HOUSTON, March 30, 2016 /PRNewswire/ -- Hercules
Offshore, Inc. (Nasdaq: HERO) today reported a net loss of
$361.8 million, or $2.24 per diluted share, on revenue of
$27.5 million for the period from
October 1, 2015 to November 6, 2015 for the Predecessor
Company, and a net loss of $23.7
million, or $1.18 per diluted
share, on revenue of $32.4 million
for the period from November 6, 2015
to December 31, 2015 for the
Successor Company. 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
"Successor" relate to the financial position of the reorganized
Hercules as of and subsequent to November 6,
2015. 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. 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.
As outlined in the Reconciliation of GAAP to Non-GAAP Financial
Measures, Predecessor results for the period from October 1, 2015 to November 6, 2015 include a net charge of
approximately $345.6 million, or
$2.14 per diluted share, consisting
primarily of a $342.7 million charge
for reorganization items. Successor results for the period from
November 6, 2015 to December 31, 2015 include a charge for
reorganization items of $1.3 million,
or $0.06 per diluted share. For the
fourth quarter 2014, the Predecessor reported a net loss of
$154.1 million, or $0.96 per diluted share, on revenue of
$178.7 million. Predecessor results
for the fourth quarter 2014 include a non-cash impairment charge of
property and equipment for $117.0
million, or $0.73 per diluted
share.
For the period from January 1,
2015 to November 6, 2015, the
Predecessor reported a net loss of $602.5
million, or $3.73 per diluted
share, on revenue of $303.2 million,
and a net loss of $23.7 million, or
$1.18 per diluted share, on revenue
of $32.4 million for the period from
November 6, 2015 to December 31, 2015 for the Successor. For the
twelve month period ending December 31,
2014, the Predecessor reported a net loss of $216.1 million, or $1.35 per diluted share, on revenue of
$900.3 million. As outlined in the
Reconciliation of GAAP to Non-GAAP Financial Measures, Predecessor
results for the period from January 1,
2015 to November 6, 2015
include a net charge of approximately $384.3
million, or $2.38 per diluted
share, primarily related to reorganization, restructuring and
financing items. Predecessor results for the twelve month period
ending December 31, 2014 include a
net charge of approximately $196.8
million, or $1.23 per diluted
share, consisting of a $199.5 million
non-cash impairment charge of property and equipment, a
$22.6 million net gain on the sale of
cold stacked drilling rigs, and a $19.9
million charge related to retirement of our 7.125% senior
secured notes and issuance of our 6.75% senior notes.
John T. Rynd, Chief Executive Officer and President of Hercules
Offshore stated, "We closed out 2015 with the drilling industry at
its weakest point in over 30 years, driven by the sharp decline in
the price of crude oil. Both our rig and liftboat segments in all
regions have been negatively impacted. In an effort to realign our
cost structure to better reflect the weak environment, we have made
significant reductions to our organization and capital spending
programs, and will continue to be vigilant with our cost
curtailment efforts. As previously disclosed, we are also working
diligently with our Board of Directors and advisors on reviewing
our strategic alternatives to maximize the value of the
Company.
"Looking into 2016 and beyond, we do not expect business
conditions to rebound without a material and sustained rally in oil
prices. The duration of this low commodity price environment is
uncertain, which places greater emphasis on liquidity and drove us
to proactively restructure our balance sheet last year. We emerged
from our restructuring process with significantly less debt and
over $500 million in cash, including
$200 million reserved for the final
shipyard payment on our newbuild rig the Hercules
Highlander. Construction of the Hercules Highlander is
progressing as scheduled, with delivery expected during the second
quarter 2016. We are working closely with our customer, Maersk Oil
& Gas, and the shipyard to ensure timely delivery and
acceptance of the rig prior to its departure to the U.K. North Sea,
where it will commence on its five-year contract."
Domestic Offshore
Revenue generated from Domestic Offshore by the Predecessor for
the period from October 1, 2015 to
November 6, 2015 was $10.3 million, and $9.9
million for the period from November
6, 2015 to December 31, 2015
for the Successor. Fourth quarter 2014 Predecessor revenue was
$90.2 million. The 78% decrease in
revenue was driven largely by lower dayrates and utilization on a
reduced rig fleet. Operating expense reported by the Predecessor
for the period from October 1, 2015
to November 6, 2015 was $5.4 million and $9.0
million for the period from November
6, 2015 to December 31, 2015
for the Successor. Fourth quarter 2014 Predecessor operating
expense was $59.3 million. The 76%
decline in operating expense is largely attributable to a reduction
in the number of marketed rigs in operation. Domestic Offshore
reported nearly breakeven operating income by the Predecessor for
the period from October 1, 2015 to
November 6, 2015 and an operating
loss of $0.6 million for the period
from November 6, 2015 to December 31, 2015 for the Successor. Fourth
quarter 2014 Predecessor reported an operating loss of $104.2 million for Domestic Offshore, including a
non-cash asset impairment charge of property and equipment for
$117.0 million.
International Offshore
Revenue generated from International Offshore by the Predecessor
for the period from October 1, 2015
to November 6, 2015 was $12.4 million and $17.3
million for the period from November
6, 2015 to December 31, 2015
for the Successor. Fourth quarter 2014 Predecessor revenue was
$64.6 million. The 54% decrease in
revenue was primarily due to lower contracted dayrates for the rigs
working for Saudi Aramco and idle time on the Hercules 208,
Hercules 267 and Hercules Resilience, partially
offset by full utilization on the Hercules 260. Operating
expense reported by the Predecessor for the period from
October 1, 2015 to November 6, 2015 was $13.3
million and $14.4 million for
the period from November 6, 2015 to
December 31, 2015 for the
Successor. Fourth quarter 2014 Predecessor operating expense was
$54.0 million. The 49% decline in
operating expense was primarily driven by cost reduction measures
on the idle rigs as well as higher fourth quarter 2014 expense
related to the mobilization cost of the Hercules Triumph to
the North Sea. International Offshore reported an operating loss of
$10.3 million by the Predecessor for
the period from October 1, 2015 to
November 6, 2015 and an operating
loss of $1.6 million for the period
from November 6, 2015 to December 31, 2015 for the Successor. Fourth
quarter 2014 Predecessor reported an operating loss of $11.0 million for International Offshore.
