Marine Link
Friday, February 23, 2018

Hercules News

Qatar’s New Patrol Boat Completes Sea Trials

ARES 150 HERCULES (Photo: BMT)

The first of two new 48-meter patrol boats for the Qatar Coastguard has completed sea trials. BMT has partnered with ARES Shipyard (ARES) to design and build 17 patrol boats from advanced composites in 36 months – 18 months ahead of schedule. The latest in the series – the 48-meter ARES 150 HERCULES has just completed sea trials with the vessel achieving a maximum speed of 37 knots. The total order from the Qatar Ministry of Interior, Coastguard has comprised of three different vessel sizes: five of 24 meters, 10 of 34 meters and two of 48 meters.

Tidewater Names Rynd President, CEO

Tidewater Inc. (NYSE: TDW) appointed John T. Rynd as the company's new President and CEO and a member of the Board of Directors effective March 5. He replaces Larry T. Rigdon who has served as interim President and Chief Executive Officer since October of 2017. Tom Bates, Chairman of the Board of Directors, said "After completing a comprehensive search, the Board is very pleased to welcome John to the team. He brings with him considerable experience in the offshore drilling services sector and the global oil and gas industry as a whole. Rynd previously served as Chief Executive Officer and President, and as a director of Hercules Offshore from 2008 through 2016.

Statoil Contracts West Hercules Rig

The West Hercules drilling rig in the Barents Sea. (Photos: Ole Jørgen Bratland)

The West Hercules semi-submersible rig has been contracted for drilling two exploration wells in the Barents Sea in 2018, and options to drill another five exploration wells. Statoil and the licence partners have signed a contract with North Atlantic Norway Ltd for use of the 6th generation West Hercules rig. The total estimated contract value is USD 15-20 million for the two permanent wells. Portrait - Geir TungesvikGeir Tungesvik, head of Drilling and Well in Statoil. Mobilisation and demobilization are included in the amount…

Wärtsilä, Man Diesel Continue Research

Wärtsilä and MAN Diesel & Turbo enter next phase of HERCULES research project. World-leading low- and medium-speed engine manufacturers, Wärtsilä and MAN Diesel & Turbo, announce the kick off of the next phase of the extensive, long-term HERCULES research programme. The overall vision of the programme is to achieve sustainable and safe energy production from marine power plants. This next phase is made possible by funding from the European Commission. Phase III of the HERCULES programme, HERCULES-C, aims at integrating several successful technologies in order to reduce emissions and optimise the efficiency and long-term reliability of marine engines. HERCULES-C is planned to run for three years, from 2012 to 2014, with a budget of EUR 17 million.

Hercules Offshore Announces Rig Contracts

Hercules Offshore, Inc. said that Oil and Natural Gas Corporation Limited (ONGC) has awarded three-year contracts for the Hercules 258 and Hercules 260 jackup rigs for drilling operations offshore India. The contract for the Hercules 258 is expected to commence in mid-second quarter 2008 following the completion of an existing contract commitment offshore India. The contract for the Hercules 260 is expected to commence in late first quarter 2008 following the completion of shipyard work on the rig. The company has entered into a contract to transport the Hercules 260 to India after completion of this shipyard work and expects to commence transportation this month.

Wärtsilä, MAN Diesel & Turbo Continue Research Project

Two world-leading European marine engine manufacturers, MAN Diesel & Turbo and Wärtsilä Corporation, have agreed to pursue a large joint research project, the HERCULES-C project, as a continuation of the very successful HERCULES programs for the research and development of marine engine technology. The overall vision of the HERCULES research program is for sustainable and safe energy production from marine power plants. The technological themes of the HERCULES initiative have, since its inception in 2002, been higher efficiency, reduced emissions, and increased reliability for marine engines. However, for taking marine engine technology a step further towards improved sustainability in energy production and total energy economy…

Hercules Offshore to Acquire TODCO for $2.3 B

Hercules Offshore, Inc. entered into a definitive merger agreement pursuant to which Hercules Offshore will acquire 100% of the outstanding stock of TODCO in a stock and cash transaction valued at approximately $2.3 billion. The combined company will operate a fleet of 33 jackup rigs, 27 barge rigs, 64 liftboats, three submersible rigs, nine land rigs and one platform rig and have operations in ten different countries on five continents. The boards of directors of Hercules Offshore and TODCO unanimously approved the transaction. Closing of the transaction is subject to regulatory approvals and other customary conditions, as well as both Hercules Offshore and TODCO shareholder approval.

Hercules Offshore Gets Contracts from ONGC

Drilling-rig operator Hercules Offshore Inc said Indian state-run explorer Oil and Natural Gas Corp Ltd awarded three-year contracts for two jackup rigs for drilling operations in offshore India. Houston-based Hercules Offshore expects revenue of about $121m for jackup rig Hercules 258 and about $156.6 million for Hercules 260, which excludes payment to the company of reimbursable expenses and a total of about $6.5 million for mobilization of both rigs.

Hercules Offshore Updates TODCO Merger

Hercules Offshore in the US has announced that the Department of Justice and the Federal Trade Commission have granted early termination of the government's pre-merger antitrust review of the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, relating to the previously announced merger with TODCO. On March 22nd, Hercules Offshore announced that it had entered into an Agreement and Plan of Merger with TODCO and The Hercules Offshore Drilling Company LLC, a wholly owned subsidiary of Hercules Offshore. The merger remains subject to certain stockholder approvals, as well as the satisfaction of other customary closing conditions. Hercules Offshore and TODCO previously announced the meeting date for the stockholders of the companies.

