26 Apr 2012quarterly activities report▼ Bad
HERCULES OFFSHORE, INC. reported a quarterly net loss of $38.3 million for the period ended 2012-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Apr 2012production update▲ Good
Domestic dayrates reached new highs ($57-73K on several rigs), and a new Indonesian contract with Zaratex priced at $99-101K -- the recovery now pushing rates above pre-2008 levels on some rigs.
6 Apr 2012debt financing● NeutralMajor
Hercules used proceeds from its new $500 million notes to pay off and retire its entire 2007 credit facility (a $140 million revolver and roughly $434 million term loan), completing its refinancing with no penalties.
30 Mar 2012agm 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).
30 Mar 2012debt financing● NeutralMajor
Hercules sold $500 million of new notes -- $300 million secured at 7.125% and $200 million unsecured at 10.25% -- to help pay for the Ocean Columbia rig acquisition; the double-digit coupon on the unsecured tranche shows its borrowing costs were still junk-rated years after the 2009 crisis.
30 Mar 2012agm notice● Neutral
HERCULES OFFSHORE, INC. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
28 Mar 2012material agreement● NeutralMajor
Hercules sold 20 million shares (plus a 3 million-share over-allotment option) at $5.10 each to help fund its acquisition of the jackup rig Ocean Columbia -- still raising equity at 2009-crisis-era prices even as it funded a growth purchase.
23 Mar 2012securities registration● Neutral
HERCULES OFFSHORE, INC. filed the final prospectus for a registered offering.
20 Mar 2012capital raising announcement● NeutralMajor
Hercules announced offerings of up to 20 million shares (plus 3 million over-allotment) and up to $500 million of notes to repay its term loan and help fund the $40 million Ocean Columbia purchase, with a three-year Saudi Aramco contract. It also warned of first-quarter rig downtime.
20 Mar 2012securities registration● Neutral
HERCULES OFFSHORE, INC. filed a prospectus supplement for an offering off its existing shelf.
16 Mar 2012agm 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).
15 Mar 2012production update▲ Good
Hercules locked in years of international revenue visibility -- extending the Angola (Chevron/CABGOC) contract to 2014, the Congo (Perenco) contract, and a Pemex Mexico platform contract running all the way to September 2015.
8 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. VP, Worldwide Liftboat Ops. Pellegrin Todd had 6,351 shares withheld for taxes on vesting stock.
8 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. Chief Accounting Officer Carson Troy L had 5,082 shares withheld for taxes on vesting stock.
8 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. Sr. VP, Gen. Counsel, CCO Noe James William had 12,700 shares withheld for taxes on vesting stock.
8 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. Vice President-Worldwide Ops Carr Terrell L had 12,700 shares withheld for taxes on vesting stock.
8 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. Sr. VP and CFO Butz Stephen M had 12,700 shares withheld for taxes on vesting stock.
8 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. CEO & President Rynd John T had 17,863 shares withheld for taxes on vesting stock.
1 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. Sr. VP, Gen. Counsel, CCO Noe James William received 144,145 shares as part of the equity award.
1 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. Vice President-Worldwide Ops Carr Terrell L received 122,329 shares as part of the equity award.
1 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. VP, Worldwide Liftboat Ops. Pellegrin Todd received 64,821 shares as part of the equity award.
1 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. Vice President, HR Riddle Kimberly A received 15,746 shares as part of the equity award.
1 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. Chief Accounting Officer Carson Troy L received 61,180 shares as part of the equity award.
1 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. Sr. VP and CFO Butz Stephen M received 137,930 shares as part of the equity award.
1 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. CEO & President Rynd John T received 316,691 shares as part of the equity award.
1 Mar 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. President, Hercules Int'l Feyling Claus received 55,379 shares as part of the equity award.
28 Feb 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. Vice President, HR Riddle Kimberly A had 613 shares withheld for taxes on vesting stock.
23 Feb 2012production update▲ Good
The domestic fleet kept re-contracting at strong rates ($47-68K) and the new Saudi Aramco contract was confirmed running through late 2014.
22 Feb 2012director interest notice● Neutral
HERCULES OFFSHORE, INC. Vice President, HR Riddle Kimberly A had 818 shares withheld for taxes on vesting stock.
9 Feb 2012quarterly activities report▼ Bad
HERCULES OFFSHORE, INC. reported a quarterly net loss of $38.3 million for the period ended 2012-03-31.