HERCULES OFFSHORE, INC. - FORM 8-K - EX-99.1 - July 28, 2011

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8-K - FORM 8-K - HERCULES OFFSHORE, INC.h83817e8vk.htm
Exhibit 99.1
(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
July 27, 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     157     12/31/11   Two 6-month priced options at $35-37K dayrate (subject to cost escalation provisions). Chevron to reimburse costs of repairs up to $3.3 million.
  2     Hercules 150   150’ — ILC, TD   GOM  
Hilcorp
  39-41     16     08/12/11    
                   
Rooster Petroleum
  43-45     25     09/06/11   Rooster contract to proceed ahead of scheduled shipyard repairs.
                   
    Shipyard
              09/20/11   Scheduled downtime for approximately 14 days
  3     Hercules 173   173’ — MC, TD   GOM  
    Shipyard
              07/29/11   Scheduled downtime for ABS 5-year special survey/repairs for approximately 60 days starting in May 2011. Two 6-month priced options at $35 — $37K dayrate (subject to cost escalation provisions).
                   
Chevron
  35-37     155     12/31/11    
  4     Hercules 200   200’ — MC, TD   GOM  
Apache
  37-39     40     09/05/11    
  5     Hercules 201   200’ — MC, TD   GOM  
Chevron
  35-37     9     08/05/11   Scheduled downtime for approximately 30 days starting in August
  6     Hercules 202   200’ — MC, TD   GOM  
W&T Offshore
  39-41     64     09/29/11    
  7     Hercules 204   200’ — MC, TD   GOM  
Pisces
  37-39     35     08/31/11    
                   
Stone Energy
  37-39     40     10/10/11    
                   
Stone Energy
  42-44     20     10/30/11   One 20-day priced option
  8     Hercules 205   200’ — MC, TD   GOM  
Energy XXI
  38-40     45     09/10/11    
  9     Hercules 212 (former Seahawk 2001)   200’ — MC, TD   GOM  
    Ready Stacked
                    
  10     Hercules 213 (former Seahawk 2004)   200’ — MC, TD   GOM  
Walter Oil and Gas
Petroquest
  38-40
36-38 		    29
96		     08/25/11
11/29/11 		   
  11     Hercules 214 (former Seahawk 2007)   200’ — MC, TD   GOM  
Castex
  35-37     24     08/20/11   Scheduled downtime for ABS special survey/repairs for approximately 45 days starting in November 2011
  12     Hercules 251   250’ — MS, TD   GOM  
    Ready Stacked
                    
  13     Hercules 253   250’ — MS, TD   GOM  
Breton
  36-38     19     08/15/11   Previous contract completed June 24. Current contract commenced July 15.
  14     Hercules 263 (former Seahawk 2600)   250’ — MC, TD   GOM  
    Ready Stacked
                  Previous contract completed June 28
  15     Hercules 264 (former Seahawk 2601)   250’ — MC, TD   GOM  
Chevron
  56-58     97     11/01/11   Includes up to $11.5K per day for additional personnel. Contract commenced July 6.
  16     Hercules 265 (former Seahawk 2602)   250’- MC, TD   GOM  
    Ready Stacked
                  Previous contract completed July 26
  17     Hercules 300 (former Seahawk 3000)   300’ — MC, TD   GOM  
Arena
  69-71     66     10/01/11    
  18     Hercules 350   350’ — ILC, TD   GOM  
Chevron
  73-75     157     12/31/11    
                   
 
  Average     52     days    

 

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
July 27, 2011
                                         
                            Est.    
                        Contract (2)   Duration (3)    
        Rig Name   Rig Type   Location   Customer / Status (1)   Dayrate ($000s)   Days   Date   Comments
                   
 
                    
  19     Hercules 75   Submersible, TD   GOM  
Cold Stacked 01/09
                    
  20     Hercules 77   Submersible, TD   GOM  
Cold Stacked 01/09
                    
  21     Hercules 85   85’ — ILS, TD   GOM  
Cold Stacked 01/09
                    
  22     Hercules 101   100’ — MC, TD   GOM  
Cold Stacked 01/09
                    
  23     Hercules 152   150’ — MC, TD   GOM  
Cold Stacked 05/09
                  Sold July 2011
  24     Hercules 153   150’ — MC, TD   GOM  
Cold Stacked 01/09
                    