International Liftboats
Revenue generated from International Liftboats by the
Predecessor for the period from October 1,
2015 to November 6, 2015 was
$4.8 million and $5.3 million for the period from November 6, 2015 to December 31, 2015 for the Successor. Fourth
quarter 2014 Predecessor revenue was $23.8
million. The 58% decrease in revenue was driven primarily by
lower dayrates and utilization. Operating expense reported by the
Predecessor for the period from October 1,
2015 to November 6, 2015 was
$3.8 million and $6.3 million for the period from November 6, 2015 to December 31, 2015 for the Successor. Fourth
quarter 2014 Predecessor operating expense was $16.1 million. The 38% decline in operating
expense reflects our cost reduction measures and lower activity
levels. International Liftboats reported an operating loss of
$1.4 million by the Predecessor for
the period from October 1, 2015 to
November 6, 2015 and an operating
loss of $3.2 million for the period
from November 6, 2015 to December 31, 2015 for the Successor. Fourth
quarter 2014 Predecessor reported operating income of $0.9 million for International Liftboats.
Reorganization Items
For the period from October 1,
2015 to November 6, 2015, the
Predecessor incurred $342.7 million
of Reorganization Items, consisting of a $1.0 billion non-cash adjustment of assets due to
the application of fresh start accounting, a $686.6 million non-cash gain on the settlement of
liabilities subject to compromise, and $10.0
million of other items related to the reorganization,
principally professional fees. For the period from November 6, 2015 to December 31, 2015, the Successor incurred
$1.3 million of Reorganization Items,
primarily for professional fees.
Costs incurred associated with our financing and restructuring
activities consisted of the following (in thousands):
|
|
Successor
|
|
|
Predecessor
|
|
Successor
|
|
|
Predecessor
|
|
|
Period from
November 6,
2015 to
December 31,
2015
|
|
|
Period from
October 1,
2015 to
November 6,
2015
|
|
Period from
November 6,
2015 to
December 31,
2015
|
|
|
Period from
January 1,
2015 to
November 6,
2015
|
Reorganization
Items:
|
|
|
|
|
|
|
|
|
|
|
Non-cash net loss due
to fresh start accounting adjustments
|
|
$
-
|
|
|
$ 1,019,255
|
|
$
-
|
|
|
$ 1,019,255
|
Non-cash gain on
settlement of liabilities subject to compromise (debt
forgiveness)
|
|
-
|
|
|
(686,559)
|
|
-
|
|
|
(686,559)
|
Non-cash charge
related to write-off of unamortized debt issuance costs
|
|
-
|
|
|
-
|
|
-
|
|
|
11,535
|
Professional
fees
|
|
1,330
|
|
|
10,045
|
|
1,330
|
|
|
12,819
|
Total Reorganization
Items
|
|
$
1,330
|
|
|
$ 342,741
|
|
$
1,330
|
|
|
$ 357,050
|
|
|
|
|
|
|
|
|
|
|
|
Professional fees
related to the Reorganization:
|
|
|
|
|
|
|
|
|
|
|
Costs incurred prior
to Bankruptcy Petition (General and Administrative
Expense)
|
|
$
-
|
|
|
$
-
|
|
$
-
|
|
|
$ 18,879
|
Costs incurred post
Bankruptcy Petition (Reorganization Items)
|
|
1,330
|
|
|
10,045
|
|
1,330
|
|
|
12,819
|
Total Professional
fees related to Reorganization
|
|
$
1,330
|
|
|
$ 10,045
|
|
$
1,330
|
|
|
$ 31,698
|
Non-GAAP
References in the Selected Financial and Operating Data tables
to the change and the percentage change combine the Successor
Company and Predecessor Company results for the quarter and year
ended December 31, 2015 in order to
provide comparability of such information to the quarter
and year ended December 31,
2014. While this combined presentation is a non-GAAP
presentation for which there is no comparable GAAP measure,
management believes that providing this financial information is
the most relevant and useful method for making comparisons to the
quarter and year ended December 31,
2014.
Certain non-GAAP performance measures and corresponding
reconciliations to GAAP financial measures for the Company have
been provided for additional meaningful information. Generally, a
non-GAAP financial measure is a numerical measure of a company's
performance, financial position, or cash flows that excludes or
includes amounts that are not normally excluded or included in the
most directly comparable measure calculated and presented in
accordance with generally accepted accounting principles. In order
to fully assess the financial operating results, management
believes that the adjusted net income figures included in this
release are appropriate measures of the continuing and normal
operations of the Company. However, these measures should be
considered in addition to, and not as a substitute for, or superior
to, revenue, net income, operating income, cash flows from
operations, or other measures of financial performance prepared in
accordance with GAAP. The non-GAAP measures included in this press
release have been reconciled to the nearest GAAP measure in the
tables that follow the financial statements. Please see the
attached Reconciliation of GAAP to Non-GAAP Financial Measures for
a complete description of the adjustments made to Revenue,
Operating Income, Net Income and Diluted Income per Share.
Conference Call Information
Hercules Offshore will conduct a conference call at 10:00 a.m. CT (11:00 a.m.
ET) on March 31, 2016, to
discuss its fourth quarter and full year 2015 financial results. To
participate in the call, dial +1 (855) 865-4806 (Domestic) or +1
(262) 912-6154 (International) and reference access code 75252935
approximately 10 minutes prior to the start of the call. The
conference call will also be broadcast live via the Internet at
http://www.herculesoffshore.com.
