Exhibit 10.1

AMENDMENT NO. 2 TO RESTRUCTURING SUPPORT AGREEMENT

This Amendment No. 2 (this “Amendment No. 2”), dated as of August 12, 2016, is
made by the HERO Entities and each of the Ad Hoc Group Members that is a party
hereto. Capitalized terms used and not otherwise defined herein have the
meanings set forth in the Agreement (as defined below).

WHEREAS, the HERO Entities and the Ad Hoc Group Members are parties to that
certain Restructuring Support Agreement, dated May 26, 2016, as amended by the
Amendment to the Restructuring Support Agreement, dated July 8, 2016 (as may be
further amended, modified or supplemented from time to time, the “Agreement”);

WHEREAS, Section 26 of the Agreement provides, among other things, that the
Agreement may be amended with the written consent of (i) each of the HERO
Entities and (ii) the Requisite Consenting Lenders; and

WHEREAS, the parties desire to amend the Agreement in order to extend the
timeline for (a) the entry of the Disclosure Statement Order and Confirmation
Order and (b) the consummation of the Plan.

NOW, THEREFORE, in consideration of the covenants and agreements contained
herein and in the Agreement and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree as follows:

 

  1. Section 6(i) of the Agreement is hereby amended such that (i) the reference
to “August 12, 2016” therein is changed to “September 30, 2016.”

 

  2. Section 6(j) of the Agreement is hereby amended such that the reference to
“August 26, 2016” therein is changed to “October 14, 2016.”

 

  3. Point 7 of the “Milestones” subsection of the Term Sheet is hereby amended
such that the reference to “August 12, 2016” therein is changed to “September
30, 2016.”

 

  4. Point 8 of the “Milestones” subsection of the Term Sheet is hereby amended
such that the reference to “August 26, 2016” therein is changed to “October 14,
2016.”

 

  5. This Amendment No. 2 and the Agreement (including the Term Sheet that is
attached to, and fully incorporated in, the Agreement), together, contain the
complete agreement among the HERO Entities and the Ad Hoc Group Members and
supersede any prior understandings, agreements, letters of intent or
representations by or among such parties, written or oral, to the extent they
relate to the subject matter hereof. Except as specifically amended hereby, the
Agreement, as amended hereby, shall remain in full force and effect.

[Signature Pages Follow]

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IN WITNESS WHEREOF, this Amendment No. 2 has been duly executed to be effective
as of the date first written above.

 

HERCULES OFFSHORE, INC. By:  

/s/ Troy L. Carson

Name:   Troy L. Carson Title:   Senior Vice President & CFO CLIFFS DRILLING
COMPANY FDT LLC FDT HOLDINGS LLC HERCULES DRILLING COMPANY, LLC

HERCULES OFFSHORE LIFTBOAT
COMPANY LLC

HERO HOLDINGS, INC. SD DRILLING LLC THE OFFSHORE DRILLING COMPANY THE ONSHORE
DRILLING COMPANY TODCO AMERICAS INC. TODCO INTERNATIONAL INC. HERCULES LIFTBOAT
COMPANY, LLC HERCULES OFFSHORE SERVICES LLC

HERCULES OFFSHORE INTERNATIONAL, LLC

By:  

/s/ Troy L. Carson

Name:   Troy L. Carson Title:   Vice President

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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DISCOVERY OFFSHORE (GIBRALTAR)     LIMITED By:  

/s/ Troy L. Carson

Name:   Troy L. Carson Title:   Authorized Signatory By:  

/s/ Beau M. Thompson

Name:   Beau M. Thompson Title:   Authorized Signatory

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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HERCULES OFFSHORE (NIGERIA) LIMITED By:  

/s/ Troy L. Carson

Name:   Troy L. Carson Title:   Authorized Signatory

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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DISCOVERY NORTH SEA LTD.

DISCOVERY OFFSHORE SERVICES LTD.

