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November 28, 2012
17:42 EDTHEROHercules Offshore received $10M payment from Angola Drilling
On November 27, the company received a cash payment of $10M from Angola Drilling Company Ltd., a customer in Angola. This amount represents an installment payment on the balance owed to the company from the customer pursuant to a drilling contract for the Hercules 185 for services provided from July 2009 through January 2011. The proceeds will be recorded as revenue in our International Offshore segment during the fourth quarter 2012. After the application of this payment, the customer owes the Company $44.4M under the contract.
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July 23, 2014
07:28 EDTHEROHercules Offshore: Q3 results likely to be impacted by operational challenges
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07:27 EDTHEROHercules Offshore: Q2 results reflect slowdown in domestic drilling activity
Also cites idle timing on certain international rigs. The slowdown in the U.S. Gulf of Mexico has largely been driven by significant property transfers and consolidation among our customer base, which has led to disruptions in their respective drilling programs. The company said the latest discussions with various domestic customers suggest activity levels will rebound late this year. In the meantime, the company said it has taken proactive measures to reduce costs, including our recent decision to postpone the regulatory survey on one of our domestic rigs until visibility improves. Dayrates remain firm in the U.S. Gulf of Mexico, as stable crude oil prices support customer economics.
07:11 EDTHEROHercules Offshore reports Q2 EPS 4c, consensus 1c
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