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Stock Market & Financial Investment News

News Breaks
May 20, 2014
16:34 EDTHEROHercules Offshore announces five year drilling contract with Maersk Oil
Hercules Offshore announced that it has signed a five year drilling contract with Maersk Oil North Sea UK Limited for a newbuild jackup rig to be owned and operated by Hercules Offshore. Total contract value is approximately $420M, which includes approximately $9M of mobilization fees. Contract commencement is expected in mid-2016. Hercules Offshore has also signed a rig construction contract with Jurong Shipyard, or JSL, in Singapore. The rig is based on the Friede & Goldman JU-2000E design, with enhancements that will provide for greater load-bearing capabilities and operational flexibility. In addition, this High Specification, Harsh Environment, or HSHE, rig will feature a 400 foot water depth rating, 30,000 foot drilling capacity, two million pounds of static hook load, 75 foot cantilever reach, off-line pipe handling capability, 15,000 psi blowout preventer systems, high pressure/high temperature rating and accommodations capacity for up to 150 personnel. The shipyard cost of the rig is estimated at approximately $236M. Including project management, spares, commissioning and other costs, total delivery cost is estimated at approximately $270M. Hercules Offshore initially pays 10% of the shipyard cost, or approximately $24M to JSL, followed by a second 10% payment one year after the initial payment. The final 80% of the shipyard payment is due upon delivery of the rig, estimated in April 2016.
News For HERO From The Last 14 Days
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October 28, 2014
10:12 EDTHEROOn The Fly: Analyst Downgrade Summary
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09:27 EDTHEROHercules 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.
08:30 EDTHEROHercules Offshore downgraded to Neutral from Outperform at Macquarie
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October 23, 2014
07:43 EDTHEROHercules Offshore reports Q3 EPS (55c) with charges, consensus (5c)
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07:29 EDTHEROHercules Offshore trading halted, pending news
October 17, 2014
10:00 EDTHEROOn The Fly: Analyst Downgrade Summary
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08:30 EDTHEROHercules Offshore downgraded to Market Perform at Cowen
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07:02 EDTHEROHercules Offshore downgraded to Market Perform from Outperform at Cowen
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