Past year: ▼ 95%(5.90c – 1.24 USD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Oct 2009debt financing● NeutralMajor
Hercules completed the $300 million secured notes offering, finishing the string of equity and debt raises it needed to avoid tripping its credit-facility covenants in 2009 -- expensive financing, but the immediate default risk was addressed.
14 Oct 2009debt financing▼ BadMajor
Hercules agreed to sell $300 million of 10.50% senior secured notes due 2017, guaranteed by its subsidiaries, with proceeds earmarked to pay down its term loan.
8 Oct 2009capital raising announcement▼ BadMajor
Hercules closed out its stock offering with a small over-allotment (1.3 million more shares, ~$6.3 million) and priced its new $300 million notes at a steep 10.50% coupon -- expensive, high-yield-market pricing that reflects the market's view of its credit risk.
5 Oct 2009capital raising announcement▼ BadMajor
Hercules announced plans to privately place up to $300 million of senior secured notes due 2017, the next step in shoring up its balance sheet after the covenant-breach warning.
5 Oct 2009production update● Neutral
Chevron extended two rigs through mid-2010 at $27-29K, and Hercules began mobilizing several liftboats to West Africa (at $39-41K) to escape the still-crushed domestic market.
30 Sept 2009material agreement▼ BadMajor
Hercules raised roughly $87 million selling 17.5 million shares of stock at $5.00 each -- a fraction of the $33.95 price it paid to buy back stock in 2008 -- to shore up its balance sheet days after warning it could breach its debt covenants.
25 Sept 2009securities registration● Neutral
HERCULES OFFSHORE, INC. filed the final prospectus for a registered offering.
23 Sept 2009securities registration● Neutral
HERCULES OFFSHORE, INC. filed a free-writing prospectus - marketing material for an offering in progress.
23 Sept 2009securities registration● Neutral
HERCULES OFFSHORE, INC. filed a free-writing prospectus - marketing material for an offering in progress.
23 Sept 2009securities registration● Neutral
HERCULES OFFSHORE, INC. filed a prospectus supplement for an offering off its existing shelf.
22 Sept 2009production update● Neutral
Chevron extended two rigs on long-term contracts running to mid-2010 at low rates ($27-29K) -- a low-rate but longer-duration deal that offered some revenue visibility even as most of the fleet stayed cold-stacked.
20 Aug 2009production update▼ Bad
About a dozen rigs stayed cold-stacked and Gulf of Mexico dayrates remained extremely depressed ($26-40K); some liftboats began transferring internationally to escape the domestic slump.
22 July 2009production update▼ Bad
Dayrates hit new lows (as low as $26K) on the still-working rigs, though new Mexican (Pemex) contracts at $51-63K offered some diversification away from the crushed Gulf of Mexico market.
1 July 2009securities registration● Neutral
HERCULES OFFSHORE, INC. filed notice of an exempt private placement.
18 June 2009capital raising announcement▼ BadMajor
With the drilling downturn underway, Hercules persuaded holders of $45.8 million of its 2038 convertible notes to swap them for 7.76 million new shares, shrinking the notes outstanding to about $95.9 million -- trading dilution for debt reduction, the first sign of balance-sheet stress since the notes were sold in 2008.
3 June 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. VP, Worldwide Liftboat Ops. Pellegrin Todd had 545 shares withheld for taxes on vesting stock.
22 May 2009production update▼ Bad
Roughly a dozen rigs remained cold-stacked -- most of the older, smaller jackups now idle -- with working dayrates still around $34-51K.
24 Apr 2009production update▼ BadMajor
The cold-stacked list grew sharply -- more than a dozen rigs now idle -- and the rigs still working saw dayrates crushed to $34-46K, a fraction of their 2006-08 highs.
21 Apr 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. VP, Corp. Controller and PAO Carson Troy L had 662 shares withheld for taxes on vesting stock.
19 Mar 2009production update▼ Bad
Dayrates kept falling, with some rigs working for as little as $34-51K, versus over $100K at the 2008 peak.
6 Mar 2009securities registration● Neutral
HERCULES OFFSHORE, INC. amended an already-effective registration statement.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director Suzanne V Baer received a stock option grant for 5,000 shares.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director Thomas R Jr. Bates received a stock option grant for 5,000 shares.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director Thomas N Amonett received a stock option grant for 5,000 shares.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director Madonna Thomas J received a stock option grant for 5,000 shares.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director Thierry Pilenko received a stock option grant for 5,000 shares.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director F Gardner Parker received a stock option grant for 5,000 shares.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director Steven A Webster received a stock option grant for 5,000 shares.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director Thomas M Hamilton received a stock option grant for 5,000 shares.
3 Mar 2009director interest notice● Neutral
HERCULES OFFSHORE, INC. director John T Reynolds received a stock option grant for 5,000 shares.
