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 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
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
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.
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.
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.
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.
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.
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
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
Hercules Leader, a pure car and truck carrier (PCTC) operated by NYK, rescued six yachtsmen in distress off the coast of Bermuda on January 19. While Hercules Leader was sailing from the U.S. port of Jacksonville to Gibraltar, a British colony south of Spain
The announcement on the February 28 of EMAS Chiyoda’s bankruptcy is the latest in a long line of vessel contractors to fall victim to the downturn since January 2015. Multiple companies such as Cal Dive, Ceona, Cecon, Hercules Offshore, Harkand and Swiber have entered into administration
Tsakos Energy Navigation (TEN)'s growth has continued unabated in 2017 with the delivery of one VLCC, the Hercules I, one aframax tanker the Marathon TS and the shuttle tanker Lisboa, currently all under long-term employment to solid counterparties.
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
DOF and DOF Subsea have been awarded several IMR and subsea installation contracts in the Asia Pacific and Atlantic regions, with a total contract value of approximately NOK 270 million (about $23.8 million USD). The contracts will secure utilization of the subsea project fleet in the regions.
The Coast Guard rescued three missing divers near Penguin Bank, Molokai, Monday. "The Coast Guard advises all divers to have a dive buoy, signaling device, and reflective equipment,” said Lt. Kevin Edes, command center chief at Sector Honolulu
The Coast Guard medevaced a fisherman 75 miles southeast of Cape May, New Jersey, Thursday. The 43-year-old man was fishing with three other people aboard the 80-foot fishing boat Starbrite when he started experiencing difficulty breathing and numbness of his extremities.
Forty-two people are safe after abandoning ship approximately 1,800 miles south of the Hawaiian Islands, Thursday, the U.S. Coast Guard reported. Crewmembers successfully dewatered fishing vessel American Eagle using equipment dropped by an HC-130 Hercules airplane crew from Air Station
Kelvin Hughes is to supply its SharpEye S-band radar together with its new 12kW radar for 17 patrol boats currently being built at ARES Shipyard, Turkey for Qatar’s Coast and Borders Security Department. All the electronic equipment for the vessels - which include 24m, 34
The U.S. Postal Service has previewed a new stamp highlighting California’s San Francisco Maritime Historical Park with a photograph of an iconic three-masted sailing ship. The stamp is the 14th of 16 new Forever Stamps to be revealed over a three-week period to celebrate the National
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
A 599-foot Norway flagged chemical tanker Champion Ebony ran aground near Nunivak Island, Alaska on June 24. U.S. Coast Guard Sector Anchorage watchstanders received a report from the National Response Center that the vessel ran aground carrying approximately 14
The U.S. Coast Guard medevaced a man Thursday who sustained a head injury 90-miles east of Jacksonville. A Coast Guard Air Station Savannah MH-65 Dolphin helicopter crew medevaced the 33-year-old man from the vessel Eagle Texas, an 800-foot tanker homeported in the Marshall Islands.
Qatar’s Coast Guard Command has taken delivery of the first in a series of 17 composite hull boats powered and propelled by MTU high-speed engines and Rolls-Royce Kamewa waterjets. The vessels, two Ares 75 and one Ares 110 Hercules
Coast Guard and partner agencies rescued five people Saturday from a capsized vessel about three miles off the coast of Carolina Beach. Sector North Carolina watchstanders in Wilmington received a mayday call at approximately 7:30 a.m. requesting help.