HOUSTON, April 23, 2014 /PRNewswire/ -- Hercules
Offshore, Inc. (Nasdaq: HERO) today reported income from continuing
operations of $19.9 million, or
$0.12 per diluted share, on revenue
of $256.7 million for the first
quarter 2014, compared to income from continuing operations of
$40.3 million, or $0.25 per diluted share, on revenue of
$186.2 million for the first quarter
2013. As outlined in the Reconciliation of GAAP to Non-GAAP
Financial Measures, first quarter 2014 results included an
after-tax charge of $15.2 million, or
$0.10 per diluted share, related to
early debt retirement and issuance costs, while first quarter 2013
results included a non-cash tax gain of $37.7 million, or $0.23 per diluted share, related to the Seahawk
acquisition completed in April 2011.
John T. Rynd, Chief Executive Officer and President of Hercules
Offshore stated, "First quarter results reflect a healthy jackup
rig market in the U.S. Gulf of
Mexico and fleet growth in our International Offshore
segment. Domestic drilling activity remains active, with the
possibility of an improvement in demand later this year.
Average dayrates in the U.S. Gulf of
Mexico continue to rise as various rigs roll into higher
paying contracts. Going forward, we expect stable pricing in
the U.S. Gulf of Mexico, as all
new contracts signed during the latest quarter were executed at
current dayrates. Our International Offshore segment
benefitted from the contributions of new assets, including the
Hercules Triumph and Hercules
Resilience. Our International Liftboats segment was
impacted by soft demand in West
Africa for the small to mid-size vessel classes and a heavy
repair and maintenance schedule. We have seen some recent
improvements in West Africa, but
activity levels in this region could remain variable during the
rest of the year."
Domestic Offshore
Revenue generated from Domestic Offshore for the first quarter
2014 increased by 18.3% to $143.3
million from $121.1 million in
the first quarter 2013, largely driven by higher dayrates.
Average revenue per rig per day increased by approximately 36.2% to
$106,596 in the first quarter 2014
from $78,240 in the comparable 2013
period. Utilization declined to 83.0% from 95.6%, largely a
result of the Hercules 150, Hercules 205 and
Hercules 264 undergoing scheduled regulatory surveys during
the period. Operating expenses increased to $72.8 million in the first quarter 2014 compared
to $59.8 million in the first quarter
2013, due in part to higher labor, workers compensation, and sales
tax expenses, gains on asset sales in the prior quarter as well as
incremental operating costs associated with the Hercules
209, partially offset by the removal of the Hercules 265
from the operating fleet. Domestic Offshore generated
operating income of $51.5 million in
the first quarter 2014 compared to operating income of $40.0 million in the first quarter 2013.
International Offshore
International Offshore revenue increased to $80.9 million in the first quarter 2014 from
$31.8 million in the first quarter
2013. Revenue growth was primarily driven by the additions of the
Hercules Triumph, Hercules Resilience, Hercules 266
and Hercules 267. The rig additions also contributed to a
15.2% increase in average revenue per rig per day to $136,030 for the first quarter 2014 from
$118,119 in the first quarter 2013,
and 121.2% increase in operating days to 595 days from 269 days
over the same periods. Operating expenses for the first quarter
2014 increased to $47.5 million from
$31.9 million in the respective 2013
period, primarily due to the incremental operating cost associated
with the rig additions, partially offset by lower repair costs on
the Hercules 260. International Offshore recorded operating
income of $14.6 million in the first
quarter 2014 compared to an operating loss of $12.2 million in the prior year period.
International Liftboats
International Liftboats revenue was $32.5
million in the first quarter 2014, compared to $33.3 million in the prior year period. Average
revenue per liftboat per day increased by 18.1% to $27,132 in the first quarter 2014 from
$22,970 in the first quarter 2013.
