7 Oct 2013debt financing▲ GoodMajor
Hercules completed the refinancing, stripping most covenants from the old 10.50% notes via noteholder consent and closing the new $300 million 7.50% notes sale -- retiring its most expensive crisis-era debt.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Sept 2013debt financing▲ GoodMajor
Hercules sold $300 million of 7.50% notes due 2021 to fund a tender offer for its $300 million of 10.50% notes issued during the 2009 crisis -- a real improvement in its cost of debt.
16 Sept 2013production update● Neutral
Another rig was dispatched to assist with salvaging the damaged Hercules 265, even as Hercules kept signing new contracts at record rates (one letter of award reaching $127-129K).
23 Aug 2013quarterly activities report● Neutral
HERCULES OFFSHORE, INC. reported a quarterly net income of $25.3 million for the period ended 2013-09-30.
21 Aug 2013production update▼ BadMajor
The rig Hercules 265 sustained extensive damage and was pulled from the market -- a real casualty amid an otherwise still-strong rate cycle.
1 Aug 2013quarterly activities report● Neutral
HERCULES OFFSHORE, INC. reported a quarterly net income of $25.3 million for the period ended 2013-09-30.
31 July 2013quarterly activities report▼ Bad
HERCULES OFFSHORE, INC. reported a quarterly net loss of $27.4 million for the period ended 2013-06-30.
18 July 2013production update▲ Good
Rates held near their peaks even as one Angola-area rig was delayed waiting on work visas.
10 July 2013debt financing▲ GoodMajor
Hercules completed the $400 million notes sale funding its Discovery Offshore acquisition and newbuild rig payments, and separately extended its revolving credit facility to 2018 at reduced pricing -- a rare improvement in credit terms.
2 July 2013debt financing● NeutralMajor
Hercules agreed to sell $400 million of 8.750% senior notes due 2021, with proceeds (plus ~$104 million from the liftboat/inland-barge sales) earmarked to fund the Discovery Offshore acquisition and a $333.9 million final payment for the newbuild rigs Discovery Triumph and Discovery Resilience.
24 June 2013capital raising announcement▲ GoodMajor
Hercules moved to exit the liftboat business it was built on -- selling its entire U.S. Gulf of Mexico liftboat fleet (29 marketed, 10 cold-stacked) to All Coast, LLC for about $54 million -- while launching a tender offer for the rest of Discovery Offshore S.A., a $400 million note offering, and a buyback that retired all but $7 million of its original 2038 convertible notes: a wholesale repositioning into modern high-spec jackups.
20 June 2013production update▲ Good
Domestic dayrates hit new peaks (up to $106-108K on some rigs) as the boom continued.
23 May 2013production update▲ Good
The Angola rig's three-year contract at $108-110K became active, running all the way to mid-2016 -- locking in years of high-margin international revenue right at the top of the cycle.
16 May 2013agm notice● Neutral
HERCULES OFFSHORE, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
25 Apr 2013quarterly activities report● Neutral
HERCULES OFFSHORE, INC. reported a quarterly net income of $35.2 million for the period ended 2013-03-31.
25 Apr 2013quarterly activities report● Neutral
HERCULES OFFSHORE, INC. reported a quarterly net income of $35.2 million for the period ended 2013-03-31.
24 Apr 2013production update▲ Good
The new three-year, $108-110K Angola contract was confirmed while domestic rates held at cycle highs.
28 Mar 2013agm notice● Neutral
HERCULES OFFSHORE, INC. shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
28 Mar 2013agm notice● Neutral
HERCULES OFFSHORE, INC. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
21 Mar 2013production update▲ Good
Hercules signed a letter of award for a new Angola rig with Chevron's CABGOC at $108-110K for three years -- among the highest rates in the company's history -- as domestic rates held near their $60-103K peaks.
4 Mar 2013director interest notice● Neutral
HERCULES OFFSHORE, INC. CEO & President Rynd John T received 227,884 shares as part of the equity award.
4 Mar 2013director interest notice● Neutral
HERCULES OFFSHORE, INC. President, Hercules Int'l Feyling Claus received 38,467 shares as part of the equity award.
27 Feb 2013director interest notice● Neutral
HERCULES OFFSHORE, INC. Vice President, HR Riddle Kimberly A had 653 shares withheld for taxes on vesting stock.
21 Feb 2013production update▲ Good
Rates held near their highs (some contracts above $100K) as the fleet stayed fully booked through mid-2013.
20 Feb 2013director interest notice● Neutral
HERCULES OFFSHORE, INC. Vice President, HR Riddle Kimberly A had 871 shares withheld for taxes on vesting stock.
14 Feb 2013substantial holder notice● Neutral
Citadel Advisors LLC, Citadel Holdings II LP, Citadel Investment Group II, L.L.C, Kenneth Griffin reported a HERCULES OFFSHORE, INC. shareholding of 3.10% of votes in a periodic institutional filing.
12 Feb 2013quarterly activities report● Neutral
HERCULES OFFSHORE, INC. reported a quarterly net income of $35.2 million for the period ended 2013-03-31.
30 Jan 2013substantial holder notice● Neutral
BlackRock, Inc disclosed a new substantial HERCULES OFFSHORE, INC. shareholding (5.48% of votes).
22 Jan 2013production update▲ Good
One rig locked in a rate of $101-103K for early 2014 -- among the highest domestic dayrates in the fleet's history -- with the whole domestic fleet essentially fully employed.
20 Dec 2012production update▲ Good
A new customer signed on at $94-96K, among the highest domestic dayrates yet, and a previously idle rig began reactivation -- the cycle now strong enough to justify bringing back stacked capacity.