HERCULES OFFSHORE, INC. - FORM 8-K - EX-99.1 - March 18, 2010

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8-K - FORM 8-K - HERCULES OFFSHORE, INC.h70257e8vk.htm
Exhibit 99.1
(HERCULES LOGO)   Hercules Offshore
Monthly Rig Fleet Status Report
as of
March 18, 2010 		   
                                        
                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   Chevron     27-29       104     06/30/10    
2 Hercules 150
   150' - ILC, TD   GOM   Hilcorp     32-34       163     08/28/10    
3 Hercules 173
   173' - MC, TD   GOM   Chevron     27-29       104     06/30/10    
4 Hercules 200
   200' - MC, TD   GOM   ADTI/Phoenix     32-34       37     04/24/10    
 
           ADTI/Hall-Houston     29-31       30     05/24/10   Dayrate of $33-$35K for additional 20 days if well is completed; One one-well (25-day) priced option at $31-33K
5 Hercules 201
   200' - MC, TD   GOM   Devon     28-30       28     04/15/10   Operations from February 12, 2010 - March 15, 2010 were at $31-33K dayrate
 
           LLOG     32-34       55     06/09/10    
6 Hercules 202
   200' - MC, TD   GOM   W&T Offshore     31-33       150     08/15/10    
7 Hercules 204
   200' - MC, TD   GOM          Maintenance                 04/07/10   Repairs and maintenance commenced March 10, 2010
 
           LLOG     32-34       49     05/26/10    
8 Hercules 205
   200' - MC, TD   GOM         Shipyard                   03/31/10    Mobilized from Mexico in March 2010
9 Hercules 251
   250' - MS, TD   GOM         Ready Stacked                   03/23/10    
ADTI/Phoenix 31-34 90 06/21/10
10 Hercules 253
   250' - MS, TD   GOM   ADTI/Contango     32-34       34     04/21/10  
11 Hercules 257
   250' - MS, TD   GOM   Stone Energy Corp     32-34       17     04/04/10    
      Hall-Houston     31-33       26     04/30/10    
12 Hercules 350
 350' - ILC, TD GOM Chevron 49-51 104 06/30/10
 
               Average     83     days    
13 Hercules 75
   Submersible, TD   GOM         Cold Stacked 01/09                        
14 Hercules 77
   Submersible, TD   GOM         Cold Stacked 01/09                        
15 Hercules 78
   Submersible, TD   GOM         Cold Stacked 01/09                        
16 Hercules 85   85' - ILS, TD   GOM         Cold Stacked 01/09                        
17 Hercules 101
   100' - MC, TD   GOM         Cold Stacked 01/09                        
18 Hercules 152
   150' - MC, TD   GOM         Cold Stacked 05/09                        
19 Hercules 153
   150' - MC, TD   GOM         Cold Stacked 01/09                        
20 Hercules 203
   200' - MC, TD   GOM         Cold Stacked 06/09                       Continuing obligation from Energy XXI for approximately 18 days at $81-83K dayrate will be assigned to another rig; actual days remaining are currently being negotiated
21 Hercules 206
   200' - MC, TD   GOM         Cold Stacked 12/09                        
22 Hercules 207
   200' - MC, TD   GOM         Cold Stacked 01/09                        
23 Hercules 211
   200' - MC Workover   GOM         Cold Stacked 01/09                        
24 Hercules 250
   250' - MS, TD   GOM         Cold Stacked 12/09                        
25 Hercules 252
   250' - MS, TD   GOM         Cold Stacked 05/09                        

Page 1 of 4

 

(HERCULES LOGO)   Hercules Offshore
Monthly Rig Fleet Status Report
as of
March 18, 2010 		   
                                     
                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 156
   150' - ILC, TD   Gabon         Warm Stacked                        
3 Hercules 185
   150' - ILC, TD   Gabon   Angola Drilling Company Ltd     149-151       295     01/07/11   Remains on standby dayrate in the $145-150K range. Currently does not meet our revenue recognition criteria due to uncertainty surrounding collectability.
4 Platform 3
   Platform, TD   Mexico   PEMEX     54-56       399     04/21/11    
5 Hercules 258
   250' - MS, TD   India   ONGC     109-111       443     06/04/11    
6 Hercules 260
   250' - ILC, TD   India   ONGC     142-144       377     03/30/11    
7 Hercules 208
   200' - MC, TD   Malaysia   Murphy     109-111       526     08/26/11    
8 Hercules 261
   250' - ILC, TD   Saudi Arabia   Saudi Aramco     136-138       561     09/30/11    
9 Hercules 262
   250' - ILC, TD   Saudi Arabia   Saudi Aramco     127-129       561     09/30/11    
 
               Average     351     days    

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(HERCULES LOGO)   Hercules Offshore
Monthly Rig Fleet Status Report
as of
March 18, 2010 		   
                                        
                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              Ready Stacked                  
2 Hercules 41
   Posted - 3000 hp, TD   US Inland Gulf Coast   Castex     14-16       20     04/07/10    
3 Hercules 49
   Posted - 3000 hp, TD   US Inland Gulf Coast   Dynamic     14-16       51     05/08/10    
 
               Average     24     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.

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(HERCULES LOGO)
  Hercules Offshore
 
  Liftboat Fleet Status Report
 
  for the month ended
 
  February 28, 2010
                                         
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     $ 22,654       17       30 %  
One vessel in drydock in February and March
190-215   3     3       11,405       40       48 %  
 
170   1     1       8,838       2       7 %  
One vessel in drydock in February and March
140-150   6     6       7,441       60       36 %  
120-130   14     13       5,831       208       57 %  
Two vessels in drydock in February and March
105   15     13       4,798       218       60 %  
Six vessels in drydock in February and five vessels in drydock in March
                             
 
Sub-total/Average   41     38     $ 6,540       545       51 %  
 
                                       
 
International  
 
                                    
230-260   2     2     $ 49,110       46       82 %  
 
170-215   7     7       33,117       111       57 %  
One vessel in drydock in February
140-150   4     4       14,900       89       79 %  
One vessel in drydock in February and March
120-130   7     7       12,441       134       68 %  
One vessel in drydock in February and March
105   4     4       11,893       22       20 %  
One vessel in drydock in February and two vessels in drydock in March
                             
 
Sub-total/Average   24     24     $ 22,860       402       60 %  
 
                                       
 
                             
 
Total/Average   65     62     $ 13,468       947       55 %  
 
                             
 
 
(1)   Actively marketed liftboats excludes three GOM cold-stacked liftboats
 
(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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HERCULES OFFSHORE, INC. Reports