General FAQs. 1. What did Hercules Offshore, Inc. (the Company or Hercules ) announce?

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1 August 13, 2015 These are based on the Company s knowledge on the date hereof, and are subject to change during the restructuring process. The may not contain all the information that is relevant for your purposes. If you have questions, you are welcome to call our hotline at +1 (888) (for domestic callers) or +1 (310) (for international callers) for further information. General 1. What did Hercules Offshore, Inc. (the Company or Hercules ) announce? Hercules Offshore, Inc. announced today that it has filed a pre-packaged plan of reorganization (a pre-pack ) under Chapter 11 of the U.S. Bankruptcy Code to continue its financial restructuring of the Company. 2. What is a pre-pack? A pre-packaged Chapter 11 is when a company prepares a plan of reorganization that is negotiated and voted on by its noteholders before the company actually files for bankruptcy protection. This shortens and simplifies the process and also removes any uncertainties for its employees, customers and suppliers because of the known treatment to its constituents. 3. Why did the Company negotiate a pre-packaged Chapter 11? Hercules filed a pre-packaged Chapter 11 to facilitate the implementation of its plan which will create a sustainable capital structure for its business, reduce its cash interest cost and better position the Company to meet the challenges and opportunities of the cyclical and volatile offshore drilling industry. The pre-packaged plan goes through an expedited Chapter 11 restructuring process to gain formal Court approval to be implemented. The Company anticipates emerging from Chapter 11 in approximately days. 4. What are the details of the restructuring plan? The pre-packaged plan provides a substantial deleveraging transaction pursuant to which approximately $1.2 billion of the Company s outstanding notes would be converted to 96.9% of new common equity; the remaining 3.1% of new common equity and warrants would go to existing equity holders that do not opt out of the release provisions under the Plan, and $450 million in new debt financing would be provided by the holders of the senior notes, which would fully fund the remaining construction cost of the Hercules Highlander and provide additional liquidity to fund the Company s operations. 5. How many senior noteholders already agreed to this? Over 99% of the senior noteholders representing over $1.2 billion in value of the senior notes have agreed to the Plan which satisfies the voting requirements of the Bankruptcy Code. 1 of 5

2 6. How long will the Company be in Chapter 11? The Chapter 11 reorganization is expected to conclude in approximately days. 7. Which entities are included in the pre-pack? Hercules Offshore, Inc., and certain of its U.S. domestic subsidiaries will be included in the bankruptcy filing. Foreign subsidiaries are not party to the bankruptcy proceedings. 8. Where can I get additional information? The Company previously posted answers to other FAQ s concerning the Restructuring Support Agreement and the Solicitation of Votes. Further, you may call our toll-free information hotline at +1 (888) for domestic callers or +1 (310) for international callers. Employee 9. How does this impact my job or my day-to-day responsibilities? The Company will continue operations as usual without interruption. This announcement will not affect your job responsibilities or day-to-day activities. You will still report to work as scheduled. We expect all employees, onshore and offshore, to continue to perform their jobs safely and in full compliance with all Company policies and procedures. 10. Will I continue to be paid? The Company anticipates it will receive court authority to pay employee wages and benefits without interruption. Vendor 11. Will vendors continue to be paid? The Company anticipates it will receive court authority to pay trade creditors and suppliers in the ordinary course of business. The Company s contracts are expected to remain in effect in accordance with their terms preserving the rights of all parties. 2 of 5

3 12. Why should vendors continue to do business with the Company? Vendors are expected to be paid for goods and services in the normal course of business without interruption. Hercules values its ongoing business relationships and the Company s focus remains on delivering excellent project execution and safety performance for its customers. In addition, the restructured balance sheet will enhance the Company s credit profile and provide additional financial flexibility. 13. Will the Company be able to continue to purchase supplies? Yes. The Company will continue to order supplies based on customer demand, and Hercules has enough working capital to operate throughout the restructuring without the need for debtor-in-possession financing. 14. Can I change my terms to COD? There is no reason to change terms since you are being paid in the ordinary course of business. Under the proposed plan, trade creditors and vendors will continue to be paid normally as the Company has more than sufficient cash to make these payments timely. 15. Is the Company behind on payments to vendors and trade creditors? No. Hercules has made all scheduled and undisputed vendor payments in full and plans to continue to do so. 16. Will the Company renegotiate terms with vendors? The Company may renegotiate terms with its suppliers on a case by case basis because of business conditions, not because of the restructuring. Customer 17. Will this announcement affect the Company s operations? Daily operations at the Company are expected to continue as scheduled. The Company anticipates no disruption in its services and the Company s focus on safety, maintenance and reliability is unchanged. 18. Will the Company have access to the same employees and resources in order to conduct operations? Yes. The Company will maintain access to its existing employee base and will continue to have the necessary resources to conduct its operations in a safe and timely manner. 19. Will the filing negatively impact Hercules level of services and care to customers? 3 of 5

