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Hercules Offshore

Hercules Offshore Expects to Emerge from Bankruptcy in Q4

Photo: Hercules Offshore

Rig provider Hercules Offshore Inc said on Thursday that it expects to file for Chapter 11 protection next month and emerge with a restructured balance sheet in the fourth quarter.   The company said last month that it had entered into a restructuring agreement with a majority of its debtors and would file for Chapter 11 protection by July 8.   Hercules shares were down 5.8 percent at 15.35 cents on Thursday afternoon.     (Reporting by Sneha Banerjee and Narottam Medhora; Editing by Savio D'Souza)


Keppel Delivers First Super A-class Rig

FELS Super A-class Rig: Image courtesy of Keppel

Keppel FELS delivers the harsh environment rig to Discovery Offshore, which is managed by Hercules Offshore. Named Discovery Triumph at the delivery ceremony, the first KFELS Super A Class jackup has been delivered 46 days ahead of schedule and with a perfect safety record. The ultra high-specification jackup rig has been designed for the harsh environmental conditions of the North Sea (UK Sector). Its enhanced leg design incorporates Keppel's proven and reliable high capacity rack and


New Firm Acquires Hercules Offshore Domestic Liftboats

All Coast, LLC, a newly formed company for the marine services industry founded by John Powers and John Nesser III, has completed the acquisition of Hercules Offshore’s domestic liftboat assets. This $57.5 million acquisition includes 29 actively marketed liftboats ranging from class 105 to class 229, 10 inactive liftboats and additional related assets. Powers and Nesser, All Coast managers and co-chief executive officers, each have more than 40 years of experience in the oil and gas


Taylor to Chair NOIA Board

CindyTaylor

  The National Ocean Industries Association (NOIA) Board of Directors has elected Cindy B. Taylor as Chair and Kevin McEvoy as Vice Chairman for the upcoming 2015-2016 term. Taylor and McEvoy assumed their positions at the NOIA Annual Meeting today in Washington, DC.   Since 2007, Cindy has served as President and Chief Executive Officer of Oil States International, Inc., a publicly traded diversified oilfield services company headquartered in Houston


Asian Lift Adds Fifth Sheerlegs

Asian Lift. Photo by Keppel Offshore & Marine

 Asian Lift, a joint venture between Keppel Offshore & Marine (Keppel O&M) and Smit Singapore, a member of the Boskalis group of companies, celebrates the naming of Asian Hercules III, which is the largest and most versatile heavy-lift sheerlegs of its kind in the world.    The self-propelled floating sheerlegs can perform single lifts of up to 5,000 tonnes and carry out tandem lifts exceeding 5,000 tonnes with multiple cranes.  


Hercules Offshore to Begin Restructuring

Image: Hercules Offshore Inc.

 The Houston-based NASDAQ-listed drilling contractor Hercules Offshore Inc. (HERO) has entered a restructuring agreement with a noteholder group, and expects a prepackaged reorganization plan.   HERO says the agreement will convert $1.2B of debt to new common equity, and noteholders will backstop $450M of new debt financing to fully fund the remaining construction cost of the Hercules Highlander and provide additional liquidity to fund the company's operations.  


Global Awarded PEMEX Contract

Global Industries, Ltd. said that subsidiary Global Offshore Mexico S. de R.L. de C.V. received a letter of intent from PEMEX Exploration & Production to install three 20-inch diameter pipelines and nine 12-inch diameter pipelines as part of the EPC-77 Project in the Cantarell Field. The field is located in Mexico's Bay of Campeche. The Project is valued at approximately $100 million and scheduled to be completed by the end of the first quarter 2005.


102 Year-Old Steam Tug in Alameda Dry-Dock

Photo courtesy Wes Starratt

The 102-year old steam-powered, ocean-going tug, Hercules, is in dry-dock at Bay Ship & Yacht Co.’s Alameda yard for maintenance and repair work. Earlier this month she was towed across the bay from her berth at the Hyde Street Pier of the San Francisco Maritime National Historic Park, operated by the National Park Service.  She will be in dry-dock at BS&Y for about a month for sandblasting and painting the riveted steel hull, replacing the boat deck


USCG Rescues Mariner from Boat Near Maui

Coast Guard Station Maui at Māʻalaea,

  A man is safe after being rescued from a disabled boat approximately 46 miles southwest of Kahoolawe, Maui, Saturday. At 10:15 a.m., watchstanders at the Coast Guard Sector Honolulu command center received notification from a friend of the vessel’s operator reporting that the 19-foot boat was disabled. The mariner contacted his friend using a cell phone. An approximate position was determined using information form the cell phone call.


