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October 15, 2008

Signal International to repair Hercules Offshore rigs

Hercules Offshore said yesterday that it expects to incur approximately $10.0 million of incremental operating costs in the fourth quarter of 2008, largely related to repairs on its rigs Hercules 78 and Hercules 201, which are expected to last approximately 30 days. Both rigs sustained damage when Hurricane Ike entered the Gulf of Mexico in early September. Hercules said it does not expect that the repairs to the damaged rigs will exceed the $10.0 million insurance deductible that applies for each named windstorm in the U.S. Gulf of Mexico.

Signal International has been awarded two contracts from Hercules Offshore for repair of the two rigs. They are set to arrive at Signal's East yard in Pascagoula, Miss., later this week.

Signal's CEO and Chairman of the Board, Dick Marler said, "we are pleased with these contracts and as the preferred service provider in the Gulf of Mexico, appreciate Hercules' confidence in the Signal team. Signal will continue its commitment to quality and will return the rigs to service as quickly as possible."

Ron Schnoor, Signal's COO said, "The rigs will be dry-docked side-by-side on Signal's Dual Carrier and undergo a thorough inspection to determine the full extent of the damage and necessary repairs. Dry-docking two rigs at once expedites the work and maintains cost effectiveness for our client."

This award brings the number of rigs currently undergoing repair and upgrade at Signal to six. The company continues to hire in all crafts and has a current employment of 4000. With these new contracts Signal will hire approximately 200 additional craft personnel.


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