  25     Hercules 203   200’ — MC, TD   GOM  
Cold Stacked 06/09
                    
  26     Hercules 206   200’ — MC, TD   GOM  
Cold Stacked 12/09
                    
  27     Hercules 207   200’ — MC, TD   GOM  
Cold Stacked 01/09
                    
  28     Hercules 209 (former Seahawk 2006)   200’ — MC   GOM  
Cold Stacked 01/09
                    
  29     Hercules 211   200’ — MC Workover   GOM  
Cold Stacked 01/09
                    
  30     Hercules 250   250’ — MS, TD   GOM  
Cold Stacked 12/09
                    
  31     Hercules 252   250’ — MS, TD   GOM  
Cold Stacked 05/09
                    
  32     Hercules 256 (former Seahawk 2504)   250’ — MS, TD   GOM  
Cold Stacked 12/10
                    
  33     Hercules 257   250’ — MS, TD   GOM  
Cold Stacked 07/10
                    
  34     Hercules 259 (former Seahawk 2505)   250’ — MS, TD   GOM  
Cold Stacked 02/10
                    
  35     Hercules 800 (former Seahawk 800)   80’ — MS, TD   GOM  
Cold Stacked 10/07
                    
  36     Hercules 2000 (former Seahawk 2000)   200’ — MC, TD   GOM  
Cold Stacked 05/08
                    
  37     Hercules 2002 (former Seahawk 2002)   200’ — MC, TD   GOM  
Cold Stacked 10/08
                    
  38     Hercules 2003 (former Seahawk 2003)   200’ — MC, TD   GOM  
Cold Stacked 02/09
                    
  39     Hercules 2005 former Seahawk 2005)   200’ — MC, TD   GOM  
Cold Stacked 07/09
                    
  40     Hercules 2008 (former Seahawk 2008)   200’ — MC, TD   GOM  
Cold Stacked 01/09
                    
  41     Hercules 2500 (former Seahawk 2500)   250’ — MS, TD   GOM  
Cold Stacked 02/09
                    
  42     Hercules 2501 (former Seahawk 2501)   250’ — MS, TD   GOM  
Cold Stacked 01/10
                    
  43     Hercules 2502 (former Seahawk 2502)   250’ — MS, TD   GOM  
Cold Stacked 02/09
                    
  44     Hercules 2503 (former Seahawk 2503)   250’ — MS, TD   GOM  
Cold Stacked 09/09
                    

Page 2 of 4

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
July 27, 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 185   150’ — ILC, TD   Angola  
CABGOC
  59-61     930     02/11/14   Underwater inspection for five days in July 2011
  3     Platform 3   Platform, TD   Mexico  
    Ready Stacked
                  Previous contract completed on July 25. Received 4-year award letter from PEMEX at $49-$51K dayrate. Start date under negotiation.
  4     Hercules 258   250’ — MS, TD   India  
ONGC
  TBD     96     10/31/11   Contract recommenced on July 7 to complete well in progress. Rate to be comparable to successful bid on upcoming ONGC tender.
  5     Hercules 260   250’ — ILC, TD   India  
    Enroute
  39-41           08/07/11   Enroute to Democratic Republic of Congo
                Congo  
Perenco
  69-71     179     02/02/12   Two 6-month priced options
  6     Hercules 208   200’ — MC, TD   Malaysia  
Murphy
  109-111     29     08/25/11    
  7     Hercules 261   250’ — ILC, TD   Saudi Arabia  
Saudi Aramco
  136-138     65     09/30/11   Underwater inspection for 7-14 days in November 2011
  8     Hercules 262   250’ — ILC, TD   Saudi Arabia  
Saudi Aramco
  127-129     65     09/30/11   Underwater inspection for 7-14 days in November 2011
                   
 
  Average     171     days    
  9     Hercules 156   150’ — ILC, TD   Bahrain  
    Cold Stacked 12/10
                    

Page 3 of 4

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
July 27, 2011
                                         
                            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  
EPL
  19-21     17     08/13/11    
  2     Hercules 41   Posted — 3000 hp, TD   US Inland Gulf Coast  
Goldking
  21-23     24     08/20/11   Contract with Crawford Hughes completed on June 25; Contracted with ADTI/Shoreline from June 26 — July 19 at $21-23K dayrate
  3     Hercules 49   Posted — 3000 hp, TD   US Inland Gulf Coast  
McMoran
  22-24     21     08/17/11   Previous contract completed on July 19
                   
 
  Average     21     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, 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, which may include estimated contractual adjustments for changes in operating costs and reimbursable cost items for operating expenses such as crew and may also include additional services and personnel that may be requested by the customer from time-to-time. However, the dayrates do not include certain non-recurring revenues such as lump sum mobilizations and demobilizations. The actual dayrate over the term of the contract will be lower and could be substantially lower and or subject to numerous risks as disclosed in the Company’s filings with the Securities and Exchange Commission. 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.
 
(3)   Estimated contract duration is an estimate based on current belief by our customers as to the remaining days to complete the project, subject to the satisfaction of regulatory or permitting requirements that are in effect.

4

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Liftboat Fleet Status Report
for the month ended
June 30, 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     $ 22,690       59       98 %      
170-215
     4       4       13,611       74       62 %   One vessel in drydock in June and July  
140-150
     6       6       8,226       123       68 %   Three vessels in drydock in June  
120-130
     14       12       6,107       263       73 %   Four vessels in drydock in June and one vessel in drydock in July  
105
     15       11       4,678       208       63 %   Two vessels in drydock in June and July  
 
                                    
Sub-total/Average
     41       35     $ 8,166       727       69 %      
 
                                              
International
                                              
230-260
     2       2     $ 47,247       30       50 %   One vessel in drydock in June and July  
170-215
     7       7       30,518       91       43 %   Two vessels in drydock in June and July  
140-150
     4       4       14,579       82       68 %   Two vessels in drydock in June and one vessel in drydock in July  
120-130
     7       7       12,341       160       76 %      
105
     4       3       6,982       36       40 %      
 
                                    
Sub-total/Average
     24       23     $ 19,088       399       58 %      
 
                                              
 
                                    
Total/Average
     65       58     $ 12,036       1,126       65 %      
 
(1)   Actively marketed liftboats excludes six 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 continued delays in obtaining drilling permits 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, our ability to renew or extend our long-term international contracts, or enter into new contracts, at current dayrates when such contracts expire, the potential inability of our customers to obtain drilling permits that would cover the entire duration of our contracts in the U.S. Gulf of Mexico or otherwise satisfy regulatory requirements that may be then in effect, 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.

Page 1 of 1

HERCULES OFFSHORE, INC. Reports