A replay of the conference call will be available by telephone
on March 31, 2016, beginning at
1:00 p.m. CT (2:00 p.m. ET), through April 7, 2016. The phone number for the
conference call replay is +1 (855) 859-2056 (Domestic) or +1 (404)
537-3406 (International) with access code 75252935. Additionally,
the recorded conference call will be accessible through our website
at http://www.herculesoffshore.com for 7 days after the conference
call.
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.
The news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such statements are
subject to a number of risks, uncertainties and assumptions,
including the factors described in Hercules Offshore's most recent
periodic reports and other documents filed with the Securities and
Exchange Commission, which are available free of charge at the
SEC's website at http://www.sec.gov or the Company's website
at http://www.herculesoffshore.com. Hercules Offshore cautions you
that forward-looking statements are not guarantees of future
performance and that actual results or developments may differ
materially from those projected or implied in these statements.
HERCULES OFFSHORE,
INC. AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
|
December
31,
|
|
|
December
31,
|
|
|
|
|
2015
|
|
|
2014
|
|
|
|
|
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
$ 330,780
|
|
|
$ 207,937
|
|
|
Accounts Receivable,
Net
|
|
63,668
|
|
|
166,359
|
|
|
Prepaids
|
|
11,740
|
|
|
19,585
|
|
|
Current Deferred Tax
Asset
|
|
-
|
|
|
4,461
|
|
|
Other
|
|
4,015
|
|
|
5,955
|
|
|
|
|
410,203
|
|
|
404,297
|
|
|
|
|
|
|
|
|
|
Property and
Equipment, Net
|
|
465,497
|
|
|
1,574,749
|
|
Restricted
Cash
|
|
200,000
|
|
|
-
|
|
Other Assets,
Net
|
|
32,440
|
|
|
23,361
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,108,140
|
|
|
$ 2,002,407
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Accounts
Payable
|
|
$
43,616
|
|
|
$
52,952
|
|
|
Accrued
Liabilities
|
|
49,108
|
|
|
66,090
|
|
|
Interest
Payable
|
|
-
|
|
|
32,008
|
|
|
Other Current
Liabilities
|
|
6,148
|
|
|
13,406
|
|
|
|
|
98,872
|
|
|
164,456
|
|
|
|
|
|
|
|
|
|
Long-term
Debt
|
|
428,715
|
|
|
1,210,919
|
|
Deferred Income
Taxes
|
|
-
|
|
|
4,147
|
|
Other
Liabilities
|
|
16,622
|
|
|
7,854
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
563,931
|
|
|
615,031
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,108,140
|
|
|
$ 2,002,407
|
HERCULES OFFSHORE,
INC. AND SUBSIDIARIES
|
QUARTERLY
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
|
Period from
November 6, 2015 to
December 31, 2015
|
|
|
Period from
October 1, 2015 to
November 6, 2015
|
|
Three Months
Ended
December 31, 2014
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
32,442
|
|
|
$
27,534
|
|
$
178,670
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses:
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
29,675
|
|
|
22,428
|
|
129,462
|
|
|
Asset
Impairment
|
|
-
|
|
|
-
|
|
117,001
|
|
|
Depreciation and
Amortization
|
|
4,534
|
|
|
14,765
|
|
42,826
|
|
|
General and
Administrative
|
|
7,120
|
|
|
7,295
|
|
14,703
|
|
|
|
|
41,329
|
|
|
44,488
|
|
303,992
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Loss
|
|
(8,887)
|
|
|
(16,954)
|
|
(125,322)
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
(7,939)
|
|
|
-
|
|
(24,978)
|
|
|
Reorganization Items,
Net
|
|
(1,330)
|
|
|
(342,741)
|
|
-
|
|
|
Other, Net
|
|
(4,785)
|
|
|
13
|
|
(235)
|
|
|
|
|
|
|
|
|
|
|
|
Loss Before Income
Taxes
|
|
(22,941)
|
|
|
(359,682)
|
|
(150,535)
|
|
Income Tax
Provision
|
|
(728)
|
|
|
(2,096)
|
|
(3,584)
|
|
Net Loss
|
|
$
(23,669)
|
|
|
$
(361,778)
|
|
$
(154,119)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Share -
Basic and Diluted
|
|
$
(1.18)
|
|
|
$
(2.24)
|
|
$
(0.96)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding - Basic and Diluted
|
|
19,989
|
|
|
161,641
|
|
160,816
|
|
|
|
|
|
|
|
|
|
|
|
HERCULES OFFSHORE,
INC. AND SUBSIDIARIES
|
|
ANNUAL
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
|
Period from
November 6, 2015 to
December 31, 2015
|
|
|
Period from
January 1, 2015 to
November 6, 2015
|
|
Twelve Months
Ended
December 31, 2014
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
32,442
|
|
|
$
303,206
|
|
$
900,251
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses:
|
|
|
|
|
|
|
|
|
|
Operating
Expenses
|
|
29,675
|
|
|
271,988
|
|
543,236
|
|
|
Asset
Impairment
|
|
-
|
|
|
-
|
|
199,508
|
|
|
