17 Mar 2006production update▲ Good
Rigs coming out of shipyard repairs re-priced at notably higher indexed dayrates (one jumping to $87-89K), continuing the rate upcycle.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Feb 2006production update▲ Good
Dayrates began climbing across the GOM jackup fleet (one rig's rate jumping from $68-70K to $84-86K), and a newly acquired rig (Rig 26) entered the fleet for refurbishment -- early signs of the mid-2000s jackup upcycle.
30 Jan 2006material agreement● Neutral
Hercules loosened its senior credit agreement to allow more investment in its Cayman/Nigeria subsidiaries, and separately agreed to buy the jackup rig Aries for $20.1 million after it had sat cold-stacked for six years -- continued fleet growth funded within its existing credit line.
18 Jan 2006production update● Neutral
Fleet largely unchanged month over month; liftboat utilization ticked up to 88%, and the Katrina-damaged liftboat remained unresolved pending insurance.
19 Dec 2005production update● Neutral
Hercules's first monthly Fleet Status Report: its Gulf of Mexico jackups were mostly under contract at $52-70K dayrates, two rigs sat in shipyard for repairs, and its newly acquired liftboat fleet ran 85% utilized -- while the liftboat severely damaged in Hurricane Katrina still awaited an insurance assessment.
9 Nov 2005asset acquisition disposition▲ GoodMajor
Hercules completed its first major fleet deal since IPO, buying a group of liftboats from Danos Marine for $44 million and gaining its first foothold in Nigeria; one vessel damaged in Hurricane Katrina remains subject to a price adjustment pending the insurance outcome.