Hercules Offshore Announces the Appointment of Randall Stilley as CEO


HOUSTON, October 29, 2004 — Hercules Offshore LLC, a leading jack-up drilling and liftboat contractor in the Gulf of Mexico, announced today the appointment of Randall D. Stilley as the company’s Chief Executive Officer.

Mr. Stilley joins Hercules Offshore with 28 years of exceptional leadership experience in the oil service industry. Most recently, Mr. Stilley was the CEO and President of Seitel, Inc., a Houston-based provider of seismic data and geophysical services. Mr. Stilley successfully led Seitel out of Chapter 11 in July of this year. Earlier in his career, Mr. Stilley served as President of the Oilfield Services division of Weatherford International where he managed over $1 billion in P&L responsibility. He also worked for 21 years over three continents for Halliburton. Mr. Stilley’s tenure at Halliburton included executive responsibility for the company’s Asia Pacific region, responsibility for the company’s Enhancement & Completion Systems Group, and responsibility for all of Halliburton’s relationship with The Royal Dutch/Shell Group.

Hercules Offshore operates the second largest liftboat fleet and sixth largest jack-up rig fleet in the Gulf of Mexico. Through its two operating subsidiaries, Hercules Drilling Company and Hercules Liftboat Company, the company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in the shallow waters of the Gulf of Mexico. Hercules Offshore was formed in August 2004 with equity capital from Lime Rock Partners, a private equity firm based in Westport, Connecticut, and additional equity capital from Greenhill Capital Partners, a private equity firm based in New York.

Mr. Stilley noted today, “I am excited to be able to lead Hercules Offshore into the future. The company has already acquired first-rate assets and has a tremendous team of executives and employees. Together, we are poised to become, I believe, one of the most trusted service providers to operators in the Gulf.”

John Reynolds, Managing Director of Lime Rock Partners, added, “Many of us at Lime Rock have known Randy for years, and we are pleased that he has agreed to lead Hercules Offshore. Hercules is fortunate to have at its helm someone with Randy’s global experience, track record, reputation in the industry, and vision for the company. The board of directors unanimously agreed that Randy is the right person to steer Hercules as it seizes opportunities for growth.”

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