Depreciation and
Amortization
|
|
4,534
|
|
|
126,963
|
|
170,898
|
|
|
General and
Administrative
|
|
7,120
|
|
|
79,884
|
|
75,108
|
|
|
|
|
41,329
|
|
|
478,835
|
|
988,750
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Loss
|
|
(8,887)
|
|
|
(175,629)
|
|
(88,499)
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
|
|
|
Interest
Expense
|
|
(7,939)
|
|
|
(61,173)
|
|
(99,142)
|
|
|
Loss on
Extinguishment of Debt
|
|
-
|
|
|
(1,884)
|
|
(19,925)
|
|
|
Reorganization Items,
Net
|
|
(1,330)
|
|
|
(357,050)
|
|
-
|
|
|
Other, Net
|
|
(4,785)
|
|
|
284
|
|
(39)
|
|
|
|
|
|
|
|
|
|
|
|
Loss Before Income
Taxes
|
|
(22,941)
|
|
|
(595,452)
|
|
(207,605)
|
|
Income Tax
Provision
|
|
(728)
|
|
|
(7,042)
|
|
(8,505)
|
|
Net Loss
|
|
$
(23,669)
|
|
|
$
(602,494)
|
|
$
(216,110)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Share -
Basic and Diluted
|
|
$
(1.18)
|
|
|
$
(3.73)
|
|
$
(1.35)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding - Basic and Diluted
|
|
19,989
|
|
|
161,430
|
|
160,598
|
|
HERCULES OFFSHORE,
INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
Period from
November 6,
2015 to
December 31,
2015
|
|
|
Period from
January 1,
2015 to
November 6,
2015
|
|
Twelve Months
Ended
December 31,
2014
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
|
|
|
Net
Loss
|
|
$
(23,669)
|
|
|
$
(602,494)
|
|
$
(216,110)
|
|
Adjustments to
Reconcile Net Loss to Net Cash Provided by (Used in) Operating
Activities:
|
|
|
|
|
|
|
|
|
Depreciation and
Amortization
|
|
4,534
|
|
|
126,963
|
|
170,898
|
|
Stock-Based
Compensation Expense
|
|
26
|
|
|
6,922
|
|
8,348
|
|
Deferred Income
Taxes
|
|
16
|
|
|
1,931
|
|
(7,691)
|
|
Provision for
Doubtful Accounts Receivable
|
|
1,855
|
|
|
7,665
|
|
5,627
|
|
(Gain) Loss on
Disposal of Assets, Net
|
|
(28)
|
|
|
970
|
|
(22,598)
|
|
Asset
Impairment
|
|
-
|
|
|
-
|
|
199,508
|
|
Non-Cash
Reorganization Items, Net
|
|
-
|
|
|
344,231
|
|
-
|
|
Non-Cash Loss on
Derivative
|
|
4,837
|
|
|
-
|
|
-
|
|
Other
|
|
342
|
|
|
2,146
|
|
4,810
|
|
Net Change in
Operating Assets and Liabilities
|
|
(14,372)
|
|
|
102,065
|
|
(28,079)
|
|
Net Cash Provided by
(Used in) Operating Activities
|
|
(26,459)
|
|
|
(9,601)
|
|
114,713
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
|
|
|
Capital
Expenditures
|
|
(5,066)
|
|
|
(78,097)
|
|
(147,522)
|
|
Increase in
Restricted Cash
|
|
-
|
|
|
(200,000)
|
|
-
|
|
Insurance Proceeds
Received
|
|
-
|
|
|
3,543
|
|
9,067
|
|
Proceeds from Sale of
Assets, Net
|
|
78
|
|
|
9,697
|
|
35,135
|
|
Other
|
|
377
|
|
|
227
|
|
1,479
|
|
Net Cash Used in
Investing Activities
|
|
(4,611)
|
|
|
(264,630)
|
|
(101,841)
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
|
|
|
Long-term Debt
Borrowings
|
|
-
|
|
|
436,500
|
|
300,000
|
|
Redemption of 7.125%
Senior Secured Notes
|
|
-
|
|
|
-
|
|
(300,000)
|
|
Payment of Debt
Issuance Costs
|
|
-
|
|
|
(8,356)
|
|
(3,914)
|
|
Other
|
|
-
|
|
|
-
|
|
573
|
|
Net Cash Provided by
(Used in) Financing Activities
|
|
-
|
|
|
428,144
|
|
(3,341)
|
|
|
|
|
|
|
|
|
|
Net Increase
(Decrease) in Cash and Cash Equivalents
|
|
(31,070)
|
|
|
153,913
|
|
9,531
|
Cash and Cash
Equivalents at Beginning of Period
|
|
361,850
|
|
|
207,937
|
|
198,406
|
Cash and Cash
Equivalents at End of Period
|
|
$ 330,780
|
|
|
$
361,850
|
|
$
207,937
|
HERCULES OFFSHORE,
INC. AND SUBSIDIARIES
|
QUARTERLY SELECTED
FINANCIAL AND OPERATING DATA
|
(Dollars in
thousands, except per day amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
|
|
|
|
(a)
|
|
|
(b)
|
|
(c)
|
|
(a) + (b) -
(c)
|
|
|
|
|
|
Period from
November 6,
2015 to
December 31,
2015
|
|
|
Period from
October 1,
2015 to
November 6,
2015
|
|
Three Months
Ended
December 31,
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Offshore:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of rigs (as of
end of period)
|
|
18
|
|
|
18
|
|
24
|
|
|
|
|
|
Revenue
|
|
$
9,859
|
|
|
$ 10,347
|
|
$
90,241
|
|
$ (70,035)
|
|
(77.6%)
|
|
Operating
expenses
|
|
8,966
|
|
|
5,408
|
|
59,304
|
|
(44,930)
|
|
(75.8%)
|
|
Asset
impairment
|
|
-
|
|
|
-
|
|
117,001
|
|
(117,001)
|
|
n/m
|
|
Depreciation and
amortization expense
|
|
1,097
|
|
|
4,466
|
|
16,628
|
|
(11,065)
|
|
(66.5%)
|
|
General and
administrative expenses
|
|
404
|
|
|
484
|
|
1,490
|
|
(602)
|
|
(40.4%)
|
|
Operating
loss
|
|
$
(608)
|
|
|
$
(11)
|
|
$
(104,182)
|
|
$ 103,563
|
|
(99.4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
