Hercules lands rig deal after Saudi blow

April 2, 2015 12:35 PM

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Saudi Aramco canceled contract with company earlier this year.

The company signed a deal to lease its Hercules 260 rig to a subsidiary of the Italian energy company. The contract outlines a rate of $75,000 per day if crude oil prices stay below $86 per barrel and $125,000 per day if crude oil prices top $125 per barrel.

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