Hercules Offshore said it has formed a special committee to consider and explore various strategic alternatives potentially available to the company.
The firm said the move was not in response to any proposal received by the company or following an approach by a third party.
The special committee will be comprised of all of the independent members of the board of directors.
Hercules said the committee would be authorised to explore, review and evaluate any potential strategic transaction involving the company.
The special committee has also engaged PJT Partners as its financial advisor and Akin Gump Strauss Hauer & Feld LLP as its legal counsel.
A spokesman said: “No decision has been made to engage in any particular transaction or transactions.
“There can be no assurance that the Special Committee or the board will authorize the pursuit of any strategic alternative.
“Moreover, there can be no assurance with respect to the terms or the timing of any transaction, or whether any transaction will ultimately occur.”