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

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8-K - FORM 8-K - HERCULES OFFSHORE, INC.h84846e8vk.htm
Exhibit 99.1
(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
September 28, 2011
                                         
                        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
  35-37     94     12/31/11   Two 6-month priced options at $35-37K dayrate (subject to cost escalation provisions). Chevron reimbursed $3.3 million of repair cost.
  2     Hercules 150   150’ — ILC, TD   GOM  
Shipyard
              10/18/11   Scheduled downtime for approximately 40 days starting in September
                   
Ready Stacked
              12/31/11    
                   
Arena
  54-56     45     02/14/12   One 14-day priced option
  3     Hercules 173   173’ — MC, TD   GOM  
Chevron
  35-37     94     12/31/11   Two 6-month priced options at $35 — $37K dayrate (subject to cost escalation provisions).
  4     Hercules 200   200’ — MC, TD   GOM  
Apache
  37-39     26     10/24/11    
                   
 
  40-42     60     12/23/11    
                   
 
  37-39     14     01/06/12    
  5     Hercules 201   200’ — MC, TD   GOM  
Chevron
  35-37     2     09/30/11    
                   
Shipyard
              10/30/11   Scheduled downtime for approximately 30 days starting in October
                   
Energy XXI
  44-46     74     01/12/12    
  6     Hercules 202   200’ — MC, TD   GOM  
Ankor Energy
  47-49     49     11/16/11   Previous contract completed on September 26, 2011
  7     Hercules 204   200’ — MC, TD   GOM  
Stone Energy
  37-39     38     11/05/11   Previous contract completed on September 26, 2011
                   
Stone Energy
  42-44     20     11/25/11   One 20-day priced option
  8     Hercules 205   200’ — MC, TD   GOM  
Energy XXI
  38-40     17     10/15/11    
                   
ADTI/Contango
  43-45     90     01/13/12    
                   
ADTI/Contango
  47-49     90     04/12/12    
  9     Hercules 212   200’ — MC, TD   GOM  
Hall-Houston
  38-40     23     10/21/11   Special survey due by first quarter 2012
  10     Hercules 213   200’ — MC, TD   GOM  
Petroquest
  38-40     70     12/07/11    
                   
Petroquest
  45-47     28     01/04/12    
  11     Hercules 214   200’ — MC, TD   GOM  
Apache
  42-44     71     12/08/11   Scheduled downtime for ABS special survey/repairs for approximately 45 days starting in December 2011
  12     Hercules 251   250’ — MS, TD   GOM  
Ready Stacked
              10/31/11    
                   
Walter Oil & Gas
  47-49     100     02/08/12    
  13     Hercules 253   250’ — MS, TD   GOM  
Ready Stacked
              10/01/11    
                   
Hall-Houston
  41-43     120     01/29/12    
                   
Tana
  47-49     90     04/28/12   Special survey due by third quarter 2012
  14     Hercules 263   250’ — MC, TD   GOM  
Apache
  55-57     1     09/29/11    
                   
Pisces
  52-54     35     11/03/11   Special survey due by third quarter 2012
                   
Ready Stacked
              12/31/11    
                   
Tana
  59-61     45     02/14/12    
  15     Hercules 264   250’ — MC, TD   GOM  
Chevron
  56-58     22     10/20/11   Includes up to $11.5K per day for additional personnel.
  16     Hercules 265   250’ — MC, TD   GOM  
EPL
  53-55     27     10/25/11   Contract commenced September 10
                   
Ready Stacked
              11/30/11    
                   
Stone Energy
  56-58     65     02/03/12   Special survey due by third quarter 2012
  17     Hercules 300   300’ — MC, TD   GOM  
Arena
  69-71     35     11/02/11    
  18     Hercules 350   350’ — ILC, TD   GOM  
Chevron
  73-75     94     12/31/11   Special survey due by third quarter 2012
                   
 
  Average     86     days    

Page 1 of 5

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
September 28, 2011
                                         
                        Contract (2)   Est.
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 153   150’ — MC, TD   GOM  
Cold Stacked 01/09
                    