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. HERO's existing equity holders will see their stake reduced to 3.1%. John T.

Wärtsilä, MAN Diesel Hercules-Beta Project

The Hercules-Beta research project proposal was recently approved by the European Commission. HERCULES-Beta represents a major international cooperative effort to maximise fuel efficiency combined with ultra-low emissions and to develop future generations of optimally efficient and clean marine diesel engines. As such, HERCULES-Beta aims to surpass the current limits set by the International Maritime Organization (IMO) to radically improve the environmental performance of waterborne transport. HERCULES-Beta began on 1 September 2008 with a budget of $33.6m and it is planned to run for 36 months. The project consortium has 32 participants, including engine-component suppliers, equipment manufacturers, universities, research institutions and shipping companies from 10 European countries.

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. Measuring 106m long and 52m wide with a hook height of at least 120m…

Hercules Offshore Acquires Two Jack-up Rigs

Hercules Offshore, LLC, a leading jack-up drilling and liftboat contractor in the Gulf of Mexico, announced today the acquisition of two jack-up rigs in separate transactions. On January 4, 2005, Hercules Drilling Company LLC, a subsidiary of Hercules Offshore, LLC, completed the acquisition of Rig 25J from Parker Drilling Offshore USA, LLC, a subsidiary of Parker Drilling Company. Rig 25J is an independent leg cantilever jack-up capable working in water depths of 200 feet. On January 13, 2005, Hercules Drilling Company completed the acquisition of the Odin Victory from Porterhouse Offshore L.P. The Odin Victory is a mat- supported jack-up capable of working in water depths of 250 feet.

Hercules Offshore Provides November Fleet Status Report

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.  

Hercules Offshore December Fleet Status Report

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 Closes Sale of Fleet

Houston-based Hercules Offshore Inc. reported it has closed the previously announced sale of its fleet of nine land drilling rigs and related assets to Petrex Sudamerica Sucursal de Venezuela S.A. and Saipem Perfuracoes e Construcoes Petroliferas Lda. for $107 million. Hercules operates a fleet of 33 jack-up rigs, 27 barge rigs, 65 liftboats, three semisubmersible rigs, one platform rig and fleet of marine support vessels.

Hercules Closes Sale of Fleet

Houston-based Hercules Offshore Inc. reported it has closed the previously announced sale of its fleet of nine land drilling rigs and related assets to Petrex Sudamerica Sucursal de Venezuela S.A. and Saipem Perfuracoes e Construcoes Petroliferas Lda. for $107 million. Hercules operates a fleet of 33 jack-up rigs, 27 barge rigs, 65 liftboats, three semisubmersible rigs, one platform rig and fleet of marine support vessels.

Seadrill Secures Contract for West Hercules

Seadrill has been awarded a contract by Husky Oil China Ltd. on the Chinese continental slope for the deepwater semi-submersible drilling rig West Hercules. The contract has a firm duration of three years with estimated contract value of approximately $580m, including mobilization fee. West Hercules is currently under construction at Daewoo Shipyard in South Korea and is scheduled for delivery in the second quarter 2008.

Hercules Offshore Filing for Bankruptcy Again

(Photo: Hercules Offshore)

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-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, to develop basic technologies for use in 2- and 4-stroke marine engines has been officially launched. The Hercules-2 project is aimed at fostering environmentally sustainable and more efficient shipping. It is in line with general European Union policy and is partly funded by the EU.

Rolls-Royce Equipped Vessels Enter Service with Qatari CG

Ares 110 Hercules (Photo: Rolls-Royce)

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, will be the first three boats of this program to be delivered by the end of this month. Two additional boats are planned to be delivered by the end of the year; one Ares 75 and one 110 Hercules. Meanwhile, preparations for the construction of the first Ares 150 class boat have already been completed and its launch is expected towards the end of next year.

Hughes Provides Broadband to Hercules Offshore Fleet

Hercules Offshore has invested in a satellite communications system from Hughes Network Systems, LLC. Hughes and Environmental Safety Systems International Corporation (ESSI) are equipping the entire Hercules Offshore fleet of Class 120 to Class 230 liftboats in the U.S. Gulf of Mexico, with Hughes satellite-based broadband maritime services. These liftboats, commonly referred to as the workhorse of the offshore industry, are reliable, versatile, and self-contained. They provide a cost-effective and efficient alternative to traditional pipelay/derrick vessels. With their large, open deck areas, they are self-propelling and self-elevating. The fleet provides a work platform for a wide range of services from coiled tubing and wireline operations to well intervention.

Smit Plans Heaviest Ever Sheerlegs Lift

The 3,200 tonnes lift capacity Asian Hercules II returned to Norway in June to provide additional heavy lift assistance during the decommissioning of the Maureen platform. During March, the big sheerlegs lifted, transported and landed 11 Maureen platform modules at Aker Maritime's Stord facility over a two-week period. For the second visit, Asian Hercules II arrived at Stord on June 22. The scope of work involved three lifts, including a 600 tonnes conductor frame and two lattice frames, weighing 2,950 tonnes each. The latter will be the biggest single lifts ever executed by a SMIT sheerlegs. This breaks the December 2001 record, when Asian Hercules II lifted a 2,800 tonnes drilling module for ExxonMobil's Ringhorne platform.

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