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February 21, 2013
17:18 EDTHEROHercules Offshore acquires rig for $55M, signs agreement with Cabinda Gulf Oil
Hercules Offshore announced the execution of an agreement to acquire the offshore drilling rig Ben Avon from a subsidiary of KCA Deutag. The purchase price is $55M in cash. The company expects the acquisition to close by late-March. Hercules Offshore also announced that it has signed a letter of agreement for a three-year rig commitment with Cabinda Gulf Oil Company for use of the Ben Avon. The company expects to generate total revenue of approximately $119M over this three-year period under the contract. Subject to the execution of a mutually agreed drilling contract, the company expects the rig to commence work as early as May.
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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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