Hercules Offshore Inc. - 2012-03-21

To publicly offer up to 20 million shares of common stock in an underwritten public offering. The underwriters for the offering will also have the option to purchase up to 3,000,000 additional shares of common stock on the same terms and conditions to cover over-allotments, if any. The company intends to use 50% of the net proceeds from the offering to repay a portion of indebtedness outstanding under its term loan facility. Hercules expects to use the remaining net proceeds to fund a portion of the purchase price for our previously announced acquisition of the drilling rig Ocean Columbia as well as the costs associated with the repair, upgrade and mobilization of Ocean Columbia. Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and Deutsche Bank Securities Inc. are Joint Book-Running Managers of the offering.