See feature articles below: (NASDAQ: HERO)
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Report for: (NASDAQ: HERO)
HOUSTON, May 5, 2016 /PRNewswire/ — Hercules Offshore, Inc. (HERO) today reported a net loss of $26.9 million, or $1.35 per diluted share, on revenue of $50.9 million for the first quarter 2016, compared to Predecessor net loss of $57.1 million, or $0.35 per diluted share, on revenue of $122.6 million for the first quarter 2015. Diluted weighted average shares outstanding for the Successor was 20.0 million shares for the first quarter 2016, while the Predecessor’s was 161.1 million shares for the first quarter 2015.
Upon emergence from Chapter 11 bankruptcy on November 6, 2015, Hercules adopted fresh start accounting, which resulted in the Company becoming a new entity for financial reporting purposes. References to “Predecessor” refer to the financial position of Hercules as of and prior to November 6, 2015 and the results of operations through November 6, 2015. References to “Successor” relate to the financial position of the reorganized Hercules as of and subsequent to November 6, 2015 and the results of operations and statement of cash flows for the corresponding periods presented, which were subsequent to November 6, 2015. As a result of the application of fresh start accounting and the effects of the implementation of the Plan of Reorganization, the financial statements on or after November 6, 2015 are not comparable with the financial statements prior to that date.
John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, “First quarter results reflect continued weakness in the operating conditions across our drilling and liftboat markets. The rebound in oil prices over the past few months, while encouraging, have yet to translate to a material improvement in business prospects, as customers remain extremely cautious. Further cost reduction measures have been implemented in response to the weak environment.
“As previously disclosed, the Company has entered into a Forbearance Agreement with certain of our lenders. During the forbearance period, the Company and our advisors have been actively working with various parties to negotiate an agreement with respect to a potential recapitalization, business combination or other alternative strategic transaction, including a potential divestiture of the Hercules Highlander and restructuring of the Company’s term loan.”
Revenue generated from Domestic Offshore by the Successor for the first quarter 2016 was $12.4 million, while Predecessor first quarter 2015 revenue was $52.9 million. The 77% decrease in revenue was driven largely by lower dayrates and utilization on a reduced rig fleet. Operating expense reported by the Successor for the first quarter 2016 was $11.7 million, while Predecessor first quarter 2015 operating expense was $36.0 million. The 68% decline in operating expense is largely attributable to a reduction in the number of marketed rigs in operation. Domestic Offshore reported an operating loss of $2.0 million by the Successor for the first quarter 2016, while the Predecessor reported operating income of $3.8 million for the first quarter 2015.
Revenue generated from International Offshore by the Successor for the first quarter 2016 was $27.5 million, while Predecessor first quarter 2015 revenue was $51.6 million. The 47% decrease in revenue was primarily due to lower contracted dayrates for the rigs working for Saudi Aramco and idle time on the Hercules 208 and Hercules 267, partially offset by full utilization on the Hercules 260. Operating expense reported by the Successor for the first quarter 2016 was $23.4 million, while Predecessor first quarter 2015 operating expense was $50.2 million. The 53% decline in operating expense was primarily driven by cost reduction measures on the idle rigs as well as higher first quarter 2015 expense related to the demobilization cost of the Hercules 208 and contract preparation costs on the Hercules 260. International Offshore reported an operating loss of $0.2 million by the Successor for the first quarter 2016, while the Predecessor reported an operating loss of $20.9 million for the first quarter 2015.
Revenue generated from International Liftboats by the Successor for the first quarter 2016 was $11.0 million, while Predecessor first quarter 2015 revenue was $18.1 million. The 39% decrease in revenue was driven primarily by lower dayrates and operating days. Operating expense reported by the Successor for the first quarter 2016 was $11.4 million, while Predecessor first quarter 2015 operating expense was $13.5 million. The 16% decline in operating expense was primarily driven by lower activity levels. International Liftboats reported an operating loss of $3.9 million by the Successor for the first quarter 2016, while the Predecessor reported an operating loss of $0.4 million for the first quarter 2015.
About Hercules Offshore, Inc.
Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 27 jackup rigs, including one rig under construction, and 19 liftboats. The Company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in several key shallow water provinces around the world. For more information, please visit our website at http://www.herculesoffshore.com.
Source – Company press release
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