HERCULES OFFSHORE, INC. - FORM 8-K - EX-99.1 - December 15, 2010

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8-K - FORM 8-K - HERCULES OFFSHORE, INC.h78353e8vk.htm
Exhibit 99.1
(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
December 15, 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



   32-34
35-37		       16
181		       12/31/10
06/30/11		    

Scheduled downtime for ABS survey for approximately 40 days starting in February 2011
  
                                                   


2		    

Hercules 150		    

150’ — ILC, TD		    

GOM		     Phoenix
Apache
LLOG
Hillcorp 		    33-35
33-35
33-35
31-33 		      5
21
7
21		       12/20/10
01/10/11
01/17/11
02/07/11		        
                                                   
3


    Hercules 173


     173’ — MC, TD


     GOM     Chevron     32-34
35-37		       16
181		       12/31/10
06/30/11		    

Scheduled downtime for ABS survey for approximately 30 days starting in May 2011
  
                                                   
4
     Hercules 200     200’ — MC, TD     GOM     Apache     33-35       19       01/03/11    
Scheduled downtime for ABS survey for approximately 21 days starting in March 2011
  
                                                   
5
     Hercules 201     200’ — MC, TD     GOM     Hall Houston     31-33       3       12/18/10        
                                                   
6
     Hercules 202     200’ — MC, TD     GOM     W&T Offshore     32-34       93       03/18/11        
                                                   
7
     Hercules 204     200’ — MC, TD     GOM     LLOG     35-37       5       12/20/10    
Contract commenced December 3; One-well priced option at dayrate of $35-37K; Scheduled downtime for ABS survey for approximately 30 days starting in April 2011
  
                                                   
8
     Hercules 205     200’ — MC, TD     GOM     Tana     34-36       26       01/10/11        
                                                   
9

     Hercules 251

     250’ — MS, TD

     GOM

   ADTI/Phoenix
ERT		   32-34
32-34		       6
14		       12/21/10
01/04/11		    
One well priced option at dayrate of $32-34K		  
                                                   
10
     Hercules 253     250’ — MS, TD     GOM   ADTI/Hall Houston
ADTI/Dynamic		   32-34
32-34		       6
36		       12/21/10
01/26/11		        
                                                   
11
     Hercules 350     350’ — ILC, TD     GOM     Chevron     69-71
73-75		       16
181		       12/31/10
06/30/11		        
 
                            Average       78       days        
                                                   
12
     Hercules 75     Submersible, TD     GOM         Cold Stacked 01/09                              
                                                   
13
     Hercules 77     Submersible, TD     GOM         Cold Stacked 01/09                              
                                                   
14
     Hercules 78     Submersible, TD     GOM         Cold Stacked 01/09                              
                                                   
15
     Hercules 85     85’ — ILS, TD     GOM         Cold Stacked 01/09                              
                                                   
16
     Hercules 101     100’ — MC, TD     GOM         Cold Stacked 01/09                              
                                                   
17
     Hercules 152     150’ — MC, TD     GOM         Cold Stacked 05/09                              
                                                   
18
     Hercules 153     150’ — MC, TD     GOM         Cold Stacked 01/09                              
                                                   
19
     Hercules 203     200’ — MC, TD     GOM         Cold Stacked 06/09                              
                                                   
20
     Hercules 206     200’ — MC, TD     GOM         Cold Stacked 12/09                              
                                                   
21
     Hercules 207     200’ — MC, TD     GOM         Cold Stacked 01/09                              
                                                   
22
     Hercules 211     200’ — MC Workover     GOM         Cold Stacked 01/09                              
                                                   
23
     Hercules 250     250’ — MS, TD     GOM         Cold Stacked 12/09                              
                                                   
24
     Hercules 252     250’ — MS, TD     GOM         Cold Stacked 05/09                              
                                                   
25
     Hercules 257     250’ — MS, TD     GOM         Cold Stacked 07/10                              

Page 1 of 4

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
December 15, 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   Bahrain       Cold Stacked                    
                                     
