Citigroup Global Markets in Acquisition of TODCO by Hercules Offshore
March 19, 2007
Cleary Gottlieb is representing Citigroup Global Markets in its capacity as financial advisor to TODCO in connection with the acquisition of TODCO by Hercules Offshore. The transaction was announced on March 19, 2007, and is valued at approximately $2.3 billion.
TODCO is a leading provider of contract oil and gas drilling services with the largest fleet in the shallow water U.S. Gulf of Mexico and along the U.S. Gulf Coast. Hercules Offshore 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 shallow waters.