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Hercules Offshore Buys More Shares in Discovery Offshore S.A.

Discovery Offshore S.A. announced today that Hercules Offshore Inc.  has on 8 August 2012 acquired 2,658,500 shares in Discovery Offshore at an average price of approximately NOK9.50 per share.

Following the acquisition, Hercules Offshore holds 21,012,834 shares in the Company, corresponding to 32.1% of the share capital. Two members of the Discovery Offshore Board are executives of Hercules Offshore. Discovery Offshore is a Luxembourg-based public limited liability company incorporated in January 2011 for the purpose of owning new ultra high specification jackup drilling rigs.

The Company’s main assets are two Keppel FELS Super A high specification harsh environment jackup rigs currently under construction, with delivery scheduled for the second quarter and fourth quarter of 2013, respectively.

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FEG Orders Two GustoMSC Design Jack-Up Rigs from CMHI, China

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Chinese yard China Merchants Heavy Industry (CMHI) has recently signed an order for two jack-up rigs with Singapore-listed Falcon Energy Group (FEG) . The order includes options for two repeat rigs.

The rigs are of the GustoMSC CJ46-X100-D design, capable of drilling in a water depth of about 375 ft. Rig construction is expected to take about two years. They will be built at CMHI’s shipyard on Shenzhen’s Mazhou Island.

GustoMSC has signed the license agreement with CMHI and will also deliver the GustoMSC rack and pinion jacking systems, fixation systems and X-Y skidding system for the patented GustoMSC X-Y cantilever.

Special features of the CJ46-X100-D are:

– Drilling derrick: 170 ft, 1500 kips

– Mud pumps: 3 x 2,200 HP

– X-Y cantilever: large reach (70 x 40 ft) high load (2,500 kips)

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