Offshore:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of rigs (as of
end of period)
|
|
9
|
|
|
9
|
|
9
|
|
|
|
|
|
Revenue
|
|
$
17,321
|
|
|
$ 12,394
|
|
$
64,606
|
|
$ (34,891)
|
|
(54.0%)
|
|
Operating
expenses
|
|
14,395
|
|
|
13,251
|
|
54,013
|
|
(26,367)
|
|
(48.8%)
|
|
Depreciation and
amortization expense
|
|
1,870
|
|
|
8,510
|
|
20,385
|
|
(10,005)
|
|
(49.1%)
|
|
General and
administrative expenses
|
|
2,691
|
|
|
970
|
|
1,165
|
|
2,496
|
|
214.2%
|
|
Operating
loss
|
|
$
(1,635)
|
|
|
$ (10,337)
|
|
$
(10,957)
|
|
$
(1,015)
|
|
9.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
Liftboats:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of liftboats
(as of end of period)
|
|
19
|
|
|
19
|
|
24
|
|
|
|
|
|
Revenue
|
|
$
5,262
|
|
|
$
4,793
|
|
$
23,823
|
|
$ (13,768)
|
|
(57.8%)
|
|
Operating
expenses
|
|
6,314
|
|
|
3,769
|
|
16,145
|
|
(6,062)
|
|
(37.5%)
|
|
Depreciation and
amortization expense
|
|
1,567
|
|
|
1,539
|
|
4,895
|
|
(1,789)
|
|
(36.5%)
|
|
General and
administrative expenses
|
|
626
|
|
|
918
|
|
1,845
|
|
(301)
|
|
(16.3%)
|
|
Operating income
(loss)
|
|
$
(3,245)
|
|
|
$
(1,433)
|
|
$
938
|
|
$
(5,616)
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Company:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
32,442
|
|
|
$ 27,534
|
|
$
178,670
|
|
$ (118,694)
|
|
(66.4%)
|
|
Operating
expenses
|
|
29,675
|
|
|
22,428
|
|
129,462
|
|
(77,359)
|
|
(59.8%)
|
|
Asset
impairment
|
|
-
|
|
|
-
|
|
117,001
|
|
(117,001)
|
|
n/m
|
|
Depreciation and
amortization expense
|
|
4,534
|
|
|
14,765
|
|
42,826
|
|
(23,527)
|
|
(54.9%)
|
|
General and
administrative expenses
|
|
7,120
|
|
|
7,295
|
|
14,703
|
|
(288)
|
|
(2.0%)
|
|
Operating
loss
|
|
(8,887)
|
|
|
(16,954)
|
|
(125,322)
|
|
99,481
|
|
(79.4%)
|
|
Interest expense
|
|
(7,939)
|
|
|
-
|
|
(24,978)
|
|
17,039
|
|
(68.2%)
|
|
Reorganization items,
net
|
|
(1,330)
|
|
|
(342,741)
|
|
-
|
|
(344,071)
|
|
n/m
|
|
Other, net
|
|
(4,785)
|
|
|
13
|
|
(235)
|
|
(4,537)
|
|
n/m
|
|
Loss before income
taxes
|
|
(22,941)
|
|
|
(359,682)
|
|
(150,535)
|
|
(232,088)
|
|
154.2%
|
|
Income tax
provision
|
|
(728)
|
|
|
(2,096)
|
|
(3,584)
|
|
760
|
|
(21.2%)
|
|
Net loss
|
|
$
(23,669)
|
|
|
$ (361,778)
|
|
$
(154,119)
|
|
$ (231,328)
|
|
150.1%
|
HERCULES OFFSHORE,
INC. AND SUBSIDIARIES
|
ANNUAL SELECTED
FINANCIAL AND OPERATING DATA - (Continued)
|
(Dollars in
thousands, except per day amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
|
|
|
|
|
(a)
|
|
|
(b)
|
|
(c)
|
|
(a) + (b) -
(c)
|
|
|
|
|
|
Period from
November 6,
2015 to
December 31,
2015
|
|
|
Period from
January 1,
2015 to
November 6,
2015
|
|
Twelve Months
Ended
December 31,
2014
|
|
Change
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Offshore:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of rigs (as of
end of period)
|
|
18
|
|
|
18
|
|
24
|
|
|
|
|
|
Revenue
|
|
$
9,859
|
|
|
$ 131,308
|
|
$
497,209
|
|
$ (356,042)
|
|
(71.6%)
|
|
Operating
expenses
|
|
8,966
|
|
|
95,279
|
|
261,399
|
|
(157,154)
|
|
(60.1%)
|
|
Asset
impairment
|
|
-
|
|
|
-
|
|
199,508
|
|
(199,508)
|
|
n/m
|
|
Depreciation and
amortization expense
|
|
1,097
|
|
|
39,031
|
|
70,576
|
|
(30,448)
|
|
(43.1%)
|
|
General and
administrative expenses
|
|
404
|
|
|
5,462
|
|
6,314
|
|
(448)
|
|
(7.1%)
|
|
Operating
loss
|
|
$
(608)
|
|
|
$
(8,464)
|
|
$
(40,588)
|
|
$
31,516
|
|
(77.6%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
Offshore:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of rigs (as of
end of period)
|
|
9
|
|
|
9
|
|
9
|
|
|
|
|
|
Revenue
|
|
$
17,321
|
|
|
$ 113,438
|
|
$
291,486
|
|
$ (160,727)
|
|
(55.1%)
|
|
Operating
expenses
|
|
14,395
|
|
|
131,291
|
|
207,190
|
|
(61,504)
|
|
(29.7%)
|
|
Depreciation and
amortization expense
|
|
1,870
|
|
|
71,033
|
|
75,672
|
|
(2,769)
|
|
(3.7%)
|
|
General and
administrative expenses
|
|
2,691
|
|
|
6,225
|
|
8,322
|
|
594
|
|
7.1%
|
|
Operating income
(loss)
|
|
$
(1,635)
|
|
|
$ (95,111)
|
|
$
302
|
|
$ (97,048)
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
Liftboats:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of liftboats
(as of end of period)
|
|
19
|
|
|
19
|
|
24
|
|
|
|
|
|
Revenue
|
|
$
5,262
|
|
|
$ 58,460
|
|
$
111,556
|
|
$ (47,834)
|
|
(42.9%)
|
|
Operating
expenses
|
|
6,314
|
|
|
45,418
|
|
74,647
|
|
(22,915)
|
|
(30.7%)
|
|
Depreciation and
amortization expense
|
|
1,567
|
|
|
14,599
|
|
20,763
|
|
(4,597)
|
|
(22.1%)
|
|
General and
