Hercules Offshore has received a notice from Saudi Aramco withdrawing the previously issued notice of termination concerning the Hercules 261 rig contract, a news release said.
All terms and conditions of the contract remain in full force and effect for the rest of the five-year term of the contract.
Notwithstanding the receipt of the withdrawal of the termination notice, Hercules Offshore said day rates on the Hercules 261 the Hercules 262 and the Hercules 266, which are also under contract with Saudi Aramco, are expected to be significantly reduced to bring such rates in line with current market rates for similarly-classed rigs in the region.
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