Hercules Offshore beats by $0.05, beats on revs
Reports Q1 (Mar) loss of $0.35 per share, $0.05 better than the Capital IQ Consensus Estimate of ($0.40); revenues fell 52.2% year/year to $122.6 mln vs the $111.97 mln consensus
- Revenue generated from Domestic Offshore for the first quarter 2015 decreased 63% to $52.9 mln from $143.3 mln in the first quarter 2014, driven by lower utilization and dayrates on a reduced marketed rig fleet.
- Operating days during the first quarter 2015 declined to 533 days with utilization of 60.1% as we exited the quarter with 9 marketed rigs, compared to 1,344 days on 18 marketed rigs at 83.0% utilization during the first quarter 2014. Average revenue per rig per day decreased to $99,203 in the first quarter 2015 from $106,596 in the comparable 2014 period.
- International Offshore revenue declined to $51.6 mln in the first quarter 2015, from $80.9 mln in the first quarter 2014, driven largely by reduced utilization and partially offset by slightly higher dayrates.
- Utilization decreased to 47.9% in the first quarter 2015 from 88.1% in the first quarter 2014, largely due to scheduled downtime for equipment recertification on the Hercules 262, as well as idle time on the Hercules Triumph, Hercules Resilience and Hercules 260. Average revenue per rig per day increased to $149,704 in the first quarter 2015 from $136,030 in the first quarter of 2014, driven in part by a demobilization fee of $4.5 mln received for the Hercules 208 following its contract conclusion, as well as higher dayrates on the Hercules 261 and Hercules 262 as these rigs rolled to new contracts.