HERCULES OFFSHORE, INC. - FORM 8-K - EX-99.1 - April 28, 2010

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8-K - FORM 8-K - HERCULES OFFSHORE, INC.h72514e8vk.htm
Exhibit 99.1
         
(HERCULES LOGO)
  Hercules Offshore
Monthly Rig Fleet Status Report
as of
April 28, 2010 		   
                                        
                Contract (2)     Est. Duration (3)    
Rig Name   Rig Type   Location   Customer / Status (1)   Dayrate ($000s)     Days     Date   Comments
Domestic Offshore                            
1 Hercules 120
   120' - MC, TD   GOM   Chevron     27-29       63     06/30/10    
 
                 31-33       184     12/31/10   Dayrate adjusts every 90 days to published GOM index, next adjustment will be October 1
2 Hercules 150
   150' - ILC, TD   GOM   Hilcorp     32-34       143     09/18/10    
3 Hercules 173
   173' - MC, TD   GOM   Chevron     27-29       63     06/30/10    
 
                 31-33       184     12/31/10   Dayrate adjusts every 90 days to published GOM index, next adjustment will be October 1
4 Hercules 200
   200' - MC, TD   GOM   Apache     33-35       89     07/26/10   Contract commenced April 27, 2010
5 Hercules 201
   200' - MC, TD   GOM   LLOG     32-34       28     05/26/10    
6 Hercules 202
   200' - MC, TD   GOM   W&T Offshore     31-33       122     08/28/10    
7 Hercules 204
   200' - MC, TD   GOM   LLOG     32-34       32     05/30/10    
8 Hercules 205
   200' - MC, TD   GOM   Hall-Houston     31-33       36     06/03/10   Contract commenced April 21, 2010
9 Hercules 251
   250' - MS, TD   GOM   ADTI/Phoenix     31-34       82     07/19/10    
10 Hercules 253
   250' - MS, TD   GOM   ADTI/Contango     32-34       4     05/02/10    
11 Hercules 257
   250' - MS, TD   GOM   ADTI/Hall-Houston     31-33       3     05/01/10    
 
           Energy XXI     34-36       14     05/15/10    
12 Hercules 350
   350' - ILC, TD   GOM   Chevron     49-51       63     06/30/10  
 
                 69-71       184     12/31/10   Expected to incur 21 days of downtime during July 2010 for underwater inspections
 
               Average     108     days    
13 Hercules 75
   Submersible, TD   GOM         Cold Stacked 01/09                        
14 Hercules 77
   Submersible, TD   GOM         Cold Stacked 01/09                        
15 Hercules 78
   Submersible, TD   GOM         Cold Stacked 01/09                        
16 Hercules 85
   85' - ILS, TD   GOM         Cold Stacked 01/09                        
17 Hercules 101
   100' - MC, TD   GOM         Cold Stacked 01/09                        
18 Hercules 152
   150' - MC, TD   GOM         Cold Stacked 05/09                        
19 Hercules 153
   150' - MC, TD   GOM         Cold Stacked 01/09                        
20 Hercules 203
   200' - MC, TD   GOM         Cold Stacked 06/09                       Continuing obligation from Energy XXI for approximately 15 days at $81-83K dayrate will be assigned to another rig; actual days remaining are currently being negotiated
21 Hercules 206
   200' - MC, TD   GOM         Cold Stacked 12/09                        
22 Hercules 207
   200' - MC, TD   GOM         Cold Stacked 01/09                        
23 Hercules 211
   200' - MC Workover   GOM         Cold Stacked 01/09                        
24 Hercules 250
   250' - MS, TD   GOM         Cold Stacked 12/09                        
25 Hercules 252
   250' - MS, TD   GOM         Cold Stacked 05/09                        

Page 1 of 4

 

         
(HERCULES LOGO)
  Hercules Offshore
Monthly Rig Fleet Status Report
as of
April 28, 2010 		   
                                     
