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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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February 27, 2015
09:58 EDTHEROOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 500.com (WBAI) downgraded to Hold from Buy at Deutsche Bank... Akorn (AKRX) downgraded to Hold after share rally at Needham... Allscripts (MDRX) downgraded to Market Perform from Outperform at Leerink... Bank of America (BAC) downgraded to Neutral from Buy at UBS... Bill Barrett (BBG) downgraded to Hold from Buy at KLR Group... CA Technologies (CA) downgraded to Underperform from Neutral at Credit Suisse... CBOE Holdings (CBOE) downgraded at BofA/Merrill... CONE Midstream (CNNX) downgraded to Sector Perform from Outperform at RBC Capital... Calamos (CLMS) downgraded to Underperform from Neutral at Credit Suisse... Crane (CR) downgraded to Market Perform from Outperform at FBR Capital... Dick's Sporting (DKS) downgraded to Equal Weight from Overweight at Barclays... EnerNOC (ENOC) downgraded to Buy from Strong Buy at Needham... Hercules Offshore (HERO) downgraded to Sell from Buy at Deutsche Bank... Insulet (PODD) downgraded at Oppenheimer... Intelsat (I) downgraded to Underperform from Neutral at Credit Suisse... Laredo Petroleum (LPI) downgraded to Market Perform from Outperform at Northland... Mavenir Systems (MVNR) downgraded to Equal Weight from Overweight at Morgan Stanley... Memorial Production (MEMP) downgraded to Underperform from Perform at Oppenheimer... Mobileye (MBLY) downgraded to Neutral from Buy at Dougherty... NTELOS (NTLS) downgraded to Market Perform from Outperform at Wells Fargo... Ocwen (OCN) downgraded to Sell from Neutral at Compass Point... Pegasystems (PEGA) downgraded to Neutral from Buy at Merriman... Performant Financial (PFMT) downgraded to Neutral from Buy at Compass Point... Pharmacyclics (PCYC) downgraded to Neutral from Buy at Goldman... Potbelly (PBPB) downgraded to Underweight from Overweight at Piper Jaffray... SYNNEX (SNX) downgraded to Hold from Buy at Stifel... Safe Bulkers (SB) downgraded at Credit Suisse... Sarepta (SRPT) downgraded to Market Perform from Outperform at Cowen... Seadrill Partners (SDLP) downgraded to Sector Perform from Outperform at RBC Capital... Spirit Realty (SRC) downgraded at RBC Capital... Transocean (RIG) downgraded to Sector Perform from Outperform at Iberia... UIL Holdings (UIL) downgraded to Neutral from Outperform at RW Baird... WCI Communities (WCIC) downgraded to Neutral from Buy at Citigroup... Walter Investment (WAC) downgraded to Neutral from Outperform at Credit Suisse.
09:24 EDTHEROOn The Fly: Pre-market Movers
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06:51 EDTHEROHercules Offshore downgraded to Sell from Buy at Deutsche Bank
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February 26, 2015
07:43 EDTHEROHercules Offshore terminates contract for Hercules 261
Hercules Offshore has received a notice from Saudi Aramco terminating its drilling contract for the Hercules 261, effective March 27. The company is in the process of seeking a basis for continuing the Hercules 261 contract. The company has not received a notice of termination from Saudi Aramco with respect to these rigs.

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