Hercules Offshore announced it has completed its financial restructuring and emerged from Chapter 11. Funding of the company’s new $450 million senior secured credit facility has also been completed.

According to a related 8-K filing, the exit financing was provided by a lender group led by Jefferies Finance as administrative agent and collateral agent for a $450 million senior secured credit facility consisting entirely of term loans.

“Today marks the beginning of a new chapter for Hercules. Proactively restructuring our balance sheet early in the cycle generated significant benefits for Hercules including substantial debt reduction and added liquidity that will allow us to meet our capital commitments and support operations. With our new capital structure, we are much better positioned to compete successfully in the offshore drilling market” stated John T. Rynd, chief executive officer and president of Hercules Offshore.

Houston, TX-based Hercules Offshore operates a fleet of 27 jackup rigs, including one rig under construction, and 19 liftboats.