.9 million shares of Hercules Offshore and cash of $930.7 million.

Houston-based Hercules Offshore operates a fleet of nine jackup oil and gas drilling rigs and 64 liftboats. Todco, also based in Houston, provides contract oil and gas drilling services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.