HERCULES OFFSHORE, INC. - FORM 8-K - EX-99.1 - May 25, 2011

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Exhibit 99.1
(HERCULES LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
May 25, 2011
                                     
                        Est.    
                    Contract (2)   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
Chevron		    
35-37		      
189		     06/25/11
12/31/11 		  Scheduled downtime for ABS 5-year special survey/repairs for approximately 120 days starting in February 2011. Two 6-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     72     08/05/11   Scheduled downtime for repairs for approximately 14 days starting in mid-August 2011
3
  Hercules 173   173’ — MC, TD   GOM        Shipyard               07/04/11   Scheduled downtime for ABS 5-year special survey/repairs for approximately 40 days starting in May 2011. Two 6-month priced options at $35 — $37K dayrate (subject to cost escalation provisions).
 
              Chevron
 
 		   35-37     180     12/31/11  
4
  Hercules 200   200’ — MC, TD   GOM        Shipyard               05/26/11    
 
              Apache   35-37     30     06/25/11    
5
  Hercules 201   200’ — MC, TD   GOM   Chevron   35-37     5     05/30/11   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     9     06/03/11    
7
  Hercules 204   200’ — MC, TD   GOM   Pisces   34-36     36     06/30/11    
 
              Pisces   37-39     30     07/30/11    
 
              Stone Energy   37-39     40     09/08/11    
8
  Hercules 205   200’ — MC, TD   GOM   Hilcorp   37-39     14     06/08/11    
9
  Hercules 212
(former Seahawk 2001) 		  200’ — MC, TD   GOM        Ready Stacked                   Contract cancelled by Hercules Offshore; rig scheduled for demobilization on May 26.
10
  Hercules 213
(former Seahawk 2004) 		  200’ — MC, TD   GOM   Walter Oil and Gas
Petroquest 		  38-40
36-38 		    52
96		     07/16/11
10/20/11		    
11
  Hercules 214
(former Seahawk 2007) 		  200’ — MC, TD   GOM   Castex
Breton		   35-37
37-39		     29
60		     06/23/11
08/22/11		   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   ADTI/Peregrine   37-39     8     06/02/11   Contract commenced May 6, 2011
14
  Hercules 263
(former Seahawk 2600) 		  250’ — MC, TD   GOM        Ready Stacked                    
15
  Hercules 264
(former Seahawk 2601) 		  250’ — MC, TD   GOM   Chevron   54-56     77     08/10/11    
16
  Hercules 265
(former Seahawk 2602) 		  250’ — MC, TD   GOM   Arena   41-43     64     07/28/11   Two priced option wells at $41-43K dayrate
17
  Hercules 300
(former Seahawk 3000) 		  300’ — MC, TD   GOM   Arena   59-61
69-71 		    42
91		     07/06/11
10/05/11		    
18
  Hercules 350   350’ — ILC, TD   GOM   Chevron   73-75     220     12/31/11    
 
                  Average     75     days    

 

 

(HERCULES LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
May 25, 2011
                                 
                    Contract (2)   Est.
Duration (3)		    
    Rig Name   Rig Type   Location   Customer / Status (1)   Dayrate ($000s)   Days   Date   Comments
19
  Hercules 75   Submersible, TD   GOM        Cold Stacked 01/09                
20
  Hercules 77   Submersible, TD   GOM        Cold Stacked 01/09                
21
  Hercules 85   85’ — ILS, TD   GOM        Cold Stacked 01/09                
22
  Hercules 101   100’ — MC, TD   GOM        Cold Stacked 01/09                
23
  Hercules 152   150’ — MC, TD   GOM        Cold Stacked 05/09                
24
  Hercules 153   150’ — MC, TD   GOM        Cold Stacked 01/09                
25
  Hercules 203   200’ — MC, TD   GOM        Cold Stacked 06/09                
26
  Hercules 206   200’ — MC, TD   GOM        Cold Stacked 12/09                
27
  Hercules 207   200’ — MC, TD   GOM        Cold Stacked 01/09                
28
  Hercules 209
(former Seahawk 2006) 		  200’ — MC   GOM        Cold Stacked 01/09                
29
  Hercules 211   200’ — MC Workover   GOM        Cold Stacked 01/09                
30
  Hercules 250   250’ — MS, TD   GOM        Cold Stacked 12/09                
31
  Hercules 252   250’ — MS, TD   GOM        Cold Stacked 05/09                
32
  Hercules 256
(former Seahawk 2504) 		  250’ — MS, TD   GOM        Cold Stacked 12/10                
33
  Hercules 257   250’ — MS, TD   GOM        Cold Stacked 07/10                
34
  Hercules 259
(former Seahawk 2505) 		  250’ — MS, TD   GOM        Cold Stacked 02/10                
35
  Hercules 800
(former Seahawk 800) 		  80’ — MS, TD   GOM        Cold Stacked 10/07                
36
  Hercules 2000
(former Seahawk 2000) 		  200’ — MC, TD   GOM        Cold Stacked 05/08                
37
  Hercules 2002
(former Seahawk 2002) 		  200’ — MC, TD   GOM        Cold Stacked 10/08                
38
  Hercules 2003
(former Seahawk 2003) 		  200’ — MC, TD   GOM        Cold Stacked 02/09                
39
  Hercules 2005 former Seahawk 2005)   200’ — MC, TD   GOM        Cold Stacked 07/09                
40
  Hercules 2008
(former Seahawk 2008) 		  200’ — MC, TD   GOM        Cold Stacked 01/09                
41
  Hercules 2500
(former Seahawk 2500) 		  250’ — MS, TD   GOM        Cold Stacked 02/09                
42
  Hercules 2501
(former Seahawk 2501) 		  250’ — MS, TD   GOM        Cold Stacked 01/10                
43
  Hercules 2502
(former Seahawk 2502) 		  250’ — MS, TD   GOM        Cold Stacked 02/09                
44
  Hercules 2503
(former Seahawk 2503) 		  250’ — MS, TD   GOM        Cold Stacked 09/09                

