HERCULES OFFSHORE, INC. - FORM 8-K - EX-99.1 - April 27, 2011

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8-K - FORM 8-K - HERCULES OFFSHORE, INC.h81673e8vk.htm
Exhibit 99.1
(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
April 27, 2011
                                     
                    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       Shipyard               05/22/11   Scheduled downtime for ABS 5-year special survey/repairs for approximately
 
              Chevron   35-37     223     12/31/11   90 days starting in February 2011. Two six-month priced options at $35-37K dayrate (subject to cost escalation provisions). Chevron to reimburse costs of repairs up to $3.3 million.
2
  Hercules 150   150’ — ILC, TD   GOM   Hilcorp   39-41     100     08/05/11   Scheduled downtime for repairs for approximately 14 days starting in mid-August 2011
 
                                   
3
  Hercules 173   173’ — MC, TD   GOM   Chevron   35-37     248     12/31/11   Scheduled downtime for ABS 5-year special survey/repairs for approximately 30 days starting in May 2011. Two six-month priced options at $35-37K dayrate (subject to cost escalation provisions).
4
  Hercules 200   200’ — MC, TD   GOM       Shipyard               05/26/11   Scheduled downtime for ABS 5-year special survey/repairs for approximately 39 days starting mid-April 2011
 
              Apache   35-37     21     06/16/11    
5
  Hercules 201   200’ — MC, TD   GOM   Chevron   35-37     23     05/20/11   Rig substitution for Hercules 120 during scheduled ABS special survey/repairs. One 30-day priced option at $35-37K dayrate.
6
  Hercules 202   200’ — MC, TD   GOM   W&T Offshore   36-38     13     05/10/11    
7
  Hercules 204   200’ — MC, TD   GOM       Shipyard               05/04/11   Scheduled downtime for ABS 5-year special survey/repairs. Previously contracted to LLOG from March 29, 2011 through April 24, 2011 at $32-34K dayrate.
 
              Pisces   34-36     45     06/18/11    
 
              Stone Energy   37-39     40     07/28/11    
8
  Hercules 205   200’ — MC, TD   GOM   Hilcorp   37-39     12     05/09/11   Previous contract ended April 13, 2011
9
  Hercules 212 (former Seahawk 2001)   200’ — MC   GOM   Great GulfCan   36-38     78     07/14/11   Three 90-day priced options at market linked rates.
10
  Hercules 213 (former Seahawk 2004)   200’ — MC   GOM   Walter Oil and Gas   37-39     5     05/02/11    
 
              Walter Oil and Gas   38-40     60     07/01/11    
 
              Petroquest   36-38     97     10/06/11    
11
  Hercules 214 (former Seahawk 2007)   200’ — MC   GOM   Castex   35-37     47     06/13/11    
 
              Breton   37-39     61     08/13/11   Scheduled downtime for ABS special survey/repairs for approximately 30 days starting in November 2011.
12
  Hercules 251   250’ — MS, TD   GOM       Ready Stacked                    
13
  Hercules 253   250’ — MS, TD   GOM       Ready Stacked                   Previous contract ended April 16, 2011
14
  Hercules 263 (former Seahawk 2600)   250’ — MC   GOM   LLOG   45-47     15     05/12/11    
15
  Hercules 264 (former Seahawk 2601)   250’ — MC   GOM   Chevron   54-56     105     08/10/11    
16
  Hercules 265 (former Seahawk 2602)   250’- MS   GOM   Arena   41-43     92     07/28/11   Two priced option wells at $41-43K dayrate
17
  Hercules 300 (former Seahawk 3000)   300’ — MC   GOM   Arena   59-61     70     07/06/11    
 
                  69-71     91     10/05/11    
18
  Hercules 350   350’ — ILC, TD   GOM   Chevron   73-75     248     12/31/11    
 
 
                  Average     94     days    
19
  Hercules 75   Submersible, TD   GOM       Cold Stacked 01/09                    
20
  Hercules 77   Submersible, TD   GOM       Cold Stacked 01/09                    
21
  Hercules 78   Submersible, TD   GOM       Cold Stacked 01/09                    
22
  Hercules 85   85’ — ILS, TD   GOM       Cold Stacked 01/09                    
23
  Hercules 101   100’ — MC, TD   GOM       Cold Stacked 01/09                    
24
  Hercules 152   150’ — MC, TD   GOM       Cold Stacked 05/09                    
25
  Hercules 153   150’ — MC, TD   GOM       Cold Stacked 01/09                    
26
  Hercules 203   200’ — MC, TD   GOM       Cold Stacked 06/09                    
27
  Hercules 206   200’ — MC, TD   GOM       Cold Stacked 12/09                    
28
  Hercules 207   200’ — MC, TD   GOM       Cold Stacked 01/09                    
29
  Hercules 209 (former Seahawk 2006)   200’ — MC   GOM       Cold Stacked 01/09                    
30
  Hercules 211   200’ — MC Workover   GOM       Cold Stacked 01/09                    
31
  Hercules 250   250’ — MS, TD   GOM       Cold Stacked 12/09                    
32
  Hercules 252   250’ — MS, TD   GOM       Cold Stacked 05/09                    
34
  Hercules 256 (former Seahawk 2504)   250’ — MS   GOM       Cold Stacked 12/10                    
35
  Hercules 257   250’ — MS, TD   GOM       Cold Stacked 07/10                    
33
  Hercules 259 (former Seahawk 2505)   250’ — MS   GOM       Cold Stacked 02/10                    
36
  Hercules 800 (former Seahawk 800)   80’ — MS   GOM       Cold Stacked 10/07                    

