Attached files
file | filename |
---|---|
8-K - FORM 8-K - HERCULES OFFSHORE, INC. | d936115d8k.htm |
Exhibit 99.1
CONFIDENTIAL PREPARED AT THE REQUEST OF COUNSEL PRELIMINARY DRAFT SUBJECT TO MATERIAL CHANGE
SELECTED FINANCIAL PROJECTIONS
DISCLAIMER AND CAUTIONARY STATEMENT
Management of Hercules Offshore Inc. (Hercules or the Company) has prepared this financial forecast and has not received an opinion or report on it from any independent auditor. The assumptions and estimates underlying the forecast are substantially driven by estimated activity levels of our customers and, although we consider our assumptions as to activity levels reasonable as of the date these projections were prepared, those estimates and our ability to achieve anticipated results are subject to a wide variety of significant business, economic and competitive risks and uncertainties, including those related to commodity prices, that could cause actual results to differ materially from those contained in the forecast. This forecast is a forward-looking statement and should be read together with our historical financial statements and public filings with the Securities and Exchange Commission, including the risk factors and cautionary statements in our public filings, as well as our fleet status reports made public from time to time. The financial projections were not prepared with a view toward complying with the guidelines established by the American Institute of Certified Public Accountants with respect to prospective financial information, but, in the view of our management, were prepared on a reasonable basis based on our currently available estimates and judgments. The financial projections and underlying assumptions are not factual and should not be relied upon as being a representation by us or necessarily indicative of future results, and you are cautioned not to place undue reliance on this information. We do not prepare projections in the ordinary course of our business and do not anticipate that we will continue to prepare or update projections in the future.
The attached materials are Confidential Information provided under and subject to the provisions of the Confidentiality Agreement between you and the Company. The attached materials are prepared for illustrative purposes only and constitute preliminary drafts that are subject to revision or adjustment at any time without notice. The Company assumes no duty to any recipient of the materials to update them at any time. Any party in possession of these materials should not rely upon them or any express or implied assumptions underlying, or incorporated by reference into, the materials for any purpose.
CONFIDENTIAL PREPARED AT THE REQUEST OF COUNSEL PRELIMINARY DRAFT SUBJECT TO MATERIAL CHANGE
SELECTED FINANCIAL PROJECTIONS
$ in millions
2015E Quarterly Projections | 2016E Quarterly Projections | 2017E Quarterly Projections | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1QE | 2QE | 3QE | 4QE | 2015E | 1QE | 2QE | 3QE | 4QE | 2016E | 1QE | 2QE | 3QE | 4QE | 2017E | ||||||||||||||||||||||||||||||||||||||||||||||
Total Revenue |
$ | 123 | $ | 80 | $ | 104 | $ | 97 | $ | 403 | $ | 105 | $ | 128 | $ | 155 | $ | 162 | $ | 550 | $ | 178 | $ | 197 | $ | 205 | $ | 199 | $ | 779 | ||||||||||||||||||||||||||||||
Segment Revenue Breakdown % Range |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic Offshore |
40%-45 | % | 30%-35 | % | 35%-40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
International Offshore |
35%-40 | % | 45%-50 | % | 45%-50 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
International Liftboats |
20%-25 | % | 20%-25 | % | 15%-20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
100 | 100 | 92 | 92 | 384 | 99 | 106 | 121 | 120 | 446 | 122 | 127 | 131 | 130 | 510 | |||||||||||||||||||||||||||||||||||||||||||||
General & Administrative |
16 | 16 | 16 | 16 | 65 | 16 | 16 | 16 | 16 | 65 | 17 | 17 | 17 | 17 | 67 | |||||||||||||||||||||||||||||||||||||||||||||
EBITDA |
7 | (36 | ) | (5 | ) | (12 | ) | (45 | ) | (9 | ) | 6 | 18 | 25 | 39 | 39 | 53 | 58 | 52 | 202 | ||||||||||||||||||||||||||||||||||||||||
Capital Expenditures |
31 | 60 | 19 | 20 | 130 | 18 | 224 | 14 | 13 | 270 | 28 | 28 | 28 | 28 | 113 |