                Contract (2)     Est. Duration (3)    
Rig Name   Rig Type   Location   Customer / Status (1)   Dayrate ($000s)     Days     Date   Comments
International Offshore
                                    
1 Hercules 170
   170' - ILC, TD   Bahrain         Warm Stacked                        
2 Hercules 156
   150' - ILC, TD   Gabon         Warm Stacked                        
3 Hercules 185
   150' - ILC, TD   Gabon   Angola Drilling Company Ltd     149-151       254     01/07/11   Remains on standby dayrate in the $145-150K range. Currently does not meet our revenue recognition criteria due to uncertainty surrounding collectability.
4 Platform 3
   Platform, TD   Mexico   PEMEX     54-56       358     04/21/11    
5 Hercules 258
   250' - MS, TD   India   ONGC     109-111       402     06/04/11    
6 Hercules 260
   250' - ILC, TD   India   ONGC     142-144       336     03/30/11    
7 Hercules 208
   200' - MC, TD   Malaysia   Murphy     109-111       485     08/26/11    
8 Hercules 261
   250' - ILC, TD   Saudi Arabia   Saudi Aramco     136-138       520     09/30/11    
9 Hercules 262
   250' - ILC, TD   Saudi Arabia   Saudi Aramco     127-129       520     09/30/11    
 
               Average     319     days    

Page 2 of 4

 

         
(HERCULES LOGO)
  Hercules Offshore
Monthly Rig Fleet Status Report
as of
April 28, 2010 		   
                                     
                Contract (2)     Est. Duration (3)    
Rig Name   Rig Type   Location   Customer / Status (1)   Dayrate ($000s)     Days     Date   Comments
US Inland Barges                
1 Hercules 17
   Posted - 3000 hp, TD   US Inland Gulf Coast   Energy Partners Ltd.     16-18       15     05/13/10   Contract commenced April 7, 2010
2 Hercules 41
   Posted - 3000 hp, TD   US Inland Gulf Coast   Castex     16-18       17     05/15/10   Contract commenced April 7, 2010
3 Hercules 49
   Posted - 3000 hp, TD   US Inland Gulf Coast   Dynamic     14-16       10     05/08/10    
 
               Average     14     days    
4 Hercules 01
   Conv - 2000 hp   US Inland Gulf Coast             Cold Stacked 10/08                        
5 Hercules 09
   Posted - 2000 hp, TD   US Inland Gulf Coast             Cold Stacked 05/09                        
6 Hercules 11
   Conv - 3000 hp, TD   US Inland Gulf Coast             Cold Stacked 02/09                        
7 Hercules 15
   Conv - 2000 hp   US Inland Gulf Coast             Cold Stacked 12/08                        
8 Hercules 19
   Conv - 1000 hp   US Inland Gulf Coast             Cold Stacked 01/09                        
9 Hercules 27
   Posted - 3000 hp, TD   US Inland Gulf Coast             Cold Stacked 01/09                        
10 Hercules 28
   Conv - 3000 hp   US Inland Gulf Coast             Cold Stacked 05/08                        
11 Hercules 29
   Conv - 3000 hp, TD   US Inland Gulf Coast             Cold Stacked 03/09                        
12 Hercules 46
   Posted - 3000 hp, TD   US Inland Gulf Coast             Cold Stacked 01/09                        
13 Hercules 48
   Posted - 3000 hp, TD   US Inland Gulf Coast             Cold Stacked 03/09                        
14 Hercules 52
   Posted - 2000 hp, TD   US Inland Gulf Coast             Cold Stacked 01/09                        
15 Hercules 55
   Posted - 2000 hp, TD   US Inland Gulf Coast             Cold Stacked 01/09                        
16 Hercules 57
   Posted - 3000 hp, TD   US Inland Gulf Coast             Cold Stacked 03/09                        
17 Hercules 64
   Posted - 3000 hp, TD   US Inland Gulf Coast             Cold Stacked 03/09                        
 