This was offset by a decline in utilization to 57.9% from 72.1% in
the same periods, respectively, primarily due to decreased activity
levels in West Africa and a heavy
repair and maintenance schedule. Operating expenses during
the first quarter 2014 were $20.4
million, compared to $22.3
million in the first quarter 2013. First quarter 2013
expenses included a $2.6 million
write-down of a cold stacked vessel in West Africa. International Liftboats recorded
operating income of $5.6 million in
the first quarter 2014 compared to operating income of $5.2 million in the first quarter 2013.
Liquidity and Capitalization
On March 12, 2014, the Company
commenced a tender offer (the "Tender Offer") for all of its
outstanding $300.0 million aggregate
principal amount of 7.125% senior secured notes due 2017 ("7.125%
Senior Secured Notes"). On March 26,
2014, the Company completed the sale of $300.0 million in aggregate principal amount of
senior notes with a coupon rate of 6.75% due 2022 ("6.75% Senior
Notes") and used a portion of the proceeds to settle approximately
$220.1 million aggregate principal
amount of the 7.125% Senior Secured Notes for $232.7 million. The Company expects to use the
remaining net proceeds from the 6.75% Senior Notes offering,
together with cash on hand, to complete the redemption of the
remaining $79.9 million
aggregate principal amount of the 7.125% Senior Secured Notes
on April 29, 2014 for approximately
$84.2 million. As such, the Company
has classified approximately $79.9
million of its cash on hand as Cash Designated for Debt
Retirement on the Balance Sheet as of March
31, 2014.
Discontinued Operations
Due to the classification of our former Domestic Liftboats and
Inland segments, which were sold in the third quarter 2013, as
discontinued operations, the Company's historical financial
information has been recast to reflect the results of operations of
these two former segments as discontinued operations for all
periods presented.
Non-GAAP
Certain non-GAAP performance measures and corresponding
reconciliations to GAAP financial measures for the Company have
been provided for meaningful comparisons between current results
and prior operating periods. 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 income from continuing operations 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, income from continuing operations, and
not as a substitute for, or superior to, 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 table that follows the financial statements.
Please see the attached Reconciliation of GAAP to Non-GAAP
Financial Measures for a complete description of the adjustments
made to Operating Income, Income from Continuing Operations and
Diluted Income per Share.
Conference Call Information
Hercules Offshore will conduct a conference call at 10:00 a.m. CDT (11:00 a.m. EDT) on April
23, 2014, to discuss its first quarter 2014 financial
results. To participate in the call, dial 800-884-5695 (Domestic)
or 617-786-2960 (International) and reference access code 29196501
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 April 23, 2014, beginning at
2:00 p.m. CDT (3:00 p.m. EDT), through April 30, 2014. The phone number for the
conference call replay is 888-286-8010 (Domestic) or 617-801-6888
