Hercules Offshore to Begin Restructuring
The Houston-based NASDAQ-listed drilling contractor Hercules Offshore Inc. (HERO) has entered a restructuring agreement with a noteholder group, and expects a prepackaged reorganization plan. HERO says the agreement will convert $1.2B of debt to new common equity, and noteholders will backstop $450M of new debt financing to fully fund the remaining construction cost of the Hercules Highlander and provide additional liquidity to fund the company's operations. HERO's existing equity holders will see their stake reduced to 3.1%. John T.
Taylor to Chair NOIA Board
The National Ocean Industries Association (NOIA) Board of Directors has elected Cindy B. Taylor as Chair and Kevin McEvoy as Vice Chairman for the upcoming 2015-2016 term. Taylor and McEvoy assumed their positions at the NOIA Annual Meeting today in Washington, DC. Since 2007, Cindy has served as President and Chief Executive Officer of Oil States International, Inc., a publicly traded diversified oilfield services company headquartered in Houston. She also serves on the company’s board of directors, and has been NOIA’s Vice Chair for the 2014 -2015 term.
Rowan Appoints Butz CFO
Rowan Companies (NYSE: RDC) appointed Stephen M. Butz as Executive Vice President, Chief Financial Officer and Treasurer, effective December 1, 2014. Butz joins the company from Hercules Offshore, Inc., where for the past nine years he has served in various corporate development, treasury and finance functions, most recently as Executive Vice President and Chief Financial Officer. Butz also has more than 10 years' experience in commercial and investment banking. Butz will take over from Kevin Bartol, whose resignation was previously announced and is effective as of November 30, 2014.
NOIA Elects Rynd Chairman, Taylor Vice Chair
The National Ocean Industries Association (NOIA) Board of Directors has elected John T. Rynd as Chairman of NOIA and Cindy B. Taylor as Vice Chair of NOIA for the upcoming 2014-2015 term. Rynd and Taylor assumed their positions at the NOIA Annual Meeting today in Washington, DC. Since 2008, Rynd has been the Chief Executive Officer and President, Hercules Offshore, Inc., a publicly traded global provider of offshore contract drilling and liftboat services headquartered in Houston, Texas.
U.S.-based Hercules Offshore Sells Most of Inland Fleet
Hercules Offshore agrees sale of 11 inland barge rigs, which includes three active rigs, eight cold stacked rigs and related assets (Inland Asset Package) for cash proceeds of approximately $45 million. Excluded from the 'Inland Asset Package' are the Hercules 27, for which the Company has a separate agreement to sell the rig to a third party for $5 million, the Hercules 52, and the Hercules 9. The Company will also retain existing working capital within the Inland segment. Closing…
Hecules Offshore Buy KS Energy Liftboat 'Titan 2'
Hercules Offshore executes a definitive agreement to acquire the liftboat 'Titan 2' from a subsidiary of KS Energy Ltd. The purchase price is $42 million in cash. The Titan 2 is a 280 foot class vessel, constructed in 2008, registered and flagged in Panama, and currently located in Limbe, Cameroon. The Company expects the acquisition to close in early March 2013, subject to completion of certain customary closing conditions. John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated…
ABS Elects New Council
At the 150th Annual Meeting of the Members of ABS, three industry leaders were elected to the ABS Council. Following the Annual Meeting, the ABS Council met and elected industry leaders to both its Marine and Offshore Technical Committees. Individuals serving on the ABS Council and the Technical Committees help guide the class society in fulfilling its mission of promoting the security of life, property and the natural environment. “Classification represents the concept of self-regulation for the marine and offshore industry,” said ABS President and CEO Christopher J. Wiernicki.
Hercules Offshore Q1 2010 Results
Hercules Offshore, Inc. (NASDAQ:HERO) reported a loss from continuing operations of $16.0 million, or $0.14 per diluted share, on revenues of $150.8 million for the first quarter 2010, compared with a loss from continuing operations of $4.5 million, or $0.05 per diluted share, on revenues of $223.5 million for the first quarter 2009. John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, "While our financial results remain depressed following the industry-wide downturn that began in 2008, drilling activity in the U.S.
Hercules Offshore Q4 & Full Year 2009 Results
Hercules Offshore, Inc. (NASDAQ:HERO) reported a loss from continuing operations of $26.9 million, or $0.23 per diluted share, on revenues of $176.4 million for the fourth quarter ended December 31, 2009, versus a loss from continuing operations of $1.1 billion, or $12.90 per diluted share, on revenues of $313.5 million for the quarter ended December 31, 2008. When adjusting for certain items outlined in the attached Reconciliation of GAAP to Non-GAAP Financial Measures, the company reported a loss from continuing operations of $25.8 million…
Bates, Jr. Chairman at Hercules Offshore
Hercules Offshore, Inc. (NASDAQ: HERO) announced that Chairman John T. Reynolds submitted his resignation from the company's board of directors, effective December 31, 2009, to focus on other business interests and his role as co-founder and managing director of Lime Rock Management L.P. Thomas R. Bates, Jr., who has been a director of Hercules Offshore since the company's inception in 2004, will assume the role of Chairman upon Reynolds' departure. Bates served as President of the Discovery Group of Baker Hughes Inc., President and Chief Executive Officer of Weatherford/Enterra, Inc.
ABS Adds to Membership
At the recent ABS Council meeting in N.Y., 40 prominent members of the shipping and offshore industries were elected as new members of the international classification society. The ABS Council also elected two new members to the society’s Technical Committee. “ABS governance is vested in a membership comprised of distinguished individuals drawn from the international shipping, shipbuilding and offshore industries, from academia, the insurance sector and other related disciplines,” said ABS Chairman and CEO Robert D. Somerville. Akimitsu Ashida, President, Mitsui O.S.K. Lines, Ltd. Noel L.