Hercules Offshore Inc. has formed a special committee to consider and explore strategic alternatives available to maximize its value, according to a news release.

However, the release noted that the formation of the committee, which is comprised of all the independent members of the company’s board of directors, is not in response to any proposal received or an approach by a third party.

The committee is authorized to explore, review and evaluate any potential strategic transaction involving the company and any alternatives, including but not limited to, the sale of the company, a merger or share exchange involving the company, the sale of some or all of the company’s assets, and a recapitalization of the company, whether by issuance of equity or debt securities, incurrence of additional indebtedness, or issuance of derivative securities, the release said.

As of Feb. 9, Hercules had about $514 million of cash, including $200 million held in escrow for the final delivery payment for the Hercules Highlander, $450 million of total debt outstanding, and 20 million shares of common stock outstanding, the release said.

Offshore