HERCULES OFFSHORE, INC. - FORM 8-K - EX-99.1 - February 16, 2011

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8-K - FORM 8-K - HERCULES OFFSHORE, INC.h79747e8vk.htm
Exhibit 99.1
(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
February 16, 2011
                                     
                        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   35-37     134     06/30/11   Scheduled downtime for ABS 5-year special survey/repairs for approximately 50 days starting in February 2011
2
   Hercules 150   150’ — ILC, TD   GOM   Hilcorp   33-35     16     03/04/11    
 
               Hilcorp   39-41     100     06/12/11    
3
   Hercules 173   173’ — MC, TD   GOM   Chevron   35-37     134     06/30/11   Scheduled downtime for ABS 5-year special survey/repairs for approximately 30 days starting in May 2011
4
   Hercules 200   200’ — MC, TD   GOM   Apache   33-35     20     03/08/11   Scheduled downtime for ABS 5-year special survey/repairs for approximately 21 days starting in March 2011
5
   Hercules 201   200’ — MC, TD   GOM       Ready Stacked               02/24/11    
 
               Stone Energy   36-38     10     03/06/11    
6
   Hercules 202   200’ — MC, TD   GOM   W&T Offshore   32-34     54     04/11/11    
7
   Hercules 204   200’ — MC, TD   GOM      Shipyard                   Scheduled downtime for ABS 5-year special survey/repairs for approximately 50 days starting in late January 2011; Previous contract ended January 13, 2011
8
   Hercules 205   200’ — MC, TD   GOM   Dominion   34-36     12     02/28/11   Previous contract ended January 18, 2011
9
   Hercules 251   250’ — MS, TD   GOM       Ready Stacked               02/19/11   Previous contract ended February 6, 2011
 
               Hall-Houston   34-36     40     03/31/11    
10
   Hercules 253   250’ — MS, TD   GOM   ADTI/Dynamic   32-34     5     02/21/11    
11
   Hercules 350   350’ — ILC, TD   GOM   Chevron   73-75     134     06/30/11    
 
                                    
 
                   Average     60     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                    
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                    

Page 1 of 4

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
February 16, 2011
                                 
                        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   Bahrain   Cold Stacked                
 3
   Hercules 185   150’ — ILC, TD   Gabon   CABGOC   59-61   1,091   02/11/14   Contract commenced February 11, 2011
 4
   Platform 3   Platform, TD   Mexico   PEMEX   54-56        67   04/24/11    
 5
   Hercules 258   250’ — MS, TD   India   ONGC   109-111      108   06/04/11    
 6
   Hercules 260   250’ — ILC, TD   India   ONGC   142-144        42   03/30/11    
 7
   Hercules 208   200’ — MC, TD   Malaysia   Murphy   109-111      191   08/26/11    
 8
   Hercules 261   250’ — ILC, TD   Saudi Arabia   Saudi Aramco   136-138      226   09/30/11    
 9
   Hercules 262   250’ — ILC, TD   Saudi Arabia   Saudi Aramco   127-129      226   09/30/11    
 
                   Average      217   days    

Page 2 of 4

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
February 16, 2011
                                         
                        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
                   Previous contract ended January 28, 2011
  2     Hercules 41   Posted — 3000 hp, TD   US Inland Gulf Coast  
Quest
   17-19     31     03/19/11   Contract commenced January 19, 2011
  3     Hercules 49   Posted — 3000 hp, TD   US Inland Gulf Coast  
McMoran
   25-27     13     03/01/11    
                   
 
   Average     15     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, subject to the satisfaction of regulatory and permitting requirements that are in effect.

Page 3 of 4

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Liftboat Fleet Status Report
for the month ended
January 31, 2011
                                             
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     $ 23,981       15       24 %   One vessel in drydock in January
170-215
     4       4       13,469       102       82 %   Two vessels in drydock in February
140-150
     6       6       7,894       90       48 %   Two vessels in drydock in January and February
120-130
     14       13       5,726       145       36 %   Three vessels in drydock in January and one vessel in drydock in February
105
     15       13       4,837       80       20 %   Two vessels in drydock in January and one vessel in drydock in February
 
                                  
Sub-total/Average
     41       38     $ 8,475       432       37 %    
 
                                            
International
                                            
230-260
     2       2     $ 55,500       18       29 %   One vessel in drydock in February
170-215
     7       7       36,630       126       58 %   Two vessels in drydock in February
140-150
     4       4       15,191       120       97 %    
120-130
     7       7       10,536       130       60 %   Two vessels in drydock in January and one vessel in drydock in February
105
     4       3       9,966       30       32 %    
 
                                  
Sub-total/Average
     24       23     $ 21,476       424       59 %    
 
                                            
 
                                  
Total/Average
     65       61     $ 14,915       856       45 %    
 
                                  
 
(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, the ability of our customers to obtain permits for contracted work or otherwise satisfy regulatory requirements which are then in effect, 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 4 of 4

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