Cap One Dec Investor Pres_vF.pdf
Transcript of Cap One Dec Investor Pres_vF.pdf
-
World Class
Capital One Southcoast Energy Conference
December 7-9, 2010
-
World Class1
Forward-looking Statements
This presentation will contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements, which include any statement that does not relate strictly to historical facts, use terms such as anticipate, assume, believe, estimate, expect, forecast, intend, plan,position, predict, project, or strategy or the negative connotation or other variations of such terms or other similar terminology. In particular, statements, express or implied, regarding current or future negotiations, marketing activities, future results of operations or ability to generate revenues, income or cash flow or to make acquisitions or divestitures, as well as information that may be affected by the continued delays in obtaining drilling permits in the Gulf of Mexico are forward-looking statements. These forward-looking statements are based on managements current plans, expectations, estimates, assumptions and beliefs concerning future events impacting Hercules Offshore, Inc. (Hercules Offshore) and therefore involve a number of risks and uncertainties, many of which are beyond managements control. These risks and uncertainties are further described in Hercules Offshores annual report on Form 10-K and its most recent periodic reports and other documents filed with the Securities and Exchange Commission, which are available free of charge at the SECs Web site at http://www.sec.gov or the companys Web site at http://www.herculesoffshore.com.
The forward-looking statements involve risks and uncertainties that affect Hercules Offshores operations and financial performance. All forward-looking statements attributable to Hercules Offshoresrepresentatives are expressly qualified in their entirety by this cautionary statement.
-
World Class
Overview
-
World Class3
A Global Leader in Shallow Water Services
30 Jackups
Largest jackup provider in the U.S. Gulf of Mexico; 4th largest provider worldwide
Operations on three continents
65 Liftboats
Largest liftboat provider worldwide
Operations on three continents
Jackups Liftboats
-
World Class4
Global Footprint
Mexico
West Africa
Jackup Rigs 1
Liftboats 22 Jackup Rigs 4
Liftboats 2
Malaysia
U.S. Gulf CoastU.S. Gulf of Mexico
Jackup Rigs 22
Submersibles 3
Liftboats 41
India
Jackup Rigs 2
Inland Barges 17
Global Summary
Liftboats 65
Jackup Rigs 30
Inland Barges 17
Submersibles 3
Platform Rigs 1
Platform Rig 1
Middle East
Jackup Rig 1
Note: Data includes cold stacked assets
(1)
-
World Class5
Hercules Strategy Remains Consistent
Maintain Leading Position in Core Businesses
Diversify Geographically
Growth Through Opportunistic Acquisitions
Focus on Shallow Water Assets
Maintain Status as an Efficient, Low-Cost Service Provider
-
World Class
Health, Safety and Environmental
-
World Class7
TRIR (Total Recordable Incident Rate) Comparison
Note: TRIR is calculated as the number of medical treatments per 200,000 man-hours worked
1.44
0.70
1.84
1.29
0.89
0.78
1.771.48
1.23
2.062.17
1.371.14
1.320.98
0
0.5
1
1.5
2
2.5
2006 2007 2008 2009 YTD Sep-10
TRIR
HERO IADC IADC US Water
-
World Class8
LTIR (Lost Time Incident Rate) Comparison
Note: LTIR is calculated as time lost per 200,000 man-hours worked
0.49
0.380.35
0.450.46
0.21
0.10
0.550.53
0.38
0.280.31
0.20
0.22
0.26
0.00
0.10
0.20
0.30
0.40
0.50
0.60
2006 2007 2008 2009 YTD Sep-10
LTIR
HERO IADC IADC US Water
-
World Class
Business Outlook
-
World Class10
Domestic Offshore
New regulations since the Macondoincident have resulted in a significant slowdown in shallow water drilling permit approvals 99 permits issued from Jan-May 2010(2)
70 permits issued since June(2)
Only 19 permits issued for new wells(2)
Domestic Offshore division remains well-positioned for a pick-up in activity Assets are well-maintained
Retained skilled personnel
GOM Jackup Backlog and Dayrates
(1) Source: ODS-Petrodata(2) Source: Bureau of Ocean Energy Management, Regulation and Enforcement, ODS-Petrodata and Company estimates as of 11/30/2010. Number of
permits pertain only to new wells, sidetracks, and bypasses, and does not include the revisions to prior permit approvals
(1)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
1Q00
3Q00
1Q01
3Q01
1Q02
3Q02
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
GO
M B
ackl
og p
er M
arke
ted
Rig
(Mon
ths)
$0
$15
$30
$45
$60
$75
$90
$105
$120
$135
$150
GO
M 2
00'M
C D
ayra
te (t
hous
ands
)
Backlog Dayrate
-
World Class11
3342
???42
35
77
0
30
60
90
77 (35) 42 ??? 42 33
GOM Supply vs. DemandN
umbe
r of R
igs
Less: Cold Stacked/
Out of Service
Marketed Supply (1)
Visible Marketed Supply (1)
Current Jackup
Supply (1)
Source: ODS-Petrodata, companies disclosures and Hercules Offshore estimates as of November 23, 2010(1) Excludes Ensco 60 (to be sold in 4Q10 and converted to a MOPU unit), Ensco 69 (recently retrieved from Venezuela), and Seahawk 2505 (to be sold and moved
to India, contingent on successful tender)
Future Jackup Mobilizations to or from the U.S.