 

 

(HERCULES LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
May 25, 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     993     02/11/14   Underwater inspection for five days in July 2011
3
  Platform 3   Platform, TD   Mexico   PEMEX   53-55     61     07/25/11    
4
  Hercules 258   250’ — MS, TD   India   ONGC   109-111     10     06/04/11    
5
  Hercules 260   250’ — ILC, TD   India        Ready Stacked                   Underwater inspection for seven days in late-May 2011. LOI signed with Perenco in Democratic Republic of Congo for six months at dayrate of $66-68K expected to commence in June/July 2011. Previous contract ended May 22, 2011.
6
  Hercules 208   200’ — MC, TD   Malaysia   Murphy   109-111     93     08/26/11    
7
  Hercules 261   250’ — ILC, TD   Saudi Arabia   Saudi Aramco   136-138     128     09/30/11   Underwater inspection for 7-14 days in November 2011
8
  Hercules 262   250’ — ILC, TD   Saudi Arabia   Saudi Aramco   127-129     128     09/30/11   Underwater inspection for 7-14 days in November 2011
 
                  Average     177     days    
9
  Hercules 156   150’ — ILC, TD   Bahrain        Cold Stacked 12/10                    

 

 

(HERCULES LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
May 25, 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
EPL 		  18-20
22-24 		    8
42		     06/02/11
07/14/11 		   
2
  Hercules 41   Posted — 3000 hp, TD   US Inland Gulf Coast   Crawford Hughes   17-19     51     06/15/11    
3
  Hercules 49   Posted — 3000 hp, TD   US Inland Gulf Coast   Square Mile Energy   20-22     9     06/03/11    
 
                  Average     27     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 or subject to numerous risks as disclosed in the Company’s filings 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.
 
(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.

 

 

(HERCULES LOGO)
Hercules Offshore
Liftboat Fleet Status Report
for the month ended
April 30, 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     $ 23,293       27       45 %    
170-215       
     4       4       14,622       60       50 %   Two vessels in drydock in April.
140-150       
     6       6       7,875       152       84 %   Two vessels in drydock in May.
120-130       
     14       13       6,070       194       50 %   Four vessels in drydock in April and May. One vessel coldstacked in May.
105       
     15       11       4,556       168       51 %   Three vessels in drydock in April and two vessels in drydock in May. Two additional vessels coldstacked in April.
 
                                
Sub-total/Average
     41       36     $ 7,731       601       56 %    
 
                                            
International
                                            
230-260       
     2       2     $ 45,618       45       75 %   One vessel in drydock in May.
170-215       
     7       7       41,105       114       54 %   Three vessels in drydock in April and two vessels in drydock in May.
140-150       
     4       4       15,239       97       81 %   One vessel in drydock in May.
120-130       
     7       7       11,471       140       67 %    
105       
     4       3       10,366       49       54 %    
 
                                
Sub-total/Average
     24       23     $ 23,215       445       64 %    
 
                                            
 
                                
Total/Average
     65       59     $ 14,318       1,046       59 %    
 
                                
 
(1)   Actively marketed liftboats excludes five 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 continued delays in obtaining drilling permits 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, our ability to renew or extend our long-term international contracts, or enter into new contracts, at current dayrates when such contracts expire, the potential inability of our customers to obtain drilling permits that would cover the entire duration of our contracts in the U.S. Gulf of Mexico or otherwise satisfy regulatory requirements that may be then in effect, operational difficulties, shipyard and other delays, 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