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Friday, July 20, 2018

John T Rynd News

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.

Sembcorp Wins US$236-Million Jack-up Rig Contract

Image courtesy of Friede & Goldman

Singapore's Sembcorp Marine says that its subsidiary Jurong Shipyard has secured a US$236 million (about S$296 million) contract to build a high specification, tailor-made jack-up rig for new customer Hercules North Sea Ltd. Scheduled for delivery in the second quarter of 2016, the jack-up rig will be built based on the Friede & Goldman JU 2000E design which has enhanced features suitable for UK operations. The new rig is designed to operate in waters of 400 feet and drill to depths of 30,000 feet.

Hercules Offshore Q3 2010 Results

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.

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.

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…

Hornbeck Offshore New Directors, Promotion of Exec Officer

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.

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.

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 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 4Q and 2008 Results

On Feb. 10, Hercules Offshore, Inc. (NASDAQ:HERO) reported income from continuing operations of $37.4m, or $0.42 per diluted share, on revenues of $313.5m for the fourth quarter 2008, excluding the effects of non-recurring items, compared with income from continuing operations of $32.8m, or $0.37 per diluted share, on revenues of $244.2m for the fourth quarter 2007. Income from continuing operations for the twelve months ended December 31, 2008, was $95.7m, or $1.08 per diluted share, on revenues of $1.1b, excluding the effects of non-recurring items, compared to income from continuing operations of $139m, or $2.33 per diluted share, on revenues of $726.3m for the twelve months ended December 31, 2007, excluding the effects of non-recurring items.

Hercules Offshore Q3 2009 Results

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.

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.

ABS Adds to Membership

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 Q4 & Full Year 2009 Results

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 Q1 2010 Results

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.

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