18 July 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. director Madonna Thomas J received 1,200 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 July 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. director Madonna Thomas J received 1,200 shares as part of the equity award.
18 July 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. director F Gardner Parker received 1,200 shares as part of the equity award.
18 July 2007director interest notice● Neutral
Suzanne V Baer became a HERCULES OFFSHORE, INC. director and company insider (initial ownership filing).
18 July 2007director interest notice● Neutral
Thomas M Hamilton became a HERCULES OFFSHORE, INC. director and company insider (initial ownership filing).
18 July 2007production update● Neutral
With the TODCO merger now closed, the fleet report jumped to a much larger combined roster of renumbered "Hercules"-branded rigs -- though several of the newly added domestic units sat stacked and ready between contracts as the enlarged company absorbed the deal.
18 July 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. director F Gardner Parker received 1,200 shares as part of the equity award.
17 July 2007asset acquisition disposition▲ GoodMajor
Hercules completed its acquisition of TODCO on July 11, 2007, paying about $925.8 million in cash and issuing about 56.6 million shares. It funded the cash with a new $1.05 billion credit facility ($900 million term loan plus $150 million revolver) and terminated its 2005 credit agreement.
14 June 2007production update▼ Bad
Three domestic rigs sat idle and "stacked ready" between contracts as Gulf of Mexico demand softened, and a liftboat (the Mako) was damaged, incurring a $1 million deductible.
1 June 2007business combination● NeutralMajor
Hercules filed Amendment No. 1 to the TODCO merger registration statement, keeping the same terms (about $924.4 million cash and 56.6 million shares) and now filling in the blanks: a joint stockholder vote on July 11, 2007 in Houston, with a May 30, 2007 record date. The merger cannot close unless both companies' shareholders approve.
1 June 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. President Hercules Liftboat Co Reed Randal R exercised stock options for 30,000 shares and disposed of 60,000 shares.
17 May 2007production update▼ Bad
Rig 11 moved to a lower-rate contract ($54-56K); domestic dayrates kept softening while the international fleet held steadier.
4 May 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. SVP, Planning & Corp Develop Manz Steven A exercised stock options for 55,000 shares and disposed of 110,000 shares.
24 Apr 2007business combination● NeutralMajor
Hercules filed the registration statement (Form S-4) for the TODCO merger it agreed in March. It sets the deal at about $924.4 million in cash plus about 56.6 million Hercules shares (0.979 Hercules shares plus $16.00 per TODCO share), and asks Hercules holders to vote on issuing the shares, electing three directors and adding 6,800,000 shares to the 2004 incentive plan (1,200,000 if the merger fails). Meeting date and time were left blank; this is the formal paperwork for the deal already announced, not a new transaction.
24 Apr 2007business combination● Neutral
Ahead of the TODCO merger closing, Hercules named John Rynd Executive VP and COO over all drilling and marine operations and promoted James Noe to Senior VP/General Counsel/Chief Compliance Officer -- management realignment to run the combined company.
16 Apr 2007production update▼ Bad
Two Chevron-contracted rigs re-signed at lower dayrates (~$67-69K, down from $79-81K) -- domestic Gulf of Mexico pricing softening even as the TODCO merger neared completion.
28 Mar 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. Sr. VP,Chief Financial Officer Lisa W Rodriguez bought 10,000 shares on the open market.
22 Mar 2007business combination▲ GoodMajor
Hercules agreed to acquire TODCO, a much larger jackup drilling company, in a deal worth about $930.7 million cash plus 56.9 million new Hercules shares -- roughly doubling the company's size in its biggest move yet.
19 Mar 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. Sr. VP,Chief Financial Officer Lisa W Rodriguez received 9,000 shares and a 50,000-share option grant as part of the equity award.
15 Mar 2007production update▼ Bad
Rig 20's dayrate was cut sharply to $69-70K as its high-priced Energy XXI contract ended, even as the India rig continued working steadily under its Cairn contract.
20 Feb 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. Vice President Human Resources Bryan James C received 2,500 shares and a 21,500-share option grant as part of the equity award.
20 Feb 2007production update▼ Bad
Rig 15's dayrate reset sharply lower to $74-76K (from $89-91K), and the Rig 26 upgrade cost climbed again to about $47 million with completion pushed to July -- the first signs of softer domestic pricing and rising rebuild costs.
20 Feb 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. CEO and President Randall D Stilley received 20,000 shares and a 100,000-share option grant as part of the equity award.
20 Feb 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. Chief Financial Officer Manz Steven A received 6,500 shares and a 56,400-share option grant as part of the equity award.
20 Feb 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. President, Hercules Int'l Rodney Don P received a stock option grant for 7,500 shares.
20 Feb 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. VP, General Counsel, CCO, Sec. Noe James William received 5,000 shares and a 43,000-share option grant as part of the equity award.
20 Feb 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. President Hercules Liftboat Co Reed Randal R received 3,400 shares and a 30,000-share option grant as part of the equity award.
20 Feb 2007director interest notice● Neutral
HERCULES OFFSHORE, INC. Sr. VP Hercules Offshore Rynd John T received 8,100 shares and a 72,000-share option grant as part of the equity award.
14 Feb 2007substantial holder notice● Neutral
Greenhill & Co., Inc, Greenhill Capital Partners, LLC, GCP Managing Partner, L.P, Greenhill Capital Partners, L.P, Greenhill Capital, L.P reported a HERCULES OFFSHORE, INC. shareholding of 672,564 shares (2.10% of votes) in a periodic institutional filing.
19 Jan 2007production update● Neutral
Fleet steady; West Africa liftboat revenue was reduced by a deferral on one vessel and overall liftboat utilization held near 74%.