Hercules Offshore Inc., Houston, (Nasdaq: HERO) has closed its acquisition of Todco, Houston, (NYSE: THE) for a total of approximately 56.6 million Hercules shares valued at $1.9 billion and $926.8 million in cash in a total deal valued at approximately $2.8 billion. Todco shareholders has the option to receive either $48.46 in cash per share, $20.145 in cash and 0.854 Hercules shares or 1.4616 Hercules share. Hercules now has the world's fourth-largest jackup fleet. It has 33 jackup rigs, 27 barge rigs, 64 liftboats, three submersible rigs, nine land rigs and one platform rig and has operations in 10 countries on five continents, particularly in the Gulf of Mexico.
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