Propulsion Systems Ordered for Qatar Coastguard Vessels

Image: Rolls-Royce

Rolls-Royce waterjets and MTU diesels to power 17 new patrol boats for the Qatar Coastguard   Rolls-Royce has secured a £15.8 million contract to supply Rolls-Royce MTU high-speed engines and a suite of waterjet propulsion systems for the the Qatar Coastguard’s 17 fast patrol vessels under construction at Turkey’s ARES Shipyard. The scope of supply for Rolls-Royce Includes a total of 46 engines and waterjets, across three different sizes of craft


Injured Fisherman Medevaced off Alaska

Screenshot from USCG video

An injured mariner was medevaced by U.S. Coast Guard (USCG) personnel near Sand Point, Wednesday, the USCG reported. Watchstanders at USCG District 17 command center received a report that a mariner aboard 48-foot fishing vessel Capt-Jay was suffering from a head injury


Hercules-2 Officially Launched

Hercules-2-logo

MAN Diesel & Turbo, Wärtsilä and Winterthur Gas & Diesel to collaborate on major, EU-funded project.   A major cross-industry initiative led by MAN Diesel & Turbo, Wärtsilä, and Winterthur Gas & Diesel


Cruise Ship Passenger Medevaced off US

A Coast Guard helicopter crew hoists a 77-year-old woman suffering stroke symptoms, Monday, July 6. The crew took the ailing passenger to Vidant Medical Center in Greenville, North Carolina. (Screenshot from U.S. Coast Guard video by Air Station Elizabeth City)

A cruise ship passenger suffering stroke symptoms was medevaced by U.S. Coast Guard personnel approximately 200 miles east of Wilmington, North Carolina. The Coast Guard received a call late Monday afternoon from the 959-foot, Panama-flagged cruise ship Carnival Pride


USCG Rescues 5 Near Kiribati

FIVE RESCUED AFTER BEING STRANDED AT SEA FOR FOUR DAYS NEAR KIRIBATI

  Five men are safe, Saturday, after being after being stranded at sea in a 14-foot skiff since Wednesday. The men were rescued by the crew of the motor vessel, Shourong Harmony after an HC-130 Hercules air crew from Coast Guard Air Station Barbers Point spotted the 14-foot aluminum skiff


Energy Sector Volatility Affects Middle Market M&A Activity

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Market volatility for the petroleum sector provides a backdrop to an evolving Merger & Acquisitions environment for the Offshore Sector. In the 3Q edition of Maritime Professional, this series of articles examined the overall evolution of maritime and offshore M&A activity since 2010


USCG Rescues One in Plane Crash

A man was rescued by Coast Guard aircrews after his plane crashed approximately five miles east of South Bimini, Bahamas, Monday afternoon. Rescued was David Pedroza, 43, from Boca Raton, Florida. At approximately 1:50 p.m. watchstanders at the Coast Guard 7th District in Miami received a


Java Sea Body, Luggage Could be AirAsia Debris

Objects resembling a body, luggage, a life vest and debris suspected to be part of an AirAsia jet that disappeared over the Java Sea were spotted by a pilot involved in the search operation, domestic media reported on Tuesday. "The body seemed bloated


Ship Finance Sells Drillship to Seadrill

Ship Finance International Limited announced that Seadrill Limited has exercised a purchase option for an ultra-deepwater drilling unit.   Ship Finance acquired the West Polaris in 2008 and chartered it to a subsidiary of Seadrill on a long-term bareboat charter where Seadrill was granted


DOF Subsea Wins Several Contracts in Asia Pacific

Skandi Hercules (Photo courtesy of DOF Subsea)

DOF Subsea, a subsidiary of DOF ASA, reported it has been awarded several new and extended existing contracts by clients in the Asia Pacific region.   According to DOF Subsea, the contract awards will improve the utilization of the vessels Skandi Hercules and Skandi Hawk during the first


James Fisher Wind Farm Support Vessel Named

Chris Compton, Jim Hey, Adrian Went, Maria McCaffery, Sue Blacthford and Arthur Todd (Photo: JFMS)

James Fisher Marine Services’s (JFMS) multipurpose wind farm support vessel, Dart Fisher, has been formally named by the vessel’s Godmother Maria McCaffery MBE, CEO of RenewableUK at a dedication service held at Griffon Hoverwork, Southampton.  


Hercules Offshore Shares Fall 33%

  Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0.   State-owned oil company Saudi Aramco terminated its contract for one of Hercules Offshore rigs on


USCG Search for Fishing Boat Near Majuro

This image is of 82-foot fishing vessel Clear Water 02. Coast Guard aircraft and good Samaritan vessels are searching for the vessel and its nine crew members after it failed to return to port. (U.S. Coast Guard courtesy ph

The Coast Guard continues the search for an overdue 82-foot commercial fishing vessel near the Republic of Marshall Islands, Saturday. Fishing vessel Clear Water 02 reportedly went missing with nine people aboard while en route Majuro for offload, Thursday.


USCG Suspends Search for Missing Mariner off Lanai

Image Wikipedia

  The Coast Guard suspended the search Monday for a missing mariner after the fishing vessel he was aboard capsized approximately one mile west of Lanai. “Following extensive efforts by sea, air, and land we have decided to suspend the search.” said Capt


Hercules Offshore: Challenges Ahead in 2015

Drilling contractor Hercules Offshore Inc forecast a challenging year ahead as demand for its rigs remains weak with producers scaling backing drilling due to a slump in global oil prices. Shares of the company, which reported a smaller-than-expected loss


USCG Medevacs Man Aboard Cruise Ship off Virginia Coast

The helicopter crew arrived on scene at approximately 7 p.m., and hoisted the man and a ships nurse

  The U.S. Coast Guard medevaced an ailing man from a cruise ship Monday approximately 140 miles east of Cape Charles. Watchstanders at the Coast Guard 5th District Command Center in Portsmouth received a call from the 951-foot cruise ship Carnival Splendor at approximately 5 p.m






 
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