HERCULES OFFSHORE, INC. - FORM 8-K - EX-99.1 - September 21, 2010

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8-K - FORM 8-K - HERCULES OFFSHORE, INC.h76352e8vk.htm
Exhibit 99.1
(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
September 21, 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   31-33       101       12/31/10     Dayrate adjusts every 90 days to published GOM index, next adjustment will be October 1; Inspections for 7 days in October at zero dayrate  
                                                   
2
    Hercules 150     150’ — ILC, TD     GOM     Hilcorp     32-34       24       10/15/10        
                LLOG     33-35       21       11/05/10        
                      Apache     33-35       21       11/26/10        
                                                   
3
    Hercules 173     173’ — MC, TD     GOM     Chevron     31-33       101       12/31/10     Dayrate adjusts every 90 days to published GOM index, next adjustment will be October 1  
                                                   
4
    Hercules 200     200’ — MC, TD     GOM     Apache     33-35       8       09/29/10        
                                                   
5
    Hercules 201     200’ — MC, TD     GOM         Ready Stacked                            
                                                   
6
    Hercules 202     200’ — MC, TD     GOM     W&T Offshore     31-33       8       09/29/10        
                                                   
7
    Hercules 204     200’ — MC, TD     GOM     Energy XXI     35-37       10       10/01/10        
                                                   
8
    Hercules 205     200’ — MC, TD     GOM     MCX     34-36       57       11/17/10        
                                                   
9
    Hercules 251     250’ — MS, TD     GOM         Ready Stacked                           Next to Phoenix for 56 days in $32-34K dayrate range pending permit  
                                                   
10
    Hercules 253     250’ — MS, TD     GOM         Ready Stacked                              
                                                   
11
    Hercules 350     350’ — ILC, TD     GOM     Chevron     69-71       101       12/31/10        
                                                   
 
                            Average       41       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     Submersible, TD     GOM         Cold Stacked 01/09                              
                                                   
16
    Hercules 101     85’ — ILS, TD     GOM         Cold Stacked 01/09                              
                                                   
17
    Hercules 152     100’ — MC, TD     GOM         Cold Stacked 05/09                              
                                                   
18
    Hercules 153     150’ — MC, TD     GOM         Cold Stacked 01/09                              
                                                   
19
    Hercules 203     150’ — MC, TD     GOM         Cold Stacked 06/09                              
                                                   
20
    Hercules 206     200’ — MC, TD     GOM         Cold Stacked 12/09                              
                                                   
21
    Hercules 207     200’ — MC, TD     GOM         Cold Stacked 01/09                              
                                                   
22
    Hercules 211     200’ — MC Workover     GOM         Cold Stacked 01/09                              
                                                   
23
    Hercules 250     250’ — MS, TD     GOM         Cold Stacked 12/09                              
                                                   
24
    Hercules 252     250’ — MS, TD     GOM         Cold Stacked 05/09                              
                                                   
25
    Hercules 257     250’ — MS, TD     GOM         Cold Stacked 07/10                              
                                                   

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
September 21, 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     n/a     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     212     04/21/11    
  5     Hercules 258   250’ — MS, TD   India   ONGC   109-111     256     06/04/11   Underwater inspections for 7 days in September at zero dayrate
  6     Hercules 260   250’ — ILC, TD   India   ONGC   142-144     190     03/30/11    
  7     Hercules 208   200’ — MC, TD   Malaysia   Murphy   109-111     339     08/26/11  
 
  8     Hercules 261   250’ — ILC, TD   Saudi Arabia   Saudi Aramco   136-138     374     09/30/11    
                                                   
  9     Hercules 262   250’ — ILC, TD   Saudi Arabia   Saudi Aramco   127-129     374     09/30/11    
                        Average     194     days  
 

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
September 21, 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     Energy Partners Ltd.     20-22       20       10/11/10        
                                                   
2
    Hercules 41     Posted — 3000 hp, TD     US Inland Gulf Coast     Castex     17-19       17       10/08/10        
                                                   
3
    Hercules 49     Posted — 3000 hp, TD     US Inland Gulf Coast     McMoran     25-27       110       01/09/11        
                                                   
 
                            Average       49       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.

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Liftboat Fleet Status Report
for the month ended
August 31, 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     $ 22,809       57       92 %    
190-215
     3       3       13,551       86       92 %    
170
     1       1       9,740       31       100 %    
140-150
     6       6       8,859       171       92 %   One vessel in drydock August
120-130
     14       13       6,329       379       94 %   One vessel in drydock in August and three vessels in drydock in September
105
     15       13       4,908       372       92 %   One vessel in drydock in August
 
                                  
Sub-total/Average
     41       38     $ 7,762       1,096       93 %    
 
                                            
International
                                            
230-260
     2       2     $ 43,348       31       50 %    
170-215
     7       7       38,937       111       51 %   Two vessels in drydock in August and September
140-150
     4       4       15,799       103       83 %   One vessel in drydock in August and September
120-130
     7       7       11,611       141       65 %   One vessel in drydock in August
105
     4       3       -         -       0 %    
 
                                  
Sub-total/Average
     24       23     $ 23,135       386       54 %    
 
                                            
 
                                  
Total/Average
     65       61     $ 11,766       1,482       78 %    
 
(1)   Actively marketed liftboats excludes three 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 regulatory uncertainty 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, 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

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