Attached files
| file | filename |
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| 8-K - FORM 8-K - HERCULES OFFSHORE, INC. | d247599d8k.htm |
Exhibit 99.1
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Hercules Offshore Monthly Rig Fleet Status Report as of October 26, 2011 |
| Contract (2) | Est. Duration (3) | |||||||||||||||||||||
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Rig Name |
Rig Type |
Location |
Customer / Status (1) | Dayrate ($000s) | Days |
Date |
Comments | |||||||||||||||
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Domestic Offshore | |||||||||||||||||||||
| 1 | Hercules 120 |
120’ - MC, TD |
GOM |
Chevron | 35-37 | 66 | 12/31/11 |
Two 6-month priced options at $35-37K dayrate (subject to cost escalation provisions). Chevron reimbursed $3.3 million of repair cost. | ||||||||||||||
| 2 | Hercules 150 |
150’ - ILC, TD |
GOM |
Tarpon | 51-53 | 28 | 11/23/11 |
Contract commenced October 21. Repair and maintenance for approximately 14 days starting October 25. | ||||||||||||||
| Ready Stacked | 12/31/11 |
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| Arena | 54-56 | 45 | 02/14/12 |
One 14-day priced option | ||||||||||||||||||
| 3 | Hercules 173 |
173’ - MC, TD |
GOM |
Chevron | 35-37 | 66 | 12/31/11 |
Two 6-month priced options at $35 - $37K dayrate (subject to cost escalation provisions). | ||||||||||||||
| 4 | Hercules 200 |
200’ - MC, TD |
GOM |
Apache | 40-42 | 26 | 11/21/11 |
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| 37-39 | 29 | 12/20/11 |
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| 5 | Hercules 201 |
200’ - MC, TD |
GOM |
Shipyard | 11/28/11 |
Scheduled downtime for approximately 50 days starting in October | ||||||||||||||||
| Energy XXI | 44-46 | 45 | 01/12/12 |
One 29-day priced option | ||||||||||||||||||
| 6 | Hercules 202 |
200’ - MC, TD |
GOM |
Ankor Energy | 47-49 | 66 | 12/31/11 |
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| 7 | Hercules 204 |
200’ - MC, TD |
GOM |
Stone Energy | 37-39 | 2 | 10/28/11 |
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| Stone Energy | 42-44 | 20 | 11/17/11 |
One 20-day priced option | ||||||||||||||||||
| Hilcorp | 47-49 | 30 | 12/17/11 |
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| 8 | Hercules 205 |
200’ - MC, TD |
GOM |
Energy XXI | 38-40 | 36 | 12/01/11 |
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| ADTI/Contango | 43-45 | 90 | 02/29/12 |
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| ADTI/Contango | 47-49 | 90 | 05/29/12 |
Scheduled downtime for approximately 30 days starting in March | ||||||||||||||||||
| 9 | Hercules 212 |
200’ - MC, TD |
GOM |
Hall-Houston | 38-40 | 1 | 10/27/11 |
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| Hall-Houston | 41-43 | 45 | 12/11/11 |
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| Hall-Houston | 45-47 | 45 | 01/25/12 |
Special survey due by first quarter 2012 | ||||||||||||||||||
| 10 | Hercules 213 |
200’ - MC, TD |
GOM |
Petroquest | 38-40 | 42 | 12/07/11 |
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| Petroquest | 45-47 | 28 | 01/04/12 |
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| 11 | Hercules 214 |
200’ - MC, TD |
GOM |
Apache | 42-44 | 53 | 12/18/11 |
Scheduled downtime for ABS special survey/repairs for approximately 45 days starting in December 2011 | ||||||||||||||
| 12 | Hercules 251 |
250’ - MS, TD |
GOM |
Ready Stacked | 10/31/11 |
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| Walter Oil & Gas | 47-49 | 100 | 02/08/12 |
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| 13 | Hercules 253 |
250’ - MS, TD |
GOM |
Hall-Houston | 41-43 | 116 | 02/19/12 |
Contract commenced October 24. | ||||||||||||||
| Tana | 47-49 | 90 | 05/19/12 |
Special survey due by third quarter 2012 | ||||||||||||||||||
| 14 | Hercules 263 |
250’ - MC, TD |
GOM |
Pisces | 52-54 | 1 | 10/27/11 |
Previous contract completed September 24 | ||||||||||||||
| Pisces | 57-59 | 25 | 11/21/11 |
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| Ready Stacked | 12/31/11 |
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| Tana | 59-61 | 45 | 02/14/12 |
Special survey due by third quarter 2012 | ||||||||||||||||||
| 15 | Hercules 264 |
