Past year: ▼ 95%(5.90c – 1.24 USD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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.
19 Feb 2009production update▼ BadMajor
Hercules posted its Fleet Status Report on its website, showing rig contract dayrates and durations as of February 19, 2009, and liftboat revenue per day and operating days for January 2009.
20 Jan 2009production update▼ BadMajor
Hercules posted its Fleet Status Report on its website, showing rig contract dayrates and durations as of January 20, 2009, and liftboat revenue per day and operating days for December 2008.
17 Dec 2008production update▼ BadMajor
Hercules posted its Fleet Status Report on its website, showing rig contract dayrates and durations as of December 17, 2008, and liftboat revenue per day and operating days for November 2008.
20 Nov 2008production update● Neutral
Hurricane repair work continued on two rigs, but dayrates across the fleet still held in the healthy $59-86K range.
23 Oct 2008production update● Neutral
A second rig went to the shipyard for hurricane repairs, but the rest of the fleet kept working at healthy dayrates ($64-85K) -- just before the financial crisis hit demand.
24 Sept 2008production update▼ Bad
Hurricane damage showed up in the fleet for the first time this cycle -- one rig went to the shipyard for storm repairs after its customer also canceled a planned well.
21 Aug 2008production update● Neutral
The high-rate environment continued, with the fleet still mostly under contract aside from routine inspection downtime.
21 July 2008production update▲ Good
Dayrates held near cycle highs and the fleet was largely fully contracted, with rigs scheduling routine regulatory surveys well into 2009.
19 June 2008production update▲ Good
Dayrates kept climbing into mid-2008, with one rig booked forward at $81-83K -- the fleet riding the last leg of the pre-crisis rate cycle.
3 June 2008capital raising announcement● NeutralMajor
Hercules raised $250 million selling 3.375% convertible notes due 2038, using $49.2 million of the proceeds to buy back 1.45 million shares at $33.95 and the rest to pay down its revolver -- new long-dated debt taken on near the top of the offshore drilling cycle.
21 May 2008production update▲ Good
The fleet was booked out months in advance at rising dayrates, reflecting strong demand at the peak of the 2008 drilling cycle.
1 May 2008production update▲ Good
Several rigs had forward contracts awarded at meaningfully higher dayrates (one stepping up to $69-73K by year-end) -- pricing turning up again as 2008's oil-price rally fed into jackup demand.
30 Apr 2008material agreement▲ Good
Hercules increased its revolving credit facility from $150 million to $250 million for working capital and capital spending, with other terms unchanged.
17 Apr 2008production update● Neutral
Rigs kept stringing together short-term Gulf of Mexico jobs as spot activity picked up, though a couple of submersibles remained warm-stacked.
20 Mar 2008production update● Neutral
Fleet held roughly steady, with rigs re-contracting in the same $53-61K domestic range and only a handful stacked.
20 Feb 2008production update▼ BadMajor
Hercules posted its Fleet Status Report on its website, showing rig contract dayrates and durations as of February 20, 2008, and liftboat revenue per day and operating days for January 2008.
17 Jan 2008production update▼ Bad
The Chevron rigs' indexed dayrate reset down again to $53-55K, and several submersibles remained stacked -- soft Gulf of Mexico conditions continuing into early 2008.
19 Dec 2007production update▼ Bad
Three of the fleet's submersible rigs sat warm-stacked heading into 2008, and the Chevron rigs' indexed dayrate held near $59-61K -- the domestic soft patch persisting.
19 Nov 2007production update▼ Bad
Several domestic rigs remained warm-stacked or idle and dayrates stayed soft ($51-66K range) in the Gulf of Mexico, while the international fleet kept working steadily.
17 Oct 2007production update▼ Bad
The fleet report added a new US inland barge segment, while the Chevron rigs' indexed dayrate reset down to $59-61K (from $67-69K) -- continued easing in domestic pricing.
20 Sept 2007production update▼ Bad
More domestic rigs moved to "warm stacked" status as Gulf of Mexico utilization softened further, though Chevron was negotiating to extend two of its rigs.
20 Aug 2007production update● Neutral
The enlarged post-merger fleet held broadly steady, with most rigs re-contracting at similar rates to the prior month and only a couple sitting idle.