GOM
U.S. GOM Jackup Supply and Demand as of November 23, 2010
GOM Demand
79% Marketed Utilization
New regulatory requirements for drilling permits, and resulting slowdown in permit issuance, has limited U.S. GOM jackup utilization
-
World Class12
$5,291
$13,921
$2,255
$4,411
$340
$4,227
2005 2006 2007 2008 2009 YTD 2010(2)
GOM Shelf Transaction History
YTD 2010 transaction values for GOM shelf assets suggest activity levels in the region should rebound
Implication of Energy XXIs $1+billion purchase of ExxonMobil GOM Shelf assets: demonstrates Independents strong
desire to remain active in the GOM Shelf
Significant oil mix (53% of production) suggests oil prices play a key role in GOM Shelf economics
Hercules Offshore has a solid working history with Energy XXI (1) Upstream Gulf of Mexico shelf transactions greater than $25 million in value
(2) Apaches acquisition of Mariner Energy assumes 30% of transaction value is from shelf assets
Source: Tudor Pickering Holt & Co. and Company estimates
GOM Shelf E&P Transaction Values (1)
$ in millions
-
World Class13
International Offshore
Six of nine rigs contracted into 2011, with LOI signed on seventh rig(1)
Hercules is establishing a solid performance and safety track record with international operators
E&P capital spending is on an upward trajectory in 2010, and oil price outlook is supportive of continued growth
Overcapacity has pressured dayrates, but demand appears poised for growth
International Jackup Backlog and Dayrates(2)
(1) Excludes the Hercules 185 which is presently contracted into 2011, but does not currently meet our revenue recognition criteria. As of October 21, 2010 Fleet Status, the Hercules 185 has a signed LOI with Cabinda Gulf Oil Company LTD. (CABGOC), a wholly owned subsidiary of Chevron. (2) Source: ODS-Petrodata
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
1Q00
3Q00
1Q01
3Q01
1Q02
3Q02
1Q03
3Q03
1Q04
3Q04
1Q05
3Q05
1Q06
3Q06
1Q07
3Q07
1Q08
3Q08
1Q09
3Q09
1Q10
3Q10
Rig
Mon
ths
$0
$25
$50
$75
$100
$125
$150
$175
$200
Mid
dle
Eas
t 300
'IC D
ayra
te (t
hous
ands
)
Backlog Dayrate
-
World Class14
Jackup Newbuild Activity
Source: ODS-Petrodata and Company estimates as of November 23, 2010(1) Excludes ten rigs of Iran Offshore Engineering and Construction that had construction indefinitely suspended, two rigs on standby for Prospector Offshore which is subject to financing, and two rigs on standby for Mermaid Maritime which is subject to financing.
43 jackups currently under construction or on order (1)
71% of newbuild jackups are without contracts
At least seven newbuilds targeting captive markets (i.e. Iran, Russia, China)
Newbuild Jackup Delivery Schedule Summary
1
844
13
11
40
5
10
15
20
25
2010 2011 2012 2013
Num
ber o
f Rig
s
Contracted Uncontracted
Shipyard LocationBuild Country # of Rigs % of TotalBrazil 2 4%China 10 22%India 5 11%Indonesia 1 2%Mexico 1 2%Russia 1 2%Singapore 15 33%UAE 6 13%USA 3 7%Vietnam 1 2%Total 45 100%
-
World Class15
International Drilling Outlook
Source: Fleet Status Report as of November 18, 2010(1) Hercules 185, currently contracted to Angola Drilling Company, is on a standby rate in the $145-150K range, but does not currently meet our revenue recognition criteria due to uncertainty surrounding collectibility. LOI signed with CABGOC at $59-$61K range expected to commence by January 1, 2011
FY 2010 FY 2011Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Hercules 261 Middle East $137-139k
Hercules 262 Middle East $127-129k
Hercules 208 Malaysia $109-111k
Hercules 258 India $109-111k
Hercules 260 India $142-144k
Hercules 185 (1) W. Africa $149-151k $59-61k
Platform 3 Mexico $54-56k
Hercules 170 Middle East
Hercules 156 Middle East (En Route)
Contracted Available Committed
-
World Class16
Significant International Exposure
(1)YTD-Sept 2010 Geographic Revenue Split Geographic Backlog Split (1)
(1) Backlog as of November 18, 2010 Fleet Status for Domestic Offshore, International Offshore, Inland Barge and International Liftboat Segments
Domestic38%
International62%
Domestic7%
International93%
-
World Class17
Domestic Liftboats
Normal seasonality and a reduction in spill remediation work is expected to impact fourth quarter utilization
Average utilization of 79% in October 2010, while down from 91% in September 2010, is above the past 3-year average of 75% for the month of October