250’ - MC, TD |
GOM |
Chevron | 56-58 | 2 | 10/28/11 |
Includes up to $11.5K per day for additional personnel. | ||||||||||||||
| 16 | Hercules 265 |
250’ - MC, TD |
GOM |
EPL | 53-55 | 5 | 10/31/11 |
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| Ready Stacked | 11/30/11 |
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| Stone Energy | 56-58 | 65 | 02/03/12 |
Special survey due by third quarter 2012 | ||||||||||||||||||
| 17 | Hercules 300 |
300’ - MC, TD |
GOM |
Arena | 69-71 | 22 | 11/17/11 |
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| 18 | Hercules 350 |
350’ - ILC, TD |
GOM |
Chevron | 73-75 | 66 | 12/31/11 |
Special survey due by third quarter 2012 | ||||||||||||||
| Average | 77 | days |
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Page 1 of 5
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Hercules Offshore Monthly Rig Fleet Status Report as of October 26, 2011 |
| Contract (2) | Est. Duration (3) | |||||||||||||||||
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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 153 |
150’ - MC, TD |
GOM |
Cold Stacked 01/09 | ||||||||||||||
| 24 | Hercules 203 |
200’ - MC, TD |
GOM |
Cold Stacked 06/09 | ||||||||||||||
| 25 | Hercules 206 |
200’ - MC, TD |
GOM |
Cold Stacked 12/09 | ||||||||||||||
| 26 | Hercules 207 |
200’ - MC, TD |
GOM |
Cold Stacked 01/09 | ||||||||||||||
| 27 | Hercules 209 |
200’ - MC |
GOM |
Cold Stacked 01/09 | ||||||||||||||
| 28 | Hercules 211 |
200’ - MC Workover |
GOM |
Cold Stacked 01/09 | ||||||||||||||
| 29 | Hercules 250 |
250’ - MS, TD |
GOM |
Cold Stacked 12/09 | ||||||||||||||
| 30 | Hercules 252 |
250’ - MS, TD |
GOM |
Cold Stacked 05/09 | ||||||||||||||
| 31 | Hercules 256 |
250’ - MS, TD |
GOM |
Cold Stacked 12/10 | ||||||||||||||
| 32 | Hercules 257 |
250’ - MS, TD |
GOM |
Cold Stacked 07/10 | ||||||||||||||
| 33 | Hercules 259 |
250’ - MS, TD |
GOM |
Cold Stacked 02/10 | ||||||||||||||
| 34 | Hercules 800 |
80’ - MS, TD |
GOM |
Cold Stacked 10/07 | ||||||||||||||
| 35 | Hercules 2000 |
200’ - MC, TD |
GOM |
Cold Stacked 05/08 | ||||||||||||||
| 36 | Hercules 2002 |
200’ - MC, TD |
GOM |
Cold Stacked 10/08 | ||||||||||||||
| 37 | Hercules 2003 |
200’ - MC, TD |
GOM |
Cold Stacked 02/09 | ||||||||||||||
| 38 | Hercules 2005 |
200’ - MC, TD |
GOM |
Cold Stacked 07/09 | ||||||||||||||
| 39 | Hercules 2008 |
200’ - MC, TD |
GOM |
Cold Stacked 01/09 | ||||||||||||||
| 40 | Hercules 2500 |
250’ - MS, TD |
GOM |
Cold Stacked 02/09 | ||||||||||||||
| 41 | Hercules 2501 |
250’ - MS, TD |
GOM |
Cold Stacked 01/10 | ||||||||||||||
| 42 | Hercules 2502 |
250’ - MS, TD |
GOM |
Cold Stacked 02/09 | ||||||||||||||
| 43 | Hercules 2503 |
250’ - MS, TD |
GOM |
Cold Stacked 09/09 | ||||||||||||||
Page 2 of 5
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Hercules Offshore Monthly Rig Fleet Status Report as of October 26, 2011 |
| Contract (2) | Est. Duration (3) | |||||||||||||||||||||
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Rig Name |
Rig Type |
Location |
Customer /Status (1) | Dayrate ($000s) | Days |
Date |
Comments | |||||||||||||||
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International Offshore | |||||||||||||||||||||
| 1 | Hercules 170 |
170’ - ILC, TD |
Bahrain |
Warm Stacked | ||||||||||||||||||
| 2 | Hercules 185 |
150’ - ILC, TD |
Angola |
Shipyard | 03/31/12 |
Repair and maintenance for approximately six months starting in September 2011 | ||||||||||||||||
| CABGOC | 59-61 | 682 | 02/11/14 |
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| 3 | Platform 3 |
Platform, TD |
Mexico |
PEMEX | 49-51 | 1,416 | 09/11/15 |
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| 4 | Hercules 258 |
250’ - MS, TD |
India |
ONGC | 47-49 | 73 | 01/07/12 |
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| 5 | Hercules 260 |
250’ - ILC, TD |
Democratic Republic of Congo |
Perenco | 69-71 | 126 | 02/29/12 |
Two 6-month priced options. Special survey due by fourth quarter 2012. | ||||||||||||||
| 6 | Hercules 208 |
200’ - MC, TD |
Vietnam |
Quad Energy | 67-69 | 90 | 01/24/12 |
Contract commenced October 1. LOI for 90 days with another operator in the region. | ||||||||||||||
| 7 | Hercules 261 |
250’ - ILC, TD |