(International) with access code 32983445. Additionally, the
recorded conference call will be accessible through our website at
http://www.herculesoffshore.com for 7 days after the conference
call.
Additional Information
Headquartered in Houston,
Hercules Offshore, Inc. operates a fleet of 38 jackup rigs and 24
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)
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
$
197,212
|
|
$
198,406
|
|
|
Accounts Receivable,
Net
|
|
224,199
|
|
220,139
|
|
|
Prepaids
|
|
10,031
|
|
20,395
|
|
|
Current Deferred Tax
Asset
|
|
10,876
|
|
10,876
|
|
|
Other
|
|
17,708
|
|
17,363
|
|
|
|
|
460,026
|
|
467,179
|
|
|
|
|
|
|
|
|
Property and
Equipment, Net
|
|
1,807,343
|
|
1,808,526
|
|
Cash Designated for
Debt Retirement
|
|
79,928
|
|
-
|
|
Other Assets,
Net
|
|
28,142
|
|
25,743
|
|
|
|
|
|
|
|
|
|
$
2,375,439
|
|
$
2,301,448
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Accounts
Payable
|
|
$
83,031
|
|
$
80,018
|
|
|
Accrued
Liabilities
|
|
70,919
|
|
81,500
|
|
|
Interest
Payable
|
|
32,142
|
|
33,067
|
|
|
Insurance Notes
Payable
|
|
-
|
|
9,568
|
|
|
Other Current
Liabilities
|
|
29,093
|
|
35,735
|
|
|
|
215,185
|
|
239,888
|
|
|
|
|
|
|
|
Long-term
Debt
|
|
1,290,664
|
|
1,210,676
|
|
Deferred Income
Taxes
|
|
14,788
|
|
14,452
|
|
Other
Liabilities
|
|
10,230
|
|
12,732
|
|
|
|
|
|
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity
|
|
844,572
|
|
823,700
|
|
|
|
|
|
|
|
|
|
$
2,375,439
|
|
$
2,301,448
|
HERCULES OFFSHORE,
INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
$ 256,734
|
|
$186,195
|
|
|
|
|
|
|
|
|
Costs and
Expenses:
|
|
|
|
|
|
|
Operating
Expenses
|
|
140,752
|
|
113,954
|
|
|
Depreciation and
Amortization
|
|
40,083
|
|
34,938
|
|
|
General and
Administrative
|
|
18,227
|
|
19,116
|
|
|
|
|
199,062
|
|
168,008
|
|
|
|
|
|
|
|
|
Operating
Income
|
|
57,672
|
|
18,187
|
|
|
|
|
|
|
|
|
Other Income
(Expense):
|
|
|
|
|
|
|
Interest
Expense
|
|
(22,901)
|
|
(17,095)
|
|
|
Loss on
Extinguishment of Debt
|
|
(15,158)
|
|
-
|
|
|
Other, Net
|
|
150
|
|
196
|
|
|
|
|
|
|
|
|
Income Before Income
Taxes
|
|
19,763
|
|
1,288
|
|
Income Tax
Benefit
|
|
153
|
|
39,010
|
|
Income from
Continuing Operations
|
|
19,916
|
|
40,298
|
|
Loss from
Discontinued Operations, Net of Taxes
|
|
-
|
|
(5,136)
|
|
Net Income
|
|
$
19,916
|
|
$
35,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per
Share:
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
Income from
Continuing Operations
|
|
$
0.12
|
|
$
0.25
|
|
|
Loss from
Discontinued Operations
|
|
-
|
|
(0.03)
|
|
|
Net Income
|
|
$
0.12
|
|
$
0.22
|
|
Diluted:
|
|
|
|
|
|
|
Income from
Continuing Operations
|
|
$
0.12
|
|
$
0.25
|
|
|
Loss from
Discontinued Operations
|
|
-
|
|
(0.03)
|
|
|
Net Income
|
|
$
0.12
|
|
$
0.22
|
|
|
|
|
|
|
|
|
Weighted Average
Shares Outstanding:
|
|
|
|
|
|
|
Basic
|
|
160,070
|
|
158,931
|
|
|
Diluted
|
|
161,883
|
|
161,125
|
|
HERCULES OFFSHORE,
INC. AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2014
|
|
2013
|
Cash Flows from
Operating Activities:
|
|
|
|
|
|
Net Income
|
|
$
19,916
|
|
$
35,162
|
|
Adjustments to
Reconcile Net Income to Net Cash Provided by
|
|
|
|
|
|
Operating
Activities:
|
|
|
|
|
|
Depreciation and
Amortization
|
|
40,083
|
|
40,815
|