(1) Actively marketed liftboats excludes three GOM cold-stacked liftboats(2) Includes reimbursables(3) Utilization is defined as the total number of operating days in the period as a percentage of the total number of calendar
days in the period our liftboats were actively marketed
Leg Length/ Actively Revenue PerLiftboat Class Total Number Marketed Day Per Operating
(Feet) of Liftboats Liftboats(1) Liftboat(2) Days Utilization(3)
230 2 2 22,594$ 48 77%170-215 4 4 12,703 121 98%140-150 6 6 7,626 119 64%120-130 14 13 6,135 327 81%
105 15 13 4,820 311 77%Total/Average 41 38 7,596$ 926 79%
October 2010 Domestic Liftboat Fleet Status
-
World Class18
Coiled Tubing7%
Diving15%
Miscellaneous7%
Plug & Abandonment
15%
Wireline10%
Construction/ Repair46%
Coiled Tubing7%
Diving13%
Miscellaneous9%
Plug & Abandonment
9%
Wireline14%
Construction/Repair48%
Domestic Liftboats (continued)
P&A work has increased as a percentage of total revenue over the last few years, and we expect the trend to continue
Recent issuance of NTL-G05 could accelerate P&A and decommissioning activity, providing additional market opportunities for Domestic Liftboats
Type of Work as a % of Total Revenue
20092008
-
World Class19
International Liftboats
First nine months of 2010 utilization of larger vessels was adversely impacted by project delays, but has trended higher recently
Average utilization in October 2010 improved to 66%, up from 56% through the first nine months of 2010
Long-term contracts on 8 vessels in West Africa through mid-2011
(1) Includes reimbursables(2) Utilization is defined as the total number of operating days in the period as a percentage of the total number
of calendar days in the period our liftboats were actively marketed
Leg Length/ Actively Revenue PerLiftboat Class Number Marketed Day Per Operating
(Feet) of Liftboats Liftboats Liftboat (1) Days Utilization (2)
230-260 2 2 46,670$ 62 100%170-215 7 7 31,585 169 78%140-150 4 4 15,519 93 75%120-130 7 7 11,503 148 68%
105 4 3 - - 0%Total/Average 24 23 24,104$ 472 66%
October 2010 International Liftboat Fleet Status
-
World Class20
Inland
Proactively cold stacked 14 rigs over past two years to realign industry supply with demand and reduce operating costs
Operating expenses decreased by 71% in 3Q10 versus 4Q08 when the downturn accelerated
Inland barge working rig count has improved to the high-teens from a low of five in September 2009, but activity remains depressed compared to historical levels
(1) Contract dayrates shown in the table above are full contract operating dayrates, although the average dayrate over the term of the contract will be lower and could be substantially lower. Lower dayrates typically apply when the rig is under contract but not fully operating, including periods when the rig is moving, waiting on weather, on standby, down for repairs or maintenance or during other operational delays or events of force majeure. In certain cases under our Inland Barge contracts dayrates include revenue for other vessels and services provided by Delta Towing. The dayrates do not include lump sum amounts reimbursable from the client, bonuses that are considered revenue under generally accepted accounting principles, or revenue already included in other Hercules business segments.
Contract Est. Duration
Rig Name Rig Type Location Customer / Status Dayrate ($000s) (1) Days DateHercules 17 Posted - 3000 hp, TD US Inland Gulf Coast McMoran 27-29 77 02/03/11Hercules 41 Posted - 3000 hp, TD US Inland Gulf Coast Ready StackedHercules 49 Posted - 3000 hp, TD US Inland Gulf Coast McMoran 25-27 44 01/01/11
Average 40 days
Inland Barge Marketed Rig Fleet Status as of 11/18/10
-
World Class
Regulatory Environment
-
World Class22
Timeline of Events
Note: Department of Interior (DOI); Shallow Water Energy Security Coalition (SWESC); Minerals Management Service (MMS); Bureau of Ocean Energy Management, Regulations and Enforcement (BOEM)
April 20: Tragedy at Macondo Well
May 6: U.S. DOI declared moratorium on all new drilling permits
May 7: SWESC led by HERO created to educate policymakers on the differences between shallow and deepwater drilling
May 19: MMS is broken into three groups with the BOEM regulating drilling; Director of MMS resigns
May 21: SWESC obtained support of 66 members of Congress urging DOI Secretary Salazar to lift moratorium on shallow water drilling operations
May 26: SWESC met with DOI Secretary Salazar
May 28: Shallow water