(1)   Rigs with a Customer named are under contract while rigs described as “Ready Stacked” are not under contract but generally are ready for service. Rigs described as “Warm Stacked” may have a reduced number of crew, but only require a full crew to be ready for service. Rigs described as “Cold Stacked” are not actively marketed, normally require the hiring of an entire crew and require a maintenance review and refurbishment before they can function as a drilling rig. Rigs described as “Shipyard” are undergoing maintenance, repairs, or upgrades and may or may not be actively marketed depending on the length of stay in the shipyard.
 
(2)   Contract dayrates shown in the table above are full contract operating dayrates, although the average dayrate over the term of the contract will be lower and could be substantially lower. Lower dayrates typically apply when the rig is under contract but not fully operating, including periods when the rig is moving, waiting on weather, on standby, down for repairs or maintenance or during other operational delays or events of force majeure. In certain cases under our Inland Barge contracts dayrates include revenue for other vessels and services provided by Delta Towing. The dayrates do not include lump sum amounts reimbursable from the client, bonuses that are considered revenue under generally accepted accounting principles, or revenue already included in other Hercules business segments.
 
(3)   Estimated contract duration is an estimate based on current belief by our customer as to the remaining days to complete the project.

Page 3 of 4

 

         
(HERCULES LOGO)
  Hercules Offshore
Liftboat Fleet Status Report
for the month ended
March 31, 2010 		   
                                             
Leg Length/           Actively     Revenue Per                  
Liftboat Class   Total Number     Marketed     Day Per     Operating            
(Feet)   of Liftboats     Liftboats(1)     Liftboat(2)     Days     Utilization(3)     Comments
Gulf of Mexico
                                            
230
     2       2     $ 24,894       14       23 %   Two vessels in drydock in March and April; One vessel was completed in early April
190-215
     3       3       11,565       19       20 %    
170
     1       1       9,685       18       58 %    
140-150
     6       6       7,491       120       65 %    
120-130
     14       13       5,704       239       59 %   Three vessels in drydock in March and two vessels in drydock in April
105
     15       13       4,770       248       62 %   Four vessels in drydock in March and one vessel in drydock in April
 
                                  
Sub-total/Average
     41       38     $ 6,364       658       56 %    
 
                                            
International
                                            
230-260(4)
     2       2     $ 69,505       17       27 %    
170-215
     7       7       33,980       112       52 %    
140-150
     4       4       15,075       93       75 %   One vessel in drydock in March and April
120-130
     7       7       14,094       155       71 %   One vessel in drydock in March and April
105
     4       4       —       3       2 %   One vessel in drydock in March and two vessels in drydock in April
 
                                  
Sub-total/Average
     24       24     $ 22,563       380       51 %    
 
                                            
 
                                  
Total/Average
     65       62     $ 12,294       1038       54 %    
 
(1)   Actively marketed liftboats excludes three GOM cold-stacked liftboats.
 
(2)   Includes reimbursables.
 
(3)   Utilization is defined as the total number of operating days in the period as a percentage of the total number of calendar days in the period our liftboats were actively marketed.
 
(4)   Revenue per day for this class excludes $141,667 of mobilization revenue.
The information herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning estimated contract expiration dates, dayrates, estimated dates for completion of repairs and upgrades and commencement dates of new contracts. Such statements are subject to a number of risks, uncertainties and assumptions, including, without limitation, early termination by the customer pursuant to the contract or otherwise, cancellation or completion of certain contracts earlier than expected, operational difficulties, shipyard and other delays and other factors described in Hercules’ annual report on Form 10-K and its most recent periodic reports and other documents filed with the Securities and Exchange Commission, which are available free of charge at the SEC’s website at www.sec.gov or the company’s website at www.herculesoffshore.com. Hercules cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements.

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HERCULES OFFSHORE, INC. Reports