Hercules Offshore, one of the companies hurt by the low price of oil, said Thursday it signed a five-year contract with Eni for work off the West African coast.

The company signed a deal to lease its Hercules 260 rig to a subsidiary of the Italian energy company. The contract outlines a rate of $75,000 per day if crude oil prices stay below $86 per barrel and $125,000 per day if crude oil prices top $125 per barrel.

Brent crude oil for May delivery Thursday was $55.30 per barrel.

The contract comes one day after Eni subsidiary Saipem announced it formed a joint venture with African conglomerate Dangote Group to explore Nigeria and West Africa. The new company, Saipmen Dangote E&C, was touted by the Italian company as "a significant player" in the regional market, "with high technical and financial capabilities."

Saudi Aramco in February canceled a contract to lease the Hercules 261 rig, effective March 27. The rig company said it's been in talks with the Saudi oil company to reduce the day rates for two other rigs, Hercules 262 and Hercules 266.

Hercules 261 was listed in the company's fleet status update as having a day-rate around $135,000. Rigs 262 and 266 have a combined average day rate of around $118,000.