Saudi Arabia |
Saudi Aramco | 83-85 | 1,069 | 09/29/14 |
Anticipated downtime for approximately 60 days starting in first quarter 2012. Will receive lump sum payment to approximate contract preparation costs. | ||||||||||||||
| 8 | Hercules 262 |
250’ - ILC, TD |
Saudi Arabia |
Saudi Aramco | 127-129 | 13 | 11/08/11 |
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| 79-81 | 1,096 | 11/08/14 |
Anticipated downtime for approximately 90 days starting in first quarter 2012. Will receive lump sum payment to approximate contract preparation costs. | |||||||||||||||||||
| Average | 571 | days |
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| 9 | Hercules 156 |
150’ - ILC, TD |
Bahrain |
Cold Stacked 12/10 | ||||||||||||||||||
Page 3 of 5
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Hercules Offshore Monthly Rig Fleet Status Report as of October 26, 2011 |
| Contract (2) | Est. Duration (3) | |||||||||||||||||||||
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Rig Name |
Rig Type |
Location |
Customer /Status (1) | Dayrate ($000s) | Days |
Date |
Comments | |||||||||||||||
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US Inland Barges | |||||||||||||||||||||
| 1 | Hercules 17 |
Posted - 3000 hp, TD |
US Inland Gulf Coast |
Tri-C Resources | 22-24 | 29 | 11/24/11 |
Contract commenced October 22 | ||||||||||||||
| 2 | Hercules 41 |
Posted - 3000 hp, TD |
US Inland Gulf Coast |
Castex | 23-25 | 5 | 10/31/11 |
Contract commenced October 1 | ||||||||||||||
| 3 | Hercules 49 |
Posted - 3000 hp, TD |
US Inland Gulf Coast |
Dynamic | 25-27 | 26 | 11/21/11 |
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| Average | 20 | days |
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| 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, 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 over the term of the contract could 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 customers as to the remaining days to complete the project, subject to the satisfaction of regulatory or permitting requirements that are in effect, including those that may impact the ability of our customers to timely obtain drilling permits. |
Page 4 of 5
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Hercules Offshore Liftboat Fleet Status Report for the month ended September 30, 2011 |
|
Leg Length/ |
Total Number of Liftboats |
Actively Marketed Liftboats (1) |
Revenue Per Day Per Liftboat (2) |
Operating Days |
Utilization (3) | Comments | |||||||||||||||||||||
| Gulf of Mexico |
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| 230 | 2 | 2 | $ | 19,675 | 33 | 55% | One vessel in drydock in September | ||||||||||||||||||||
| 170-215 | 4 | 4 | 12,842 | 94 | 78% | ||||||||||||||||||||||
| 140-150 | 6 | 6 | 7,101 | 120 | 67% | One vessel in drydock in September and October. | |||||||||||||||||||||
| 120-130 | 14 | 12 | 5,685 | 239 | 66% | Three vessels in drydock in September and one vessel in drydock in October | |||||||||||||||||||||
| 105 | 15 | 11 | 4,327 | 210 | 64% | Three vessels in drydock in September and one vessel in drydock in October | |||||||||||||||||||||
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| Sub-total/Average | 41 | 35 | $ | 7,149 | 696 | 66% | |||||||||||||||||||||
| International |
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| 230-260 | 2 | 2 | $ | 43,596 | 60 | 100% | |||||||||||||||||||||
| 170-215 | 7 | 7 | 29,193 | 150 | 71% | Two vessels in drydock in September and October | |||||||||||||||||||||
| 140-150 | 4 | 4 | 17,009 | 86 | 72% | One vessel in drydock in September and two vessels in drydock in October | |||||||||||||||||||||
| 120-130 | 7 | 7 | 11,790 | 135 | 64% | One vessel in drydock in October | |||||||||||||||||||||
| 105 | 4 | 3 | 23,572 | 45 | 50% | ||||||||||||||||||||||
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| Sub-total/Average | 24 | 23 | $ | 23,340 | 476 | 69% | |||||||||||||||||||||
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| Total/Average | 65 | 58 | $ | 13,725 | 1,172 | 67% | |||||||||||||||||||||
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| (1) | Actively marketed liftboats excludes six 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.
Page 5 of 5