Hercules 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.
Hercules Offshore price target lowered to $4 from $4.50 at Stephens Stephens lowered its estimates for Hercules Offshore to reflect prolonged weakness in the Gulf of Mexico and cut its price target on the shares to $4 from $4.50. The firm maintains its Overweight rating on the stock.