Ben Avon is a LeTourneau Class 82 SD-C self-elevating drilling rig, which is registered and flagged in Panama.
The company has also signed a three-year letter of agreement (LOA) with Cabinda Gulf Oil Company (CABGOC) for using the Ben Avon and generate revenue of about $119m.
Hercules Offshore chief executive officer and president John T Rynd said both the transactions will expand the company’s presence globally and improve cash flow and strengthen its commitment with CABGOC.
"The LOA for the Ben Avon replaces our prior contract with CABGOC for the Hercules 185, at a substantial improvement in dayrate and provides for a new full three year term," Rynd added.
"The Ben Avon is a well-maintained rig that recently completed an extensive five year special survey.
"Given the good condition of the rig, and its close proximity to the drilling location, we expect to spend only minimal additional capital to get it on contract."
The acquisition is expected to close by the end of March 2013, while drilling is anticipated to begin by May 2013.
