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Hercules Offshore (NASDAQ: HERO ) is soon to be roughly $45 million richer thanks to an asset sell-off. The company has inked a deal to sell 11 of its inland barge rigs plus related assets. In the press release announcing the move, the firm did not name the counterparty.
The price will be paid in cash across two tranches. The first will see the company receive $35 million for 10 of the rigs, while the second will see the remaining one change hands and $10 million exchanged. The former tranche is expected to close in the late second quarter of this year, with the latter following shortly thereafter.
Of the rigs being divested, three are active while eight are cold stacked.