  24     Hercules 203   200’ — MC, TD   GOM  
Cold Stacked 06/09
                    
  25     Hercules 206   200’ — MC, TD   GOM  
Cold Stacked 12/09
                    
  26     Hercules 207   200’ — MC, TD   GOM  
Cold Stacked 01/09
                    
  27     Hercules 209   200’ — MC   GOM  
Cold Stacked 01/09
                    
  28     Hercules 211   200’ — MC Workover   GOM  
Cold Stacked 01/09
                    
  29     Hercules 250   250’ — MS, TD   GOM  
Cold Stacked 12/09
                    
  30     Hercules 252   250’ — MS, TD   GOM  
Cold Stacked 05/09
                    
  31     Hercules 256   250’ — MS, TD   GOM  
Cold Stacked 12/10
                    
  32     Hercules 257   250’ — MS, TD   GOM  
Cold Stacked 07/10
                    
  33     Hercules 259   250’ — MS, TD   GOM  
Cold Stacked 02/10
                    
  34     Hercules 800   80’ — MS, TD   GOM  
Cold Stacked 10/07
                    
  35     Hercules 2000   200’ — MC, TD   GOM  
Cold Stacked 05/08
                    
  36     Hercules 2002   200’ — MC, TD   GOM  
Cold Stacked 10/08
                    
  37     Hercules 2003   200’ — MC, TD   GOM  
Cold Stacked 02/09
                    
  38     Hercules 2005   200’ — MC, TD   GOM  
Cold Stacked 07/09
                    
  39     Hercules 2008   200’ — MC, TD   GOM  
Cold Stacked 01/09
                    
  40     Hercules 2500   250’ — MS, TD   GOM  
Cold Stacked 02/09
                    
  41     Hercules 2501   250’ — MS, TD   GOM  
Cold Stacked 01/10
                    
  42     Hercules 2502   250’ — MS, TD   GOM  
Cold Stacked 02/09
                    
  43     Hercules 2503   250’ — MS, TD   GOM  
Cold Stacked 09/09
                    

Page 2 of 5

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
September 28, 2011
                                         
                        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 185   150’ — ILC, TD   Angola  
    Shipyard
CABGOC
  59-61     682     03/31/12
02/11/14 		  Repair and maintenance for approximately six months starting in September 2011
  3     Platform 3   Platform, TD   Mexico  
PEMEX
  49-51     1,444     09/11/15    
  4     Hercules 258   250’ — MS, TD   India  
ONGC
    Shipyard
  TBD     33     10/31/11

01/29/12 		  Dayrate to be comparable to successful bid on upcoming ONGC tender.
Scheduled downtime for special survey/repairs for approximately 90 days starting in November 2011.
  5     Hercules 260   250’ — ILC, TD   Congo  
Perenco
  69-71     154     02/29/12   Two 6-month priced options. Special survey due by fourth quarter 2012.
  6     Hercules 208   200’ — MC, TD   Singapore  
    Ready Stacked
              10/5/11    
            Vietnam  
Quad Energy
   67-69     90     01/03/12   LOI for 90 days with another operator in the region.
  7     Hercules 261   250’ — ILC, TD   Saudi Arabia  
Saudi Aramco
  136-138     1     09/29/11    
                   
 
  83-85     1,096     09/29/14   Anticipated downtime for 60 days starting in first quarter 2012. Will receive lump sum payment to approximate contract preparation costs.
  8     Hercules 262   250’ — ILC, TD   Saudi Arabia  
Saudi Aramco
  127-129     41     11/08/11   Awaiting 3-year contract extension execution.
                   
 
  Average     443     days    
  9     Hercules 156   150’ — ILC, TD   Bahrain  
    Cold Stacked 12/10
                    

Page 3 of 5

 

(HERCULES OFFSHORE LOGO)
Hercules Offshore
Monthly Rig Fleet Status Report
as of
September 28, 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  
EPL
   21-23   21   10/19/11    
  2     Hercules 41   Posted — 3000 hp, TD   US Inland Gulf Coast  
    Ready Stacked
               Previous contract completed on September 16
  3     Hercules 49   Posted — 3000 hp, TD   US Inland Gulf Coast  
McMoran
   22-24   —   09/28/11    
                   
Dynamic
   25-27   52   11/19/11    
                   
 
   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, 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 could 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, including those that may impact the ability of our customers to timely obtain drilling permits.

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(HERCULES OFFSHORE LOGO)
Hercules Offshore
Liftboat Fleet Status Report
for the month ended
August 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     $ 25,445       31       50 %    
170-215
     4       4       13,058       77       62 %   One vessel in drydock in August
140-150
     6       6       7,682       126       68 %   Two vessels in drydock in August and one vessel in drydock in September
120-130
     14       12       6,203       282       76 %   Two vessels in drydock in August and three vessels in drydock in September
105
     15       11       4,754       261       77 %   One vessel in drydock in August and three vessels in drydock in September
                                   
Sub-total/Average
     41       35     $ 7,403       777       72 %    
 
International
                                            
230-260
     2       2     $ 40,141       44       71 %   One vessel in drydock in August
170-215
     7       7       28,698       160       74 %   Two vessels in drydock in August and September
140-150
     4       4       14,957       93       75 %   One vessel in drydock in August and two vessels in drydock in September
120-130
     7       7       11,984       98       45 %   One vessel in drydock in August and September
105
     4       3       9,345       62       67 %    
                                   
Sub-total/Average
     24       23     $ 20,794       457       64 %    
                                   
                                   
Total/Average
     65       58     $ 12,362       1,234       69 %    
                                   
 
(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 5 of 5

HERCULES OFFSHORE, INC. Reports