Hercules Offshore Inc News

Rig contractor Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court amid a deep and prolonged downturn in the industry. Shares of the company plunged 36.4 percent to 46 cents in early trading on Tuesday. The Cyprus-based company, which had $3.25 billion in debt as of Dec. 31, filed for bankruptcy in the United States Bankruptcy Court for Southern District of New York on Monday. Under U.S. bankruptcy laws, Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country.

Shipping company Toisa Ltd filed for U.S. Chapter 11 bankruptcy as falling demand for the Bermuda-chartered company's oil-and-gas supply vessels left it running short of cash, according to court documents. Toisa, owned by Greek shipping magnate Gregory Callimanopulos, has a global fleet of 26 offshore oil service vessels, 13 tankers and seven bulk ships, according to documents filed with the U.S. Bankruptcy Court in Manhattan. The ship operator said it had more than $1 billion in debt in court documents.

Hercules Offshore Inc said it planned to file for prepackaged Chapter 11 bankruptcy, just six months after the rig contractor emerged from bankruptcy protection. The company said it had entered into a restructuring support agreement with some lenders, which will eventually allow it to place all its unsold assets into a wind-down vehicle until they can be sold. Hercules Offshore said its international units would not be included in the bankruptcy filing, but would be a part of the sale process. The company said in February that it was considering strategic options, including selling itself. Hercules filed for Chapter 11 bankruptcy protection in August 2015 and emerged from bankruptcy in November. "Since this time, the ongoing decline in oil prices, the consolidation of its U.S.

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)

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. HERO's existing equity holders will see their stake reduced to 3.1%. John T. "The Agreement we reached contemplates a value maximizing transaction for the Company, which we expect will impact our balance sheet only, while our operations will continue as usual.

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, rose 21 percent to 84 cents in light trading before the bell. Demand for jackup rigs remains weak in every region of the world, Chief Executive John Rynd said, adding that a "significant" number of new rigs were expected to be delivered over the next several years, burdening an already weak market. Hercules operates 33 jackup rigs, used in shallow-water drilling. Utilization rates for the company's U.S. offshore rig division, its biggest business, fell to 60.1 percent from 83 percent, a year earlier.

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. She also serves on the company’s board of directors, and has been NOIA’s Vice Chair for the 2014 -2015 term. “The oil and natural gas industry is tough and resilient. Since I first joined NOIA…

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 Thursday, prompting the brokerage to downgrade the stock to 'sell' from 'buy'. Rig operators are struggling to find work as oil producers scale back spending and drilling activity in response to a near 50 percent fall in crude prices since June. "With demand nearly non-existent and a steady stream of new capacity entering the market, the prospect for recovery in the short to intermediate term is bleak," Deutsche Bank analysts wrote in a note to its clients.

Rowan Companies (NYSE: RDC) appointed Stephen M. Butz as Executive Vice President, Chief Financial Officer and Treasurer, effective December 1, 2014.     Butz joins the company from Hercules Offshore, Inc., where for the past nine years he has served in various corporate development, treasury and finance functions, most recently as Executive Vice President and Chief Financial Officer.  Butz also has more than 10 years' experience in commercial and investment banking.   Butz will take over from Kevin Bartol, whose resignation was previously announced and is effective as of November 30, 2014.

Hercules Offshore, Inc. announced  that it has published the November Fleet Status Report. The report includes the Hercules Offshore Rig Fleet Status (as of December 18, 2013), which contains detailed contract information for each of the company's drilling rigs. The report also includes the Hercules Offshore Liftboat Fleet Status Report, which contains information by liftboat class for November 2013, including revenue per day and operating days. The report can be found on the company's website at herculesoffshore.com, under the "Investor Information" section of the website.

Hercules Offshore, Inc. published the November Fleet Status Report.  The report includes the Hercules Offshore Rig Fleet Status (as of November 21, 2013), which contains detailed contract information for each of the company's drilling rigs. The report also includes the Hercules Offshore Liftboat Fleet Status Report, which contains information by liftboat class for October 2013, including revenue per day and operating days.  The report can be found on the company's website at herculesoffshore.com, under the "Investor Information" section.

GAC Sri Lanka has completed the movement of offshore drilling rig Hercules Triumph from the port of Trincomalee to India. The rig, owned by Hercules Offshore, Inc., is now safely anchored at Kakinada, ready to start drilling operations for CAIRN Energy at the RAVVA offshore oil field. GAC Sri Lanka, part of global shipping, logistics and marine services provider GAC Group, chartered three anchor-handling tug boats - SCI URJA, SCI Ahimsa and Mahaweli - to off-land the Hercules Triumph from heavy-lift vessel Target at Trincomalee Anchorage and worked in close liaison with the Harbor Master and port officials throughout the complex operation.

Hercules Offshore agrees sale of 11 inland barge rigs, which includes three active rigs, eight cold stacked rigs and related assets  (Inland Asset Package) for cash proceeds of approximately $45 million. Excluded from the 'Inland Asset Package' are the Hercules 27, for which the Company has a separate agreement to sell the rig to a third party for $5 million, the Hercules 52, and the Hercules 9. The Company will also retain existing working capital within the Inland segment. Closing will be staggered based on the expiration dates of existing contracts on the three active rigs and is subject to the completion of certain customary closing conditions.

Hercules Offshore executes a definitive agreement to acquire the liftboat 'Titan 2' from a subsidiary of KS Energy Ltd. The purchase price is $42 million in cash. The Titan 2 is a 280 foot class vessel, constructed in 2008, registered and flagged in Panama, and currently located in Limbe, Cameroon. The Company expects the acquisition to close in early March 2013, subject to completion of certain customary closing conditions. John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, "Demand for liftboats in West Africa has been very strong in recent years, particularly in the higher-end market segment that requires larger vessel classes.