|
Stock-Based
Compensation Expense
|
|
2,400
|
|
2,737
|
|
Deferred Income
Taxes
|
|
(4,616)
|
|
(36,616)
|
|
Other
|
|
3,089
|
|
1,947
|
|
Net Change in
Operating Assets and Liabilities
|
|
(20,227)
|
|
4,634
|
|
Net Cash Provided
by Operating Activities
|
|
40,645
|
|
48,679
|
|
|
|
|
|
|
Cash Flows from
Investing Activities:
|
|
|
|
|
|
Acquisition of
Assets
|
|
-
|
|
(97,000)
|
|
Capital
Expenditures
|
|
(40,665)
|
|
(44,973)
|
|
Proceeds from Sale of
Assets, Net
|
|
1,679
|
|
2,748
|
|
Net Cash Used in
Investing Activities
|
|
(38,986)
|
|
(139,225)
|
|
|
|
|
|
|
Cash Flows from
Financing Activities:
|
|
|
|
|
|
Long-term Debt
Borrowings
|
|
300,000
|
|
-
|
|
Redemption of 7.125%
Senior Secured Notes
|
|
(220,072)
|
|
-
|
|
Cash Designated for
Debt Retirement
|
|
(79,928)
|
|
-
|
|
Payment of Debt
Issuance Costs
|
|
(2,961)
|
|
-
|
|
Other
|
|
108
|
|
768
|
|
Net Cash Provided by
(used in) Financing Activities
|
|
(2,853)
|
|
768
|
|
|
|
|
|
|
Net Decrease in
Cash and Cash Equivalents
|
|
(1,194)
|
|
(89,778)
|
Cash and Cash
Equivalents at Beginning of Period
|
|
198,406
|
|
259,193
|
Cash and Cash
Equivalents at End of Period
|
|
$197,212
|
|
$169,415
|
HERCULES OFFSHORE,
INC. AND SUBSIDIARIES
|
SELECTED FINANCIAL
AND OPERATING DATA
|
(Dollars in
thousands, except per day amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Domestic
Offshore:
|
|
|
|
|
|
|
Number of rigs (as of
end of period)
|
|
28
|
|
29
|
|
|
Revenue
|
|
$ 143,265
|
|
$ 121,115
|
|
|
Operating
expenses
|
|
72,800
|
|
59,751
|
|
|
Depreciation and
amortization expense
|
|
17,371
|
|
19,844
|
|
|
General and
administrative expenses
|
|
1,548
|
|
1,565
|
|
|
Operating
income
|
|
$
51,546
|
|
$
39,955
|
|
|
|
|
|
|
|
|
International
Offshore:
|
|
|
|
|
|
|
Number of rigs (as of
end of period)
|
|
10
|
|
9
|
|
|
Revenue
|
|
$
80,938
|
|
$
31,774
|
|
|
Operating
expenses
|
|
47,538
|
|
31,911
|
|
|
Depreciation and
amortization expense
|
|
16,626
|
|
10,020
|
|
|
General and
administrative expenses
|
|
2,132
|
|
2,012
|
|
|
Operating income
(loss)
|
|
$
14,642
|
|
$
(12,169)
|
|
|
|
|
|
|
|
|
International
Liftboats:
|
|
|
|
|
|
|
Number of liftboats
(as of end of period)
|
|
24
|
|
25
|
|
|
Revenue
|
|
$
32,531
|
|
$
33,306
|
|
|
Operating
expenses
|
|
20,414
|
|
22,292
|
|
|
Depreciation and
amortization expense
|
|
5,126
|
|
4,352
|
|
|
General and
administrative expenses
|
|
1,427
|
|
1,510
|
|
|
Operating
income
|
|
$
5,564
|
|
$
5,152
|
|
|
|
|
|
|
|
|
Total
Company:
|
|
|
|
|
|
|
Revenue
|
|
$ 256,734
|
|
$ 186,195
|
|
|
Operating
expenses
|
|
140,752
|
|
113,954
|
|
|
Depreciation and
amortization expense
|
|
40,083
|
|
34,938
|
|
|
General and
administrative expenses
|
|
18,227
|
|
19,116
|
|
|
Operating
income
|
|
57,672
|
|
18,187
|
|
|
Interest expense
|
|
(22,901)
|
|
(17,095)
|
|
|
Loss on extinguishment of
debt
|
|
(15,158)
|
|
-
|
|
|
Other, net
|
|
150
|
|
196
|
|
|
Income before income
taxes
|
|
19,763
|
|
1,288
|
|
|
Income tax
benefit
|
|
153
|
|
39,010
|
|
|
Income from
continuing operations
|
|
19,916
|
|
40,298
|
|
|
Loss from
discontinued operations, net of taxes
|
|
-
|
|
(5,136)
|
|
|
Net income
|
|
$
19,916
|
|
$
35,162
|
|
HERCULES OFFSHORE,
INC. AND SUBSIDIARIES
|
SELECTED FINANCIAL
AND OPERATING DATA - (Continued)
|