administrative expenses
|
|
626
|
|
|
11,608
|
|
11,712
|
|
522
|
|
4.5%
|
|
Operating income
(loss)
|
|
$
(3,245)
|
|
|
$ (13,165)
|
|
$
4,434
|
|
$ (20,844)
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Company:
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$
32,442
|
|
|
$ 303,206
|
|
$
900,251
|
|
$ (564,603)
|
|
(62.7%)
|
|
Operating
expenses
|
|
29,675
|
|
|
271,988
|
|
543,236
|
|
(241,573)
|
|
(44.5%)
|
|
Asset
impairment
|
|
-
|
|
|
-
|
|
199,508
|
|
(199,508)
|
|
n/m
|
|
Depreciation and
amortization expense
|
|
4,534
|
|
|
126,963
|
|
170,898
|
|
(39,401)
|
|
(23.1%)
|
|
General and
administrative expenses
|
|
7,120
|
|
|
79,884
|
|
75,108
|
|
11,896
|
|
15.8%
|
|
Operating
loss
|
|
(8,887)
|
|
|
(175,629)
|
|
(88,499)
|
|
(96,017)
|
|
108.5%
|
|
Interest expense
|
|
(7,939)
|
|
|
(61,173)
|
|
(99,142)
|
|
30,030
|
|
(30.3%)
|
|
Loss on extinguishment of
debt
|
|
-
|
|
|
(1,884)
|
|
(19,925)
|
|
18,041
|
|
n/m
|
|
Reorganization items,
net
|
|
(1,330)
|
|
|
(357,050)
|
|
-
|
|
(358,380)
|
|
n/m
|
|
Other, net
|
|
(4,785)
|
|
|
284
|
|
(39)
|
|
(4,462)
|
|
n/m
|
|
Loss before income
taxes
|
|
(22,941)
|
|
|
(595,452)
|
|
(207,605)
|
|
(410,788)
|
|
197.9%
|
|
Income tax
provision
|
|
(728)
|
|
|
(7,042)
|
|
(8,505)
|
|
735
|
|
(8.6%)
|
|
Net loss
|
|
$
(23,669)
|
|
|
$ (602,494)
|
|
$
(216,110)
|
|
$ (410,053)
|
|
189.7%
|
HERCULES OFFSHORE,
INC. AND SUBSIDIARIES
|
QUARTERLY SELECTED
FINANCIAL AND OPERATING DATA - (Continued)
|
(Dollars in
thousands, except per day amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period from
November 6, 2015 to December 31, 2015 (Successor)
|
|
|
Operating
Days
|
|
Available
Days
|
|
Utilization
(1)
|
|
Average
Revenue per
Day (2)
|
|
Average
Operating
Expense per
Day (3)
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Offshore
|
|
159
|
|
495
|
|
32.1%
|
|
$ 62,006
|
|
$
18,113
|
International
Offshore
|
|
220
|
|
440
|
|
50.0%
|
|
78,732
|
|
32,716
|
International
Liftboats
|
|
298
|
|
990
|
|
30.1%
|
|
17,658
|
|
6,378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period from
October 1, 2015 to November 6, 2015 (Predecessor)
|
|
|
Operating
Days
|
|
Available
Days
|
|
Utilization
(1)
|
|
Average
Revenue per
Day (2)
|
|
Average
Operating
Expense per
Day (3)
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Offshore
|
|
164
|
|
333
|
|
49.2%
|
|
$ 63,091
|
|
$
16,240
|
International
Offshore
|
|
147
|
|
296
|
|
49.7%
|
|
84,313
|
|
44,767
|
International
Liftboats
|
|
244
|
|
666
|
|
36.6%
|
|
19,643
|
|
5,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2014 (Predecessor)
|
|
|
Operating
Days
|
|
Available
Days
|
|
Utilization
(1)
|
|
Average
Revenue per
Day (2)
|
|
Average
Operating
Expense per
Day (3)
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Offshore
|
|
850
|
|
1,329
|
|
64.0%
|
|
$ 106,166
|
|
$
44,623
|
International
Offshore
|
|
490
|
|
736
|
|
66.6%
|
|
131,849
|
|
73,387
|
International
Liftboats
|
|
859
|
|
2,116
|
|
40.6%
|
|
27,733
|
|
7,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Utilization is
defined as the total number of days our rigs or liftboats, as
applicable, were under contract, known as operating days, in the
period as a percentage of the total number of available days in the
period. Days during which our rigs and liftboats were
undergoing major refurbishments, upgrades or construction, and days
during which our rigs and liftboats are cold stacked, are not
counted as available days. Days during which our liftboats are in
the shipyard undergoing drydocking or inspection are considered
available days for the purposes of calculating
utilization.
|
(2)
|
Average revenue per
rig or liftboat per day is defined as revenue earned by our rigs or
liftboats, as applicable, in the period divided by the total number
of operating days for our rigs or liftboats, as applicable, in the
period.
|
(3)
|
Average operating
expense per rig or liftboat per day is defined as operating
expenses, excluding depreciation and amortization, incurred by our
rigs or liftboats, as applicable, in the period divided by the
total number of available days in the period. We use
available days to calculate average operating expense per rig or
liftboat per day rather than operating days, which are used to
calculate average revenue per rig or liftboat per day, because we
incur operating expenses on our rigs and liftboats even when they
are not under contract and earning a dayrate.
