Hercules Notifies Holders of 3.375% Convertible Senior Notes Due 2038 of their Repurchase Option

Hercules Notifies Holders of 3.375% Convertible Senior Notes Due 2038 of their
                              Repurchase Option

PR Newswire

HOUSTON, May 1, 2013

HOUSTON, May 1, 2013 /PRNewswire/ --Hercules Offshore, Inc. (NASDAQ: HERO)
announced that holders of its 3.375% Convertible Senior Notes due 2038 (the
"Notes") have the right, at each holder's option, to require Hercules Offshore
to repurchase their Notes on June 1, 2013 (the "Optional Put Repurchase Date")
at a repurchase price in cash equal to 100 percent of the original principal
amount of the Notes plus accrued and unpaid interest, if any, to (but
excluding) the Optional Put Repurchase Date (the "Optional Put Repurchase
Price"). The Optional Put Repurchase Date is an "Interest Payment Date" under
the terms of the Notes. Accordingly, interest accrued up to the Optional Put
Repurchase Date will be paid on the Interest Payment Date to holders of record
at 5:00 p.m., New York City time, on May 15, 2013, and the Company does not
expect that there will be accrued and unpaid interest due as part of the
Optional Put Repurchase Price. Payment of the Optional Put Repurchase Price
will be made on June 3, 2013, which is the next succeeding business day
following the Optional Put Repurchase Date. Unless Hercules Offshore defaults
in the payment of the Optional Put Repurchase Price in accordance with the
Indenture relating to the Notes, interest on the repurchased Notes will cease
to accrue, and the accreted principal amount of the Notes will cease to
accrete, on and after the Optional Put Repurchase Date. If all outstanding
Notes are surrendered for repurchase, the aggregate cash repurchase price will
be approximately $68.3 million. Hercules Offshore intends to pay the Optional
Put Repurchase Price by using available cash.

The repurchase option commences today and expires at 5:00 p.m., New York City
time, on Friday, May 31, 2013 (the "Expiration Date"), which is the business
day immediately preceding the Optional Put Repurchase Date. Holders may
withdraw their election to exercise the repurchase option at any time prior to
5:00 p.m., New York City time, on the Expiration Date. In order to exercise
the option to require Hercules Offshore to purchase its Notes, or withdraw
Notes previously surrendered, a holder must follow the procedures set forth in
the Company Notice, which is being sent to all registered holders of the

The Notes are also currently convertible into shares of Hercules Offshore's
common stock at a rate of 19.9695 shares of common stock per $1,000 original
principal amount, which is equal to a conversion price of approximately $50.08
per share, at the option of the holder and so long as specified conditions are
met. Hercules Offshore, at its election, may settle any Notes surrendered for
conversion in shares of common stock, cash or a combination thereof. Cash
will be delivered in lieu of any fractional shares. If a holder has already
delivered a repurchase notice with respect to a Note, the holder may not
surrender that Note for conversion unless and until the holder has validly
withdrawn the repurchase notice.

This press release is for informational purposes only and does not constitute
an offer to buy or the solicitation of an offer to sell any Notes. As
required by the rules of the Securities Exchange Commission, Hercules Offshore
plans to file a Tender Offer Statement on Schedule TO with the Securities and
Exchange Commission later today. Hercules Offshore will make available to
Note holders, directly or through DTC, documents specifying the terms,
conditions and procedures for surrendering and withdrawing Notes for
repurchase (copies of which will be attached as exhibits to such Schedule
TO). None of Hercules Offshore, its Board of Directors or its employees has
made or is making any representation or recommendation to any holder as to
whether to exercise or refrain from exercising its option to require Hercules
Offshore to repurchase its Notes. Note holders are encouraged to read these
documents carefully before deciding whether to exercise their option to
require Hercules Offshore to repurchase their Notes, as these documents
contain important information regarding the details of Hercules Offshore's
obligation to repurchase the Notes. Holders of the Notes and other interested
parties may obtain a free copy of these documents at the Securities and
Exchange Commission's website, www.sec.gov, at Hercules Offshore's website,
www.herculesoffshore.com, or from Hercules Offshore at 9 Greenway Plaza, Suite
2200, Houston, TX 77046, Attn: Treasury Department (Telephone:
1-713-350-8346). The name and address of the paying agent in connection with
the repurchase of the Notes is The Bank of New York Mellon, 111 Sanders Creek
Parkway, East Syracuse, New York 13057. Questions and requests for assistance
in connection with the surrender of the Notes for repurchase may be directed
to Dacia Brown-Jones at The Bank of New York Mellon at 315-414-3349.

Additional Information

Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 38
jackup rigs, 13 barge rigs and 64 liftboats. The Company offers a range of
services to oil and gas producers to meet their needs during drilling, well
service, platform inspection, maintenance, and decommissioning operations in
several key shallow water provinces around the world. Hercules Offshore
currently holds 32.1% of share capital in Discovery Offshore S.A., a pure
play, ultra-high specification jackup rig company. For more information,
please visit our website at http://www.herculesoffshore.com.

Forward-Looking Statements: This release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, including, without limitation,
statements relating to future events, including the timing of the filing of
the Schedule TO with the Securities and Exchange Commission. The
forward-looking statements are subject to a number of risks, uncertainties and
assumptions, including the factors described in Hercules Offshore's most
recent periodic reports, including Hercules Offshore's Annual Report on Form
10-K for the fiscal year ended December 31, 2012, Hercules Offshore's
Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2013, and
other documents filed with the Securities and Exchange Commission, which are
available free of charge at the SEC's website at http://www.sec.gov or the
Company's website at http://www.herculesoffshore.com. Hercules Offshore
cautions you that forward-looking statements are not guarantees of future
performance and that actual results or developments may differ materially from
those projected or implied in these statements. Except as otherwise required
by law, Hercules Offshore undertakes no obligation to publicly update its
forward-looking statements in light of new information or future events.

SOURCE Hercules Offshore, Inc.

Website: http://www.herculesoffshore.com
Contact: Craig M. Muirhead, Vice President and Treasurer, Hercules Offshore,
Inc., 713-350-8346
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