(Dollars in
thousands, except per day amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014
|
|
Operating
Days
|
|
Available
Days
|
|
Utilization
(1)
|
|
Average
Revenue
per
Day
(2)
|
|
Average
Operating
Expense
per
Day
(3)
|
|
|
|
|
|
|
|
|
|
|
Domestic
Offshore
|
1,344
|
|
1,620
|
|
83.0%
|
|
$
106,596
|
|
$
44,938
|
International
Offshore
|
595
|
|
675
|
|
88.1%
|
|
136,030
|
|
70,427
|
International
Liftboats
|
1,199
|
|
2,070
|
|
57.9%
|
|
27,132
|
|
9,862
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2013
|
|
Operating
Days
|
|
Available
Days
|
|
Utilization
(1)
|
|
Average
Revenue
per
Day
(2)
|
|
Average
Operating
Expense
per
Day
(3)
|
|
|
|
|
|
|
|
|
|
|
Domestic
Offshore
|
1,548
|
|
1,620
|
|
95.6%
|
|
$
78,240
|
|
$
36,883
|
International
Offshore
|
269
|
|
450
|
|
59.8%
|
|
118,119
|
|
70,913
|
International
Liftboats
|
1,450
|
|
2,011
|
|
72.1%
|
|
22,970
|
|
11,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 comparisons between
current results and results in prior operating periods. Non-GAAP
financial measures we may present from time to time are operating
income, net income or diluted earnings per share excluding certain
charges or amounts. These adjusted income amounts are not a measure
of financial performance under GAAP. Accordingly, they should not
be considered as a substitute for operating income, income from
continuing operations, net income, earnings per share or other
income data prepared in accordance with GAAP. See the table below
for supplemental financial data and corresponding reconciliations
to GAAP financial measures for the three months ended March 31,
2014 and 2013. 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 table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
Operating Income:
|
|
|
|
|
|
|
GAAP Operating
Income
|
$
57,672
|
|
$
18,187
|
|
|
|
Adjustment
|
-
|
|
-
|
|
|
|
Non-GAAP Operating
Income
|
$
57,672
|
|
$
18,187
|
|
|
|
|
|
|
|
|
|
|
Other Expense:
|
|
|
|
|
|
|
GAAP Other
Expense
|
$ (37,909)
|
|
$ (16,899)
|
|
|
|
Adjustment
|
15,158
|
(a)
|
-
|
|
|
|
Non-GAAP Other
Expense
|
$ (22,751)
|
|
$ (16,899)
|
|
|
|
|
|
|
|
|
|
|
Benefit
for Income Taxes:
|
|
|
|
|
|
|
GAAP Benefit for
Income Taxes
|
$
153
|
|
$
39,010
|
|
|
|
Tax
Adjustment
|
-
|
|
(37,729)
|
(b)
|
|
|
Non-GAAP Benefit for
Income Taxes
|
$
153
|
|
$
1,281
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing Operations:
|
|
|
|
|
|
|
GAAP Income from
Continuing Operations
|
$
19,916
|
|
$
40,298
|
|
|
|
Total
Adjustment
|
15,158
|
|
(37,729)
|
|
|
|
Non-GAAP Income from
Continuing Operations
|
$
35,074
|
|
$
2,569
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per Share:
|
|
|
|
|
|
|
GAAP Diluted Earnings
per Share
|
$
0.12
|
|
$
0.25
|
|
|
|
Adjustment per
Share
|
0.10
|
|
(0.23)
|
|
|
|
Non-GAAP Diluted
Earnings per Share
|
$
0.22
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
This amount
represents a charge of $15.2 million related to retirement of a
portion of our 7.125% senior secured notes and issuance of our
6.75% senior notes.
|
|
(b)
|
This amount
represents a tax benefit recognized of $37.7 million related to the
change in characterization of the Seahawk acquisition for tax
purposes from a purchase of assets to a
reorganization.
|
|
SOURCE Hercules Offshore, Inc.