Hercules buys liftboat from KS Energy

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Luke Johnson

 28 February 2013 21:00 GMT

Contract driller Hercules Offshore said it has purchased the liftboat Titan 2 from a subsidiary of KS Energy for $42 million in cash and secured a short term contract for the vessel.

The 280-foot Titan 2, built in 2008, is currently located in Limbe, Cameroon. Hercules has signed a letter of intent for a short-term contract with an unnamed client for the Panama-flagged liftboat in West Africa, at a dayrate of about $65,000.

The liftboat is expected go to work shortly after the deal's closing, expected in early March.

The Company expects the acquisition to close in early March 2013, subject to completion of certain customary closing conditions.

After the new contract is fulfilled, the Titan 2 will head to the shipyard for about a month…

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