4 No. Hercules will remain focused on maintaining the highest quality of service and safety in daily operations, meeting all customer needs and keeping customers, employees and creditors informed as the restructuring progresses. Investor 20. How does this announcement affect my stock? The Plan calls for the existing common stockholders to receive 3.1% of the new common stock in addition to warrants provided that they do not opt out of the releases contained in the Plan. 21. Is this common treatment for existing shareholders? While there is no standard treatment in a restructuring for any class of creditors, it is common for existing shareholders equity interests to be extinguished and to have the new equity distributed to creditors. The plan of reorganization that we filed today offers existing shareholders a percentage of new common stock, which will allow them to continue to own a significantly diluted portion of the restructured Hercules, as well as warrants to purchase common stock that may become exercisable if the Company achieves a certain level of enterprise value, provided that existing shareholders do not opt out of the releases of the Plan. 22. What will my stock be worth? At this time, it is too early in the process to determine the ultimate value of the new shares. The plan of reorganization, which requires Court approval, and the disclosure statement that accompanies the plan provides additional information regarding the potential value of the shares. 23. Can I still trade in Company shares? It is expected that you will be able to continue to trade in Hercules stock (pre-reorganization shares) until reorganization is completed. The Company expects its stock to be delisted from the Nasdaq Global Select Market and to be traded on the OTC Market until such time as the Company emerges from bankruptcy. Subsequent to reorganization, the Company currently expects that new shares of stock (post-reorganization shares) will be issued to its noteholders and shareholders based on the terms of the Chapter 11 Plan of Reorganization. The new shares will be available to trade, and the Company intends to apply to list the post-reorganization shares for trading on the Nasdaq Market. You are cautioned that trading in Hercules stock during the restructuring and reorganization involves serious risks, and there can be no assurance that a trading market will be available during the restructuring. 24. Should I sell my shares? The Company cannot advise you on how to handle your shares. Please contact a financial and tax advisor if you have questions about managing your personal portfolio. 4 of 5

5 25. If I am a current stockholder, will I be entitled to vote on the Plan of Reorganization? No. 26. If I am a current stockholder, will I be entitled to opt out of granting the releases under the Plan of Reorganization? Holders of our common stock have been given the opportunity to opt out of granting certain releases set forth in the Plan. If you opt out of granting a release, that election will be binding on any buyer of such shares of common stock in any subsequent sale or re-sale of the shares. Any opt-out shares will not receive any consideration or distributions of any kind whatsoever under the Plan of Reorganization. There may be no trading market for shares of common stock held by stockholders who elect to opt out of the releases, and electing to opt out of the releases will likely make it more difficult for such opt-out stockholders to dispose of their common stock or to realize value on the shares at a time when they may wish to do so. Under the terms our Plan, stockholders who did not opt out have agreed to grant the releases and will receive 3.1% of new common stock in addition to warrants. These are for information purposes only and are not a solicitation to accept or reject the proposed Plan of Reorganization referred to herein or an offer to sell or a solicitation of an offer to buy any securities of the Company. Cautionary Statement Statements above that are not historical fact are forward-looking statements, including the timing of the restructuring, and its impact on our operations, customers, vendors and employees. Forward-looking statements by their nature involve substantial risks, uncertainties and assumptions, including without limitation, contract renegotiations with customers, early termination or renegotiation by customers or suppliers pursuant to contract or otherwise, government and regulatory actions and other factors described in the risks and uncertainties described in our periodic reports filed with the Securities and Exchange Commission. Many of these factors are beyond our ability to control or predict. Forward-looking statements related to the Plan of Reorganization and Restructuring Support Agreement involve known and unknown risks, uncertainties, assumptions and other factors which may cause our actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by our forward-looking statements, including but not limited to potential adverse effects related to the following: potential de-listing of our common stock on Nasdaq; potential restructuring of our outstanding debt and related effects on the holders of our outstanding common stock and notes; potential effects of the industry downturn on our business, financial condition and results of operations; potential limitations on our ability to maintain contracts and other critical business relationships; requirements for adequate liquidity to fund our operations in the future, including obtaining sufficient financing on acceptable terms; and other matters related to the potential restructuring and our indebtedness. Accordingly, you should not place undue reliance on forward-looking statements. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. 5 of 5

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