|
HERCULES OFFSHORE,
INC. AND SUBSIDIARIES
|
ANNUAL SELECTED
FINANCIAL AND OPERATING DATA - (Continued)
|
(Dollars in
thousands, except per day amounts)
|
(Unaudited)
|
|
|
|
Period from
November 6, 2015 to December 31, 2015 (Successor)
|
|
|
Operating
Days
|
|
Available
Days
|
|
Utilization
(1)
|
|
Average
Revenue per
Day (2)
|
|
Average
Operating
Expense per
Day (3)
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Offshore
|
|
159
|
|
495
|
|
32.1%
|
|
$ 62,006
|
|
$
18,113
|
International
Offshore
|
|
220
|
|
440
|
|
50.0%
|
|
78,732
|
|
32,716
|
International
Liftboats
|
|
298
|
|
990
|
|
30.1%
|
|
17,658
|
|
6,378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period from
January 1, 2015 to November 6, 2015 (Predecessor)
|
|
|
Operating
Days
|
|
Available
Days
|
|
Utilization
(1)
|
|
Average
Revenue per
Day (2)
|
|
Average
Operating
Expense per
Day (3)
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Offshore
|
|
1,497
|
|
2,867
|
|
52.2%
|
|
$ 87,714
|
|
$
33,233
|
International
Offshore
|
|
1,221
|
|
2,480
|
|
49.2%
|
|
92,906
|
|
52,940
|
International
Liftboats
|
|
2,776
|
|
6,686
|
|
41.5%
|
|
21,059
|
|
6,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31, 2014 (Predecessor)
|
|
|
Operating
Days
|
|
Available
Days
|
|
Utilization
(1)
|
|
Average
Revenue per
Day (2)
|
|
Average
Operating
Expense per
Day (3)
|
|
|
|
|
|
|
|
|
|
|
|
Domestic
Offshore
|
|
4,624
|
|
6,243
|
|
74.1%
|
|
$ 107,528
|
|
$
41,871
|
International
Offshore
|
|
2,025
|
|
2,875
|
|
70.4%
|
|
143,944
|
|
72,066
|
International
Liftboats
|
|
4,332
|
|
8,395
|
|
51.6%
|
|
25,752
|
|
8,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Utilization is
defined as the total number of days our rigs or liftboats, as
applicable, were under contract, known as operating days, in the
period as a percentage of the total number of available days in the
period. Days during which our rigs and liftboats were
undergoing major refurbishments, upgrades or construction, and days
during which our rigs and liftboats are cold stacked, are not
counted as available days. Days during which our liftboats are in
the shipyard undergoing drydocking or inspection are considered
available days for the purposes of calculating
utilization.
|
(2)
|
Average revenue per
rig or liftboat per day is defined as revenue earned by our rigs or
liftboats, as applicable, in the period divided by the total number
of operating days for our rigs or liftboats, as applicable, in the
period.
|
(3)
|
Average operating
expense per rig or liftboat per day is defined as operating
expenses, excluding depreciation and amortization, incurred by our
rigs or liftboats, as applicable, in the period divided by the
total number of available days in the period. We use
available days to calculate average operating expense per rig or
liftboat per day rather than operating days, which are used to
calculate average revenue per rig or liftboat per day, because we
incur operating expenses on our rigs and liftboats even when they
are not under contract and earning a dayrate.
|
Hercules Offshore,
Inc. and Subsidiaries
|
|
Reconciliation of GAAP to Non-GAAP Financial
Measures
|
|
(Unaudited)
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We report our
financial results in accordance with generally accepted accounting
principles (GAAP). However, management believes that certain
non-GAAP performance measures and ratios may provide users of this
financial information additional meaningful information. Non-GAAP
financial measures we may present from time to time are revenue,
operating income, income from continuing operations, net income or
diluted earnings per share excluding certain charges or amounts.
These adjusted amounts are not a measure of financial performance
under GAAP. Accordingly, they should not be considered as a
substitute for revenue, operating income, income from continuing
operations, net income, earnings per share or other income data
prepared in accordance with GAAP. See the tables below for
supplemental financial data and corresponding reconciliations to
GAAP financial measures for the periods January 1, 2015 to November
6, 2015, October 1, 2015 to November 6, 2015 and November 6, 2015
to December 31, 2015 and the three and twelve months ended December
31, 2014. Non-GAAP financial measures should be viewed in
addition to, and not as an alternative for, the Company's reported
results prepared in accordance with GAAP. The non-GAAP measures
included in this press release have been reconciled to the nearest
GAAP measure in the following tables:
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
Period from
November 6,
2015 to
December 31,
2015
|
|
|
Period from
October 1,
2015 to
November 6,
2015
|
|
Three Months
Ended
December 31,
2014
|
|
|
|
|
|
|
|
|
|
Operating Loss:
|
|
|
|
|
|
|
|
GAAP Operating
Loss
|
$ (8,887)
|
|
|
$
(16,954)
|
|
$
(125,322)
|
|
Adjustment
|
-
|
|
|
2,890
|
(b)
|
117,001
|
(d)
|
Non-GAAP Operating
Loss
|
$ (8,887)
|
|
|
$
(14,064)
|
|
$
(8,321)
|
|
|
|
|
|
|
|
|
|
Other Expense:
|
|
|
|
|
|
|
|
GAAP Other
Expense
|
$ (14,054)
|
|
|
$ (342,728)
|
|
$
(25,213)
|
|
Adjustment
|
1,330
|
(a)
|
|
342,741
|
(c)
|
-
|
|
Non-GAAP Other
Expense
|
$ (12,724)
|
|
|
$
13
|
|
$
(25,213)
|
|
|
|
|
|
|
|
|
|
Provision for Income Taxes:
|
|
|
|
|
|
|
|
GAAP Provision for
Income Taxes
|
$
(728)
|
|
|
$
(2,096)
|
|
$
(3,584)
|
|
Tax
Adjustment
|
-
|
|
|
-
|
|
-
|
|
Non-GAAP Provision for
Income Taxes
|
$
(728)
|
|
|
$
(2,096)
|
|
$
(3,584)
|
|
|
|
|
|
|
|
|
|
Net
Loss:
|
|
|
|
|
|
|
|
GAAP Net
Loss
|
$ (23,669)
|
|
|
$ (361,778)
|
|
$ (154,119)
|
|
Total
Adjustment
|
1,330
|
|
|
345,631
|
|
117,001
|
|
Non-GAAP Net
Loss
|
$ (22,339)
|
|
|
$
(16,147)
|
|
$
(37,118)
|
|
|
|
|
|
|
|
|
|
Diluted Loss per Share:
|
|
|
|
|
|
|
|
GAAP Diluted Loss per
Share
|
$
(1.18)
|
|
|
$
(2.24)
|
|
$
(0.96)
|
|
Adjustment per
Share
|
0.06
|
|
|
2.14
|
|
0.73
|
|
Non-GAAP Diluted Loss
per Share
|
$
(1.12)
|
|
|
$
(0.10)
|
|
$
(0.23)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) This amount
represents a $1.3 million charge for reorganization items
related to professional fees.
