HERCULES OFFSHORE, INC. - FORM 8-K - EX-99.1 - November 17, 2009

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8-K - FORM 8-K - HERCULES OFFSHORE, INC.h68703e8vk.htm
Exhibit 99.1
(HERCULES OFFSHORE LOGO)
         
 
  Hercules Offshore
Monthly Rig Fleet Status Report
as of
November 17, 2009 		   
                                   
                      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   Chevron   27-29     225     06/30/10  
 
2 Hercules 150   150’ — ILC, TD   GOM   Plains   28-30     18     12/05/09  
 
              Energy XXI   28-30     14     12/19/09  
 
3 Hercules 173   173’ — MC, TD   GOM   Chevron   27-29     225     06/30/10  
 
4 Hercules 200   200’ — MC, TD   GOM   Century   29-31     33     12/20/09  
 
5 Hercules 201   200’ — MC, TD   GOM   Stone Energy   28-30     9     11/26/09  
 
6 Hercules 202   200’ — MC, TD   GOM   Century   29-31     48     01/04/10  
 
7 Hercules 204   200’ — MC, TD   GOM   Apache   29-31     23     12/10/09  
 
              Petroquest   29-31     49     01/28/10  
 
8 Hercules 250   250’ — MS, TD   GOM  
Warm Stacked
  
 
                
9 Hercules 253   250’ — MS, TD   GOM   Tana   74-76     16     12/03/09  
 
                  64-66     20     12/23/09  
 
10 Hercules 257   250’ — MS, TD   GOM   ADTI/Contango   28-30     21     12/08/09  
 
11 Hercules 350   350’ — ILC, TD   GOM  
Shipyard
               12/07/09  
Undergoing precautionary inspection following Hurricane Ida.
              Chevron   49-51     205     06/30/10  
 
                  Average     82     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
                  
Continuing obligation from Energy XXI for approximately 23 days at $81-83K dayrate will be assigned to another rig; actual days remaining will be adjusted upon completion of Hercules 150 contract with Energy XXI
20 Hercules 207   200’ — MC, TD   GOM  
Cold Stacked 01/09
  
 
                
21 Hercules 211   200’ — MC Workover   GOM  
Cold Stacked 01/09
  
 
                
22 Hercules 251   250’ — MS, TD   GOM  
Cold Stacked 04/09
  
 
                
23 Hercules 252   250’ — MS, TD   GOM  
Cold Stacked 05/09
  
 
                

Page 1 of 4

 

(HERCULES OFFSHORE LOGO)
         
  Hercules Offshore
Monthly Rig Fleet Status Report
as of
November 17, 2009 		   
                                   
                    Est.  
                  Contract (2)   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   Gabon  
Warm Stacked
  
 
                
3 Hercules 185   150’ — ILC, TD   Angola   Angola Drilling Company Ltd   149-151     416     01/07/11  
Currently on standby dayrate in the $145-150K range
4 Hercules 205   200’ — MC, TD   Mexico   PEMEX   43-45     44     12/31/09  
 
5 Hercules 206   200’ — MC, TD   Mexico   Enroute               11/24/09  
Enroute to U.S. Gulf of Mexico for cold stack
6 Platform 3   Platform, TD   Mexico   PEMEX   62-64     19     12/06/09  
Negotiating short term extension through year-end
7 Hercules 258   250’ — MS, TD   India   ONGC   109-111     564     06/04/11  
 
8 Hercules 260   250’ — ILC, TD   India   ONGC   142-144     498     03/30/11  
 
9 Hercules 208   200’ — MC, TD   Malaysia   Murphy   109-111     647     08/26/11  
 
10 Hercules 261   250’ — ILC, TD   Saudi Arabia   Saudi Aramco   136-138     682     09/30/11  
 
11 Hercules 262   250’ — ILC, TD   Saudi Arabia   Saudi Aramco   127-129     682     09/30/11  
 
                  Average     323     days

Page 2 of 4

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
November 17, 2009
                                   
                        Est.  
                    Contract (2)   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   Ready Stacked  
 
                  
2   Hercules 41   Posted — 3000 hp, TD   US Inland Gulf Coast   Castex   14-16     61     01/17/10    
 
2   Hercules 49   Posted — 3000 hp, TD   US Inland Gulf Coast   JGC   15-17     5     11/22/09    
 
                    14-16     20     12/12/09    
 
                    Average     29   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.

Page 3 of 4

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Liftboat Fleet Status Report
for the month ended
October 31, 2009
                                             
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     $ 19,208       57       92 %        
190-215
     3       3       14,130       58       62 %   One vessel in drydock in October
170
     1       1       10,234       31       100 %        
140-150
     6       6       7,550       85       46 %        
120-130
     14       13       5,826       257       64 %        
105
     15       13       4,735       307       76 %   Two vessels in drydock in October and November
 
                                    
Sub-total/Average
     41       38     $ 7,326       795       67 %        
 
                                                
International
                                                
260
     1       1       50,102       31       100 %        
230
     1       0       —       —       0 %   Transferring from GOM
170-215
     7       4       36,619       75       60 %   One vessel in drydock in October, three vessels transferring from GOM
140-150
     4       4       17,764       105       85 %   One vessel in drydock in October
120-130
     7       7       11,648       132       61 %   One vessel in drydock in November
105
     4       4       —       —       0 %        
 
                                    
Sub-total/Average
     24       20     $ 22,456       343       55 %        
 
                                                
 
                                    
Total/Average
     65       58     $ 11,886       1,138       63 %        
 
Note: The company mobilized the 230’ class Tiger Shark, the 200’ class Cutlassfish and Creole Fish and the 175’ class Mako to West Africa. The vessels departed the U.S. GOM in early October and arrived early November at a cost of approximately $6 million. The Cutlassfish has secured a contract at a dayrate in the $39,000 to $41,000 range and is expected to commence operations in late November. The contract is scheduled to terminate on June 30, 2010. The company did not obtain signed contracts on the remaining vessels prior to their departure, therefore, their associated transportation costs will be expensed in the fourth quarter of 2009. The vessels will also undergo various upgrades for approximately $2 million and are expected to be available for work between December 2009 and January 2010.
 
(1)   Actively marketed liftboats excludes three GOM cold-stacked liftboats and four International cold-stacked liftboats that were mobilized to West Africa in October.
 
(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 herein contains 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. 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 and other factors described in Hercules’ 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. Hercules 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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