Page 1 of 5

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
April 27, 20111
                                     
                    Contract (2)   Est. Duration (3)    
    Rig Name   Rig Type   Location   Customer / Status (1)   Dayrate ($000s)   Days   Date   Comments
37
  Hercules 2000 (former Seahawk 2000)   200’ — MC   GOM       Cold Stacked 05/08                    
38
  Hercules 2002 (former Seahawk 2002)   200’ — MC   GOM       Cold Stacked 10/08                    
39
  Hercules 2003 (former Seahawk 2003)   200’ — MC   GOM       Cold Stacked 02/09                    
40
  Hercules 2005 former Seahawk 2005)   200’ — MC   GOM       Cold Stacked 07/09                    
41
  Hercules 2008 (former Seahawk 2008)   200’ — MC   GOM       Cold Stacked 01/09                    
42
  Hercules 2500 (former Seahawk 2500)   250’ — MS   GOM       Cold Stacked 02/09                    
43
  Hercules 2501 (former Seahawk 2501)   250’ — MS   GOM       Cold Stacked 01/10                    
44
  Hercules 2502 (former Seahawk 2502)   250’ — MS   GOM       Cold Stacked 02/09                    
45
  Hercules 2503 (former Seahawk 2503)   250’ — MS   GOM       Cold Stacked 09/09                    

Page 2 of 5

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
April 27, 2011
                                     
                    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 185   150’ — ILC, TD   Angola   CABGOC   59-61     1,021     02/11/14   Underwater inspection for five days in July 2011
3
  Platform 3   Platform, TD   Mexico   PEMEX   54-56     1     04/28/11    
 
              PEMEX   53-55     88     07/25/11    
4
  Hercules 258   250’ — MS, TD   India   ONGC   109-111     38     06/04/11    
5
  Hercules 260   250’ — ILC, TD   India   ONGC   142-144     12     05/09/11   Underwater inspection for seven days in early-May 2011. LOI signed with Perenco in Democratic Republic of Congo for six months at dayrate of $66-68K dayrate expected to commence in June/July 2011.
6
  Hercules 208   200’ — MC, TD   Malaysia   Murphy   109-111     121     08/26/11    
7
  Hercules 261   250’ — ILC, TD   Saudi Arabia   Saudi Aramco   136-138     156     09/30/11   Underwater inspection for 7-14 days in November 2011
8
  Hercules 262   250’ — ILC, TD   Saudi Arabia   Saudi Aramco   127-129     156     09/30/11   Underwater inspection for 7-14 days in November 2011
 
                  Average     199     days    
9
  Hercules 156   150’ — ILC, TD   Bahrain   Cold Stacked 12/10                    

Page 3 of 5

 

(HERCULES LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
April 27, 2011
                                 
                    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   Marlin   20-22   11   05/08/11    
2
   Hercules 41   Posted - 3000 hp, TD   US Inland Gulf Coast   TPIC   19-21   3   04/30/11    
 
               Crawford Hughes   23-25   50   06/19/11    
3
   Hercules 49   Posted - 3000 hp, TD   US Inland Gulf Coast   McMoran   25-27   2   04/29/11    
 
               Square Mile Energy   22-24   25   05/24/11    
 
                   Average   30   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, which may include estimated contractual adjustments for changes in operating costs and reimbursable cost items for operating expenses such as crew and may also include additional services and personnel that may be requested by the customer from time-to-time. However, the dayrates do not include certain non-recurring revenues such as lump sum mobilizations and demobilizations. The actual dayrate will depend on a number of factors, many of which are beyond the control of the company. The average dayrate over the term of the contract will be lower and could be substantially lower and are subject to numerous risks, as disclosed in the company’s filing with the Securities and Exchange Commission. 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.
 
(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 in effect.

Page 4 of 5

 

             
(HERCULES LOGO)
  Liftboat Fleet Status Report
for the month ended
March 31, 2011
    
                                                 
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     $ 25,385       30       48 %        
170-215
     4       4       13,026       30       24 %   Three vessels in drydock in March and two vessels in drydock in April
140-150
     6       6       7,969       140       75 %   One vessel in drydock in March and April
120-130
     14       13       5,838       199       49 %   One vessel in drydock in March and four vessels in drydock in April
105
     15       13       4,612       95       24 %   Three vessels in drydock in March and April. Two additional vessels cold stacked
in April, one of which was originally planned to be cold stacked in March
 
                                      
Sub-total/Average
     41       38     $ 7,830       494       42 %        
 
                                                
International
                                                
230-260
     2       2     $ 48,938       52       84 %        
170-215
     7       7       44,241       127       59 %   Three vessels in drydock in March and April
140-150
     4       4       15,191       124       100 %   One vessel in drydock in April
120-130
     7       7       11,016       133       61 %        
105
     4       3       11,163       66       71 %        
 
                                      
Sub-total/Average
     24       23     $ 24,400       502       70 %        
 
                                                
 
                                      
Total/Average
     65       61     $ 16,182       996       53 %        
 
                                      
 
(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, 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 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, actions and approvals of third parties, the availability of qualified personnel, 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.

HERCULES OFFSHORE, INC. Reports