|
|
|
|
|
|
|
|
|
|
(b) This amount
represents an $8.1 million charge for stock-based compensation due
to bankruptcy and a $5.2 million gain on settlement of a
contractual dispute.
|
|
|
|
|
|
|
|
|
|
(c) This amount
represents a $342.7 million charge for reorganization items which
includes a $1.0 billion non-cash net loss due to fresh start
accounting adjustments, a $686.6 million non-cash gain on
settlement of liabilities subject to compromise (debt forgiveness)
and a $10.0 million charge for other reorganization items related
to professional fees.
|
|
|
|
|
|
|
|
|
|
(d) This amount
represents a $117.0 million non-cash impairment charge of property
and equipment.
|
|
Hercules Offshore,
Inc. and Subsidiaries
|
|
Reconciliation of GAAP to Non-GAAP Financial
Measures (Continued)
|
|
(Unaudited)
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
Successor
|
|
|
Predecessor
|
|
|
Period from
November 6,
2015 to
December 31,
2015
|
|
|
Period from
January 1,
2015 to
November 6,
2015
|
|
Twelve Months
Ended
December 31,
2014
|
|
|
|
|
|
|
|
|
|
Operating Income (Loss):
|
|
|
|
|
|
|
|
GAAP Operating
Loss
|
$ (8,887)
|
|
|
$ (175,629)
|
|
$
(88,499)
|
|
Adjustment
|
-
|
|
|
25,333
|
(b)
|
176,888
|
(d)
|
Non-GAAP Operating
Income (Loss)
|
$ (8,887)
|
|
|
$ (150,296)
|
|
$
88,389
|
|
|
|
|
|
|
|
|
|
Other Expense:
|
|
|
|
|
|
|
|
GAAP Other
Expense
|
$ (14,054)
|
|
|
$ (419,823)
|
|
$ (119,106)
|
|
Adjustment
|
1,330
|
(a)
|
|
358,934
|
(c)
|
19,925
|
(e)
|
Non-GAAP Other
Expense
|
$ (12,724)
|
|
|
$
(60,889)
|
|
$
(99,181)
|
|
|
|
|
|
|
|
|
|
Provision for Income
Taxes:
|
|
|
|
|
|
|
|
GAAP Provision for
Income Taxes
|
$
(728)
|
|
|
$
(7,042)
|
|
$
(8,505)
|
|
Tax
Adjustment
|
-
|
|
|
-
|
|
-
|
|
Non-GAAP Provision for
Income Taxes
|
$
(728)
|
|
|
$
(7,042)
|
|
$
(8,505)
|
|
|
|
|
|
|
|
|
|
Net
Loss:
|
|
|
|
|
|
|
|
GAAP Net
Loss
|
$ (23,669)
|
|
|
$ (602,494)
|
|
$ (216,110)
|
|
Total
Adjustment
|
1,330
|
|
|
384,267
|
|
196,813
|
|
Non-GAAP Net
Loss
|
$ (22,339)
|
|
|
$ (218,227)
|
|
$
(19,297)
|
|
|
|
|
|
|
|
|
|
Diluted Loss per Share:
|
|
|
|
|
|
|
|
GAAP Diluted Loss per
Share
|
$
(1.18)
|
|
|
$
(3.73)
|
|
$
(1.35)
|
|
Adjustment per
Share
|
0.06
|
|
|
2.38
|
|
1.23
|
|
Non-GAAP Diluted Loss
per Share
|
$
(1.12)
|
|
|
$
(1.35)
|
|
$
(0.12)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) This amount
represents a $1.3 million charge for reorganization items related
to professional fees.
|
|
|
|
|
|
|
|
|
|
(b) This amount
represents $18.9 million of costs related to pre-petition financing
and restructuring activities, an $8.1 million charge for
stock-based compensation due to bankruptcy, a $5.2 million gain on
settlement of a contractual dispute and a $3.6 million net loss on
the sale of assets, including six cold stacked drilling
rigs.
|
|
|
|
|
|
|
|
|
|
(c) This amount
represents a $357.1 million charge for reorganization items which
includes a $1.0 billion non-cash net loss due to fresh start
accounting adjustments, a $686.6 million non-cash gain on
settlement of liabilities subject to compromise (debt forgiveness),
an $11.5 million non-cash charge related to a write-off of
unamortized debt issuance costs and a $12.8 million charge for
other reorganization items related to professional fees.
Additionally, this amount includes a $1.9 million charge related to
the termination of the Predecessor Credit Facility.
|
|
|
|
|
|
|
|
|
|
(d) This amount
represents a $199.5 million non-cash impairment charge of property
and equipment and a $22.6 million net gain on the sale of cold
stacked drilling rigs.
|
|
|
|
|
|
|
|
|
|
(e) This amount
represents a charge of $19.9 million related to retirement of our
7.125% senior secured notes and issuance of our 6.75% senior
notes.
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/hercules-offshore-inc-announces-fourth-quarter-and-full-year-2015-results-300243716.html
SOURCE Hercules Offshore, Inc.