  3     Hercules 185   150’ — ILC, TD   Gabon   Angola Drilling Company Ltd   149-151     n/a     01/07/11  
Remains on standby dayrate in the $145-150K range. Contract with ADC currently does not meet our revenue recognition criteria due to uncertainty surrounding collectability. LOI signed with Cabinda Gulf Oil Company LTD. (CABGOC), a wholly-owned subsidiary of Chevron, in Angola for three years at dayrate of $59-61K expected to commence by February 1, 2011.
  4     Platform 3   Platform, TD   Mexico   PEMEX   54-56     130     04/24/11    
  5     Hercules 258   250’ — MS, TD   India   ONGC   109-111     171     06/04/11    
  6     Hercules 260   250’ — ILC, TD   India   ONGC   142-144     105     03/30/11    
  7     Hercules 208   200’ — MC, TD   Malaysia   Murphy   109-111     254     08/26/11  
 
  8     Hercules 261   250’ — ILC, TD   Saudi Arabia   Saudi Aramco   136-138     289     09/30/11   Repairs and maintenance from October 22 - December 3 at zero dayrate
  9     Hercules 262   250’ — ILC, TD   Saudi Arabia   Saudi Aramco   127-129     289     09/30/11    
                        Average     138     days  
 

Page 2 of 4

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
December 15, 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   McMoran   27-29   50   02/03/11          
2
   Hercules 41   Posted — 3000 hp, TD   US Inland Gulf Coast       Ready Stacked                        
3
   Hercules 49   Posted — 3000 hp, TD   US Inland Gulf Coast   McMoran   25-27   17   01/01/11          
 
                   Average   22   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, subject to the satisfaction of regulatory and permitting requirements that are then in effect.

Page 3 of 4

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Liftboat Fleet Status Report
for the month ended
November 30, 2010
                                             
Leg Length/           Actively     Revenue Per                  
Liftboat Class       Total Number   Marketed     Day Per     Operating            
(Feet)       of Liftboats   Lifeboats(1)     Liftboat(2)     Days     Utilization(3)     Comments
 
                                            
Gulf of Mexico
                                            
230
       2     2     $ 24,363       30       50%    
One vessel in drydock in November and December
170-215
       4     4       13,113       118       98%      
140-150
       6     6       7,620       98       54%    
Two vessels in drydock in November and three vessels in drydock in December
120-130
       14     13       6,121       273       70%    
Two vessels in drydock in November and December
105
       15     13       4,613       225       58%    
Two vessels in drydock in November and one vessel in drydock in December
                                   
 
Sub-total/Average
       41     38     $ 7,707       744       65%      
                                           
 
International
                                            
230-260
       2     2     $ 48,872       57       95%      
170-215
       7     7       33,989       165       79%    
Two vessels in drydock in November
140-150
       4     4       15,141       111       93%    
One vessel in drydock in November
120-130
       7     7       11,920       153       73%    
Two vessels in drydock in November and December
105
       4     3       7,884       45       50%      
                                   
 
Sub-total/Average
       24     23     $ 23,075       531       77%      
                                           
 
                                   
 
Total/Average
       65     61     $ 14,107       1,275       70%      
                                   
 
 
(1)   Actively marketed liftboats excludes three GOM cold-stacked liftboats and one Nigeria cold-stacked liftboat.
 
(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.
The information and statements made in the Fleet Status Report that are not historical facts are 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, estimated contract duration, dayrates, estimated dates for completion of repairs and upgrades and commencement dates of new contracts, as well as information that may be affected by the regulatory and permitting uncertainty in the Gulf of Mexico. 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, the ability of our customers to obtain permits for contracted work or otherwise satisfy regulatory requirements which are then in effect government and regulatory actions and other factors described in the Company’s 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. The Company 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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