19 Jan 2010production update● Neutral
Dayrates ticked up slightly (into the $29-33K range) and a hurricane-repaired rig returned to service -- an early, tentative sign of the market bottoming.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Jan 2010substantial holder notice● Neutral
Bank of America Corporation reported a HERCULES OFFSHORE, INC. shareholding of 5.00% of votes in a periodic institutional filing.
16 Dec 2009production update● Neutral
Rates and stacking levels held steady at crisis lows as the Hercules 350 finished hurricane-related structural repairs.
17 Nov 2009production update● Neutral
One rig went in for precautionary inspection after Hurricane Ida; otherwise the fleet held steady at low, crisis-era dayrates with about a dozen rigs still cold-stacked.
28 Oct 2009production update● Neutral
Dayrates held around the same depressed $27-31K range with roughly a dozen rigs still cold-stacked, while liftboats kept shifting toward international work.
26 Oct 2009debt financing● NeutralMajor
Hercules completed the $300 million secured notes offering, finishing the string of equity and debt raises it needed to avoid tripping its credit-facility covenants in 2009 -- expensive financing, but the immediate default risk was addressed.
14 Oct 2009debt financing▼ BadMajor
Hercules agreed to sell $300 million of 10.50% senior secured notes due 2017, guaranteed by its subsidiaries, with proceeds earmarked to pay down its term loan.
8 Oct 2009capital raising announcement▼ BadMajor
Hercules closed out its stock offering with a small over-allotment (1.3 million more shares, ~$6.3 million) and priced its new $300 million notes at a steep 10.50% coupon -- expensive, high-yield-market pricing that reflects the market's view of its credit risk.
5 Oct 2009capital raising announcement▼ BadMajor
Hercules announced plans to privately place up to $300 million of senior secured notes due 2017, the next step in shoring up its balance sheet after the covenant-breach warning.
5 Oct 2009production update● Neutral
Chevron extended two rigs through mid-2010 at $27-29K, and Hercules began mobilizing several liftboats to West Africa (at $39-41K) to escape the still-crushed domestic market.
30 Sept 2009material agreement▼ BadMajor
Hercules agreed to sell 17.5 million shares of common stock in a public offering at $5.00 per share ($4.7625 net of underwriting discounts), with a 30-day option for 2.625 million more shares. The sale closed on September 30, 2009.
25 Sept 2009securities registration● Neutral
HERCULES OFFSHORE, INC. filed the final prospectus for a registered offering.
23 Sept 2009securities registration● Neutral
HERCULES OFFSHORE, INC. filed a free-writing prospectus - marketing material for an offering in progress.
23 Sept 2009securities registration● Neutral
HERCULES OFFSHORE, INC. filed a free-writing prospectus - marketing material for an offering in progress.
23 Sept 2009securities registration● Neutral
HERCULES OFFSHORE, INC. filed a prospectus supplement for an offering off its existing shelf.
22 Sept 2009production update● Neutral
Chevron extended two rigs on long-term contracts running to mid-2010 at low rates ($27-29K) -- a low-rate but longer-duration deal that offered some revenue visibility even as most of the fleet stayed cold-stacked.
20 Aug 2009production update▼ Bad
About a dozen rigs stayed cold-stacked and Gulf of Mexico dayrates remained extremely depressed ($26-40K); some liftboats began transferring internationally to escape the domestic slump.
22 July 2009production update▼ Bad
Dayrates hit new lows (as low as $26K) on the still-working rigs, though new Mexican (Pemex) contracts at $51-63K offered some diversification away from the crushed Gulf of Mexico market.
1 July 2009securities registration● Neutral
HERCULES OFFSHORE, INC. filed notice of an exempt private placement.
18 June 2009capital raising announcement▼ BadMajor
With the drilling downturn underway, Hercules persuaded holders of $45.8 million of its 2038 convertible notes to swap them for 7.76 million new shares, shrinking the notes outstanding to about $95.9 million -- trading dilution for debt reduction, the first sign of balance-sheet stress since the notes were sold in 2008.
3 June 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. VP, Worldwide Liftboat Ops. Pellegrin Todd had 545 shares withheld for taxes on vesting stock.
22 May 2009production update▼ Bad
Roughly a dozen rigs remained cold-stacked -- most of the older, smaller jackups now idle -- with working dayrates still around $34-51K.
24 Apr 2009production update▼ BadMajor
Hercules posted its Fleet Status Report on its website, showing contract dayrate and duration for each drilling rig as of April 23, 2009, plus liftboat revenue per day and operating days for March 2009.
21 Apr 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. VP, Corp. Controller and PAO Carson Troy L had 662 shares withheld for taxes on vesting stock.
19 Mar 2009production update▼ Bad
Dayrates kept falling, with some rigs working for as little as $34-51K, versus over $100K at the 2008 peak.
6 Mar 2009securities registration● Neutral
HERCULES OFFSHORE, INC. amended an already-effective registration statement.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director Suzanne V Baer received a stock option grant for 5,000 shares.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director Thomas R Jr. Bates received a stock option grant for 5,000 shares.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director Thomas N Amonett received a stock option grant for 5,000 shares.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director Madonna Thomas J received a stock option grant for 5,000 shares.