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Hercules heralds close of $2.3B TODCO union

Published Jul 12, 2007

Hercules rig
courtesy Hercules Offshore

Shallow-water rig contractor Hercules Offshore has completed the acquisition of TODCO with the approval of combination by both companies’ shareholders.

The new company wield’s the world’s fourth largest fleet of jackups and the largest fleet of barge drilling rigs and liftboats.

Hercules signed the $2.3-billion stock-and-cash buy-up of TODCO in March 2007, when both boardrooms agreed the merger.

A Hercules statement said the company could now pursue international growth.

 

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