At the 150th Annual Meeting of the Members of ABS, three industry leaders were elected to the ABS Council. Following the Annual Meeting, the ABS Council met and elected industry leaders to both its Marine and Offshore Technical Committees. Individuals serving on the ABS Council and the Technical Committees help guide the class society in fulfilling its mission of promoting the security of life, property and the natural environment. “Classification represents the concept of self-regulation for the marine and offshore industry,” said ABS President and CEO Christopher J. Wiernicki.

Hornbeck Offshore Services, Inc. (NYSE: HOS) announced today that John T. Rynd and Kevin O. Meyers, Ph.D. have been appointed to its Board of Directors (the "Board"), effective June 23, 2011. Mr. Rynd and Dr. Meyers were appointed to fill the vacancies created by a prior resignation and the Board's decision to increase the number of its directors from seven to eight members. In addition, at the Company's Annual Meeting on June 23, 2011, the shareholders reelected Todd M. Hornbeck and Patricia B. Melcher to the Board. John T. Rynd. Since June 2008, Mr. Rynd, 54, has served as the Chief Executive Officer and President, and as a director, of Hercules Offshore, Inc. (NASDAQ: HERO), a publicly traded global provider of offshore contract drilling, liftboat and inland barge services.

Keppel FELS Limited has secured a contract worth about $416m from Discovery Offshore S.A. to construct two harsh environment jackup rigs based on the proprietary KFELS Super A Class design. The rigs are scheduled for delivery in 1H and 2H 2013 respectively. The construction, marketing and operation of both units will be managed by NASDAQ-listed Hercules Offshore, Inc., which is a leading global operator of jackup and liftboat assets. Discovery Offshore has options to order two additional jackup units as part of its contract with Keppel FELS. If exercised, the options for the additional units will bring the total contract value to above $840m.

Hercules Offshore, Inc. (Nasdaq: HERO) reported a loss from continuing operations of $15.1m, or $0.13 per diluted share, on revenues of $168.5m for the third quarter 2010, compared with a loss from continuing operations of $37.2m, or $0.38 per diluted share, on revenues of $159.3m for the third quarter 2009, excluding the effects of non-recurring items. During the third quarter of 2009, when including the effect of non-recurring items, the Company reported a loss from continuing operations of $47.0 million, or $0.48 per diluted share. These non-recurring items include a $15.1 million charge related to the write-off of previously deferred unamortized debt issuance costs and the payment of certain third-party fees in connection with the amendment of our Credit Agreement.

Hercules Offshore, Inc. (NASDAQ:HERO) reported a loss from continuing operations of $16.0 million, or $0.14 per diluted share, on revenues of $150.8 million for the first quarter 2010, compared with a loss from continuing operations of $4.5 million, or $0.05 per diluted share, on revenues of $223.5 million for the first quarter 2009. John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, "While our financial results remain depressed following the industry-wide downturn that began in 2008, drilling activity in the U.S. Gulf of Mexico has increased meaningfully over the past two quarters, and bidding activity has remained fairly steady despite the recent pressure on natural gas prices.

Hercules Offshore, Inc. (NASDAQ:HERO) reported a loss from continuing operations of $26.9 million, or $0.23 per diluted share, on revenues of $176.4 million for the fourth quarter ended December 31, 2009, versus a loss from continuing operations of $1.1 billion, or $12.90 per diluted share, on revenues of $313.5 million for the quarter ended December 31, 2008. When adjusting for certain items outlined in the attached Reconciliation of GAAP to Non-GAAP Financial Measures, the company reported a loss from continuing operations of $25.8 million, or $0.23 per diluted share for the fourth quarter 2009, compared with income from continuing operations of $36.2 million, or $0.41 per diluted share for the fourth quarter 2008, also adjusted for certain items.

Hercules Offshore, Inc. (NASDAQ: HERO) announced that Chairman John T. Reynolds submitted his resignation from the company's board of directors, effective December 31, 2009, to focus on other business interests and his role as co-founder and managing director of Lime Rock Management L.P. Thomas R. Bates, Jr., who has been a director of Hercules Offshore since the company's inception in 2004, will assume the role of Chairman upon Reynolds' departure. Bates served as President of the Discovery Group of Baker Hughes Inc., President and Chief Executive Officer of Weatherford/Enterra, Inc. and as President of Anadrill at Schlumberger Limited, among other positions. Bates received a Bachelor's, Master's and a Ph.D. in mechanical engineering from the University of Michigan.

At the recent ABS Council meeting in N.Y., 40 prominent members of the shipping and offshore industries were elected as new members of the international classification society. The ABS Council also elected two new members to the society’s Technical Committee. “ABS governance is vested in a membership comprised of distinguished individuals drawn from the international shipping, shipbuilding and offshore industries, from academia, the insurance sector and other related disciplines,” said ABS Chairman and CEO Robert D. Somerville. Akimitsu Ashida, President, Mitsui O.S.K. Lines, Ltd. Noel L. Captain Ali M. Belhag, Chairman, GNMTC – General National Maritime Transport Co. Joseph L. Takatoshi Funada, President, Funada Kaiun Co., Ltd. Kevin M.

Hercules Offshore, Inc. (NASDAQ:HERO) reported a loss from continuing operations of $7.6 million, or $0.09 per diluted share, on revenues of $183.7 million for the second quarter 2009, excluding the effects of non-recurring items, compared with income from continuing operations of $20.0 million, or $0.22 per diluted share, on revenues of $270.1 million for the second quarter 2008, also excluding non-recurring items. When including the effect of non-recurring items, the Company reported a loss from continuing operations of $11.8 million, or $0.13 per diluted share for the second quarter 2009, compared with income from continuing operations of $16.4 million, or $0.18 per diluted share for the second quarter 2008.