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Monday, January 22, 2018

Hercules Offshore News

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 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 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 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 Presenting at Energy Conference

Hercules Offshore, Inc. (Nasdaq: HERO) announced today that John T. Rynd, Chief Executive Officer and President, will present at the Capital One Southcoast Energy Conference in New Orleans, Louisiana, on Tuesday, December 9, 2008, at 10:00 a.m. EST (9:00 a.m. CST). An audio replay of the presentation will not be available; however, the slides can be accessed through Hercules Offshore's Web site until Tuesday, January 6, 2009. Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 35 jackup rigs, 27 barge rigs, 65 liftboats, three submersible rigs, one platform rig and a fleet of marine support vessels, and has operations in ten different countries. (www.herculesoffshore.com)

Hercules Offshore Selects RigNet Communications Solutions

RigNet, Inc., a provider of managed remote communications solutions for the upstream oil and gas industry, recently announced the expansion of its contract with Hercules Offshore to provide managed remote communications to its fleet of jackup drilling rigs and U.S. Gulf of Mexico-based inland barges. Under the previous contract, RigNet provided managed communication services to most Hercules Offshore rigs operating outside of the United States. This recent agreement expands the contract to include the company's jackup rigs and inland barges in the U.S. Gulf of Mexico, including the recently-acquired rigs from Seahawk Drilling. With managed communications solutions provided by RigNet, Hercules Offshore's remote personnel can now access critical enterprise data, voice and broadband Internet.

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.

Hercules Presents at Energy Conference

Hercules Offshore, Inc. (NASDAQ:HERO) announced that John T. Rynd, Chief Executive Officer and President, will present at the Bank of America Energy Conference in Key Biscayne, Fl, on Friday, November 14, 2008, at 9:20 a.m. EST (8:20 a.m. CST). Interested parties may listen to the presentation live over the Internet at http://www.herculesoffshore.com/. Go to the "Investor Information" link and select "News & Events." To listen to the live presentation, please go to the Web site at least 15 minutes early to register, download and install any necessary audio software. A replay of the presentation will be available within 24 hours after the conclusion of the presentation through the company’s website for one month. Headquartered in Houston, Hercules Offshore, Inc.

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 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.

Offshore Drill-Rig 'Hercules Triumph' Arrives India

Offshore mobile drilling unit: Photo courtesy of USCG:

Logistics and marine services provider, GAC Sri Lanka, chartered three anchor-handling tug boats to off-land the 'Hercules Triumph' from heavy-lift vessel 'Target' at Trincomalee Anchorage, Sri Lanka, then  arranged further towage over 700 NM miles to Kakinada, Indai arriving 8 days later. The rig is ready to start drilling operations for CAIRN Energy at the RAVVA offshore oil field. As part of its task to oversee the entire project, GAC Sri Lanka was also responsible for domestic air transfers of Hercules Offshore officials to and from the site.

Hercules Offshore to Announce 2Q Results

Hercules Offshore, Inc. has scheduled a conference call to discuss its second quarter 2007 financial results on August 3, 2007. The call will take place at 10:00 a.m. The financial results are scheduled to be released publicly prior to market opening in the United States on that same day.

Hercules Offshore Files for $8M Share Offer

Hercules Offshore Inc., a drilling and liftboat service company for the energy industry, on March 27 filed with U.S. regulators for an offering of $8 million shares of its common stock. The Houston company said in a filing with the Securities and Exchange Commission that it would sell $1.6 million shares, and stockholders would sell $6.4 million. Credit Suisse and Citigroup are underwriting the offering.

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.

Keppel FELS Deliver Second Hercules Offshore Rig

Hercules Resilience: Image credit the builder

Hercules Offshore, have received a second harsh environment KFELS Super A Class jackup rig, named ‘Hercules Resilience’ from Keppel FELLS, Singapore. Developed by Keppel FELS’ R&D arm, Offshore Technology Development (OTD), the KFELS Super A Class is an enhancement of the successful and proven KFELS A Class design. The Hercules rigs have been customised to meet the requirements of Houston-based Hercules Offshore, and are capable of operating in water depths of 400 feet and drilling depths of 35,000 feet.

U.S.-based Hercules Offshore Sells Most of Inland Fleet

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.

Francois Named CEO of Delta Towing

Hercules Offshore, Inc. has appointed Larry Francois as Chief Executive Officer and President of Delta Towing effective August 20. Delta Towing, a subsidiary of Hercules Offshore, operates a fleet of 96 marine vessels, including 42 inland tugs, 18 offshore tugs and 36 crew boats, as well as 60 barges, including 30 deck barges, 17 shale barges, four spud barges and one offshore barge in the Gulf of Mexico. Larry has over 30 years of industry experience, most recently serving as Sr. Vice President Operations for Trico Marine Services, Inc. Earlier in his career, Francois held numerous operational and management positions in the marine industry…

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.

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)

Hecules Offshore Buy KS Energy Liftboat 'Titan 2'

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.

GAC Moves Rig from Sri Lanka to India

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.

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