HERCULES OFFSHORE, INC. - FORM 8-K - EX-99.1 - HERCULES OFFSHORE FLEET STATUS REPORT - November 17, 2011

Attached files

file filename
8-K - FORM 8-K - HERCULES OFFSHORE, INC.d257671d8k.htm

Exhibit 99.1

 

LOGO  

Hercules Offshore

Monthly Rig Fleet Status Report

as of

November 17, 2011

  

 

                      Contract  (2)
Dayrate ($000s)		     Est. Duration (3)    
     

    Rig Name    

  

    Rig Type    

  

Location

   Customer /Status (1)         Days        

    Date    

  

Comments

 

Domestic Offshore

  1     

Hercules 120

  

120’ - MC, TD

  

GOM

   Chevron     37-39        44     

12/31/11

   Two 6-month priced options at $37-39K dayrate (subject to cost escalation provisions). Chevron reimbursed $3.3 million of repair cost.
  2     

Hercules 150

  

150’ - ILC, TD

  

GOM

     Shipyard      

01/05/12

   Repair and maintenance for approximately 65-70 days starting October 25. Tarpon is obligated to reimburse for 14-days of repairs related to damage caused by a punch through. Anticipate Tarpon to complete remainder of its contract using Hercules 204 in early 2012.
        Arena     54-56        45     

02/19/12

   One 14-day priced option
  3     

Hercules 173

  

173’ - MC, TD

  

GOM

   Chevron     37-39        44     

12/31/11

   Two 6-month priced options at $37 -  $39K dayrate (subject to cost escalation provisions).
  4     

Hercules 200

  

200’ - MC, TD

  

GOM

   Apache     40-42        16     

12/03/11

  
          Shipyard      

12/17/11

   Repair and maintenance for approximately 14 days.
        Apache     37-39        29     

01/15/12

  
  5     

Hercules 201

  

200’ - MC, TD

  

GOM

     Shipyard      

11/28/11

   Scheduled downtime for approximately 50 days starting in October
        Energy XXI     44-46        45     

01/12/12

   One 29-day priced option
  6     

Hercules 202

  

200’ - MC, TD

  

GOM

   Ankor Energy     47-49        29     

12/16/11

  
            51-53        15     

12/31/11

  
  7     

Hercules 204

  

200’ - MC, TD

  

GOM

   Stone Energy     42-44        25     

12/12/11

   Contract commenced November 9.
        Hilcorp     47-49        30     

01/11/12

  
  8     

Hercules 205

  

200’ - MC, TD

  

GOM

   Energy XXI     38-40        41     

12/28/11

  
        ADTI/Contango     43-45        90     

03/27/12

  
          Shipyard      

04/26/12

   Scheduled downtime for approximately 30 days starting in March
        ADTI/Contango     47-49        90     

07/25/12

  
  9     

Hercules 212

  

200’ -  MC, TD

  

GOM

   Hall-Houston     41-43        6     

11/23/11

   Contract commenced October 30
            45-47        58     

01/20/12

   Special survey due by first quarter 2012
  10     

Hercules 213

  

200’ - MC, TD

  

GOM

   Petroquest     38-40        33     

12/20/11

  
            45-47        28     

01/17/12

  
  11     

Hercules 214

  

200’ - MC, TD

  

GOM

   Apache     42-44        31     

12/18/11

  
          Shipyard       02/01/12   Scheduled downtime for ABS special survey/repairs
        Apache     51-53        40      03/12/12  
  12     

Hercules 251

  

250’ - MS, TD

  

GOM

   Walter Oil & Gas     47-49        119     

03/15/12

   Contract commenced November 11.
  13     

Hercules 253

  

250’ - MS, TD

  

GOM

   Hall-Houston     41-43        94     

02/19/12

  
        Tana     47-49        90     

05/19/12

   Special survey due by third quarter 2012
  14     

Hercules 263

  

250’ - MC, TD

  

GOM

   Pisces     57-59        46     

01/02/12

   Contract commenced October 27
        Tana     59-61        45     

02/16/12

   Special survey due by third quarter 2012
  15     

Hercules 264

  

250’ - MC, TD

  

GOM

   Chevron     56-58        33     

12/20/11

  
  16     

Hercules 265

  

250’ - MC, TD

  

GOM

   EPL     54-56        47     

01/03/12

   Contract commenced November 15
        Rooster     59-61        21     

01/24/12

  
        Stone Energy     56-58        65     

03/29/12

   Special survey due by third quarter 2012
  17     

Hercules 300

  

300’ - MC, TD

  

GOM

     Waiting on Weather      

11/24/11

   Previous contract completed November 3.
        Arena     69-71        20     

12/14/11

   One 20-day priced option
  18     

Hercules 350

  

350’ - ILC, TD

  

