HOUSTON, Feb. 16, 2012 /PRNewswire/ -- Hercules Offshore, Inc. (Nasdaq: HERO) reported that its Board of Directors has unanimously voted to amend its stockholder rights plan to accelerate the final expiration date of the purchase rights issued thereunder. This amendment has the effect of terminating the plan, which is typically referred to as a "poison pill."
Under the terms of the amendment, the purchase rights expired at the close of business on February 13, 2012, rather than on October 31, 2015, as provided in the rights agreement that evidences the plan.
John Rynd, Chief Executive Officer and President stated, "This step was taken by the Board of Directors with an eye to evolving principles of corporate governance and shareholder relations, and not with reference to any proposed or expected acquisition transaction."
About Hercules Offshore:
Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 42 jackup rigs, 17 barge rigs, 64 liftboats, two submersible rigs, and one platform rig. 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 several key shallow water provinces around the world. Hercules Offshore currently holds 28.0% of share capital in Discovery Offshore, a pure play, ultra-high specification jackup rig company. For more information, please visit our website at http://www.herculesoffshore.com.
SOURCE Hercules Offshore, Inc.