HERCULES ASSET MANAGEMENT LTD. HERCULES INTERNATIONAL DRILLING LTD.

HERCULES INTERNATIONAL HOLDINGS, LTD.

HERCULES INTERNATIONAL MANAGEMENT COMPANY LTD.

HERCULES INTERNATIONAL OFFSHORE, LTD.

HERCULES NORTH SEA, LTD.

HERCULES OFFSHORE ARABIA, LTD.

HERCULES OFFSHORE HOLDINGS LTD.

HERCULES OFFSHORE MIDDLE EAST LTD. HERCULES OILFIELD SERVICES LTD. TODCO
TRINIDAD LTD. By:  

/s/ Claus E. Feyling

Name:   Claus E. Feyling Title:   Director

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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HERCULES OFFSHORE LABUAN CORPORATION

By:  

/s/ Claus E. Feyling

Name:   Claus E. Feyling Title:   Director

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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HERCULES BRITANNIA HOLDINGS     LIMITED HERCULES BRITISH OFFSHORE LIMITED
HERCULES NORTH SEA DRILLER LIMITED HERCULES OFFSHORE UK LIMITED By:  

/s/ Claus E. Feyling

Name:   Claus E. Feyling Title:   Director

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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LUMINUS ENERGY MASTER FUND, LTD.,

as Lender

By:  

/s/ Jeffrey Wade

Name:   Jeffrey Wade Title:   General Counsel

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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By: T. ROWE PRICE ASSOCIATES, INC.,

as investment advisor

By:  

/s/ Rodney M. Rayburn

Name:   Rodney M. Rayburn Title:   Vice President

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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NOMURA CORPORATE RESEARCH AND ASSET MANAGEMENT INC., as investment manager on
behalf of certain of its clients:

By:  

/s/ Steven Kotsen

Name:   Steven Kotsen Title:   Portfolio Manager

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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BLACKWELL PARTNERS LLC – SERIES A

By: Bowery Investment Management, LLC, its Manager By:  

/s/ Vladimir Jelisavcic

Name:   Vladimir Jelisavcic Title:   Manager

BOWERY OPPORTUNITY FUND, L.P.

By: Bowery Opportunity Management, LLC, its General Partner By:  

/s/ Vladimir Jelisavcic

Name:   Vladimir Jelisavcic Title:   Manager

BOWERY OPPORTUNITY FUND, Ltd.

By:  

/s/ Vladimir Jelisavcic

Name:   Vladimir Jelisavcic Title:   Director

P BOWERY, LTD

By: Bowery Investment Management, LLC, its investment manager By:  

/s/ Vladimir Jelisavcic

Name:   Vladimir Jelisavcic Title:   Manager

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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THIRD AVENUE TRUST, on behalf of the THIRD AVENUE FOCUSED CREDIT FUND By: Third
Avenue Management, LLC, as investment advisor By:  

/s/ Vincent J. Dugan

Name:   Vincent J. Dugan Title:   Chief Financial Officer

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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SOUTH DAKOTA RETIREMENT SYSTEM By:  

/s/ Matthew L. Clark

Name:   Matthew L. Clark Title:   State Investment Officer on behalf of the
South Dakota Retirement System

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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WESTERN ASSET MANAGEMENT COMPANY, as Investment Manager for Certain of its
Clients By:  

/s/ Adam Wright

Name:   Adam Wright Title:   Manager, U.S. Legal Affairs

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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QPB HOLDING LTD., as Lender

By:  

/s/ Thomas L. O’Grady

Name:   Thomas L. O’Grady Title:   Attorney-in-Fact

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]

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QUANTUM PARTNERS LP, as holder of HERO Equity Interests

By: QP GP LLC, its General Partner

By:  

/s/ Thomas L. O’Grady

Name   Thomas L. O’Grady Title:   Attorney-in-Fact

 

[SIGNATURE PAGE TO AMENDMENT NO. 2 TO THE AGREEMENT]