GOM

   Chevron     73-75        44     

12/31/11

   Special survey due by third quarter 2012
            Average        76     

days

  

 

Page 1 of 5

LOGO  

Hercules Offshore

Monthly Rig Fleet Status Report

as of

November 17, 2011

   

 

                      Contract (2)
Dayrate  ($000s)		   Est. Duration (3)    
     

    Rig Name    

  

    Rig Type    

  

Location

   Customer /Status (1)         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         Sold November 2011
  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

LOGO  

Hercules Offshore

Monthly Rig Fleet Status Report

as of

November 17, 2011

   

 

                      Contract  (2)
Dayrate ($000s)		     Est. Duration (3)    
     

    Rig Name    

  

    Rig Type    

  

Location

   Customer /Status (1)         Days        

    Date    

  

Comments

 

International Offshore

  1     

Hercules 170

  

170’ - ILC, TD

  

Bahrain

     Warm Stacked        
  2     

Hercules 185

  

150’ - ILC, TD

  

Angola

     Shipyard      

03/31/12

   Repair and maintenance for approximately six months starting in September 2011
        CABGOC     59-61        682     

02/11/14

  
  3     

Platform 3

  

Platform, TD

  

Mexico

   PEMEX     49-51        1,394     

09/11/15

  
  4     

Hercules 258

  

250’ - MS, TD

  

India

   ONGC     47-49        51     

01/07/12

  
  5     

Hercules 260

  

250’ - ILC, TD

  

Democratic Republic of Congo

   Perenco     69-71        104     

02/29/12

   Two 6-month priced options. Special survey due by fourth quarter 2012.
  6     

Hercules 208

  

200’ - MC, TD

  

Vietnam

   Quad Energy     67-69        68     

01/24/12

  
     

Indonesia

   Zaratex     99-101        90     

04/23/12

   Two 45-day priced options
  7     

Hercules 261

  

250’ - ILC, TD

  

Saudi Arabia

   Saudi Aramco     83-85        1,047     

09/29/14

   Anticipated downtime for approximately 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     79-81        1,087     

11/08/14

   Anticipated downtime for approximately 90 days starting in second quarter 2012. Will receive lump sum payment to approximate contract preparation costs.
            Average        565     

days

  
               
  9     

Hercules 156

  

150’ - ILC, TD

  

Bahrain

   Cold Stacked 12/10        

 

Page 3 of 5

LOGO  

Hercules Offshore

Monthly Rig Fleet Status Report

as of

November 17, 2011

   

 

                      Contract  (2)
Dayrate ($000s)		     Est. Duration (3)    
     

    Rig Name    

  

    Rig Type    

  

Location

   Customer /Status (1)         Days        

    Date    

  

Comments

 

US Inland Barges

  1     

Hercules 17

  

Posted - 3000 hp, TD

  

US Inland Gulf Coast

   Tri-C Resources     22-24        6     

11/23/11

  
  2     

Hercules 41

  

Posted - 3000 hp, TD

  

US Inland Gulf Coast

   Castex     23-25        25     

12/12/11

  
  3     

Hercules 49

  

Posted - 3000 hp, TD

  

US Inland Gulf Coast

   Dynamic     25-27        10     

11/27/11

  
            Average        14     

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.

 

Page 4 of 5

LOGO  

Hercules Offshore

Liftboat Fleet Status Report

for the month ended

October 31, 2011

   

 

Leg Length/
Liftboat Class
(Feet)

   Total Number
of Liftboats		   Actively
Marketed
Liftboats (1)		   Revenue Per
Day Per
Liftboat (2)		   Operating
Days		   Utilization (3)  

Comments

Gulf of Mexico

                      
230       2          2       $ 23,736         25         40%     One vessel in drydock in October and two vessels in drydock in November
170-215       4          4         13,508         105         85%    
140-150       6          5         7,662         112         72%     One vessels in drydock in October and two vessels in drydock in November
120-130       14          12         6,183         204         55%     One vessels in drydock in October and two vessels in drydock in November
105       15          11         5,081         209         61%     One vessel in drydock in October and November
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    
Sub-total/Average       41          34       $ 7,928         655         62%    

International

                      
230-260       2          2       $ 59,150         37         60%    
170-215       7          7         26,871         144         66%     One vessel in drydock in October and two vessels in drydock in November
140-150       4          4         16,082         62         50%     Two vessels in drydock in October and one vessel in drydock in October
120-130       7          7         11,914         142         65%    
105       4          3         12,939         31         33%    
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    
Sub-total/Average       24          23       $ 21,990         416         58%    
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    
Total/Average       65          57       $ 13,390         1,071         61%    
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

    

 

(1) Actively marketed liftboats excludes six GOM cold-stacked liftboats, one GOM out of service liftboat 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