Lime Rock Partners’ Hercules Offshore Announces Acquisition of Liftboat Fleet
10/5/2004HOUSTON, October 5, 2004 – Hercules Offshore, a portfolio company of Lime Rock Partners, announced today that it has completed the purchase of Global Industries’ liftboat fleet for approximately $53 million. The division has been renamed Hercules Liftboat Company and becomes the sister company to Hercules Drilling Company, the manager of the sixth largest fleet of jack-up rigs in the Gulf of Mexico. Greenhill Capital Partners has invested alongside Lime Rock Partners in Hercules Offshore in order to complete the acquisition.
Hercules Liftboats owns and operates 22 liftboats in the Gulf of Mexico. In terms of liftboats capable of working in 70 feet of water and deeper, Hercules manages the second largest liftboat fleet in the Gulf of Mexico.
Randy Reed, President of Hercules Liftboat Company, commented, “We look forward to working with our new owners in addressing the needs of our customers in the shallow water Gulf of Mexico. We are excited about the company’s unique positioning as the Gulf of Mexico shelf continues a period of transition.”
Lime Rock Partners, an energy-focused private equity firm, has a controlling interest in Hercules Offshore. Tom Bates, Managing Director of Lime Rock Partners, stated, “We believe the consolidation of the Hercules liftboat fleet alongside the Hercules jack-up fleet positions the company to address most operator needs in the shallow water Gulf of Mexico, from drilling to well service, as well as platform inspection, maintenance, and de-commissioning. Furthermore, we believe that Hercules Offshore has considerable organic and acquisition-derived growth potential in future years.”
“We are pleased to join Lime Rock Partners and Hercules management in building a leading shallow water Gulf of Mexico service company,” added V. Frank Pottow, Managing Director of Greenhill Capital Partners.
Lime Rock Partners, based in Westport, Connecticut, is a private equity firm with over $420 million under management dedicated to investing in energy companies with high growth potential. With offices in the major energy centers of North America and Western Europe, Lime Rock targets growth equity investments in companies involved in conventional oil services, technology-focused oil services, and exploration and production and processing. For more information please visit www.lrpartners.com.
Greenhill Capital Partners, LLC is a private equity fund affiliated with Greenhill & Co., Inc. (NYSE: GHL), a mergers & acquisition and restructuring advisory firm. Greenhill Capital Partners currently manages a $425 million private equity fund. Since its inception, Greenhill Capital Partners has invested in over 20 portfolio companies with a focus on the energy, financial services and telecommunications industries. For more information, please visit www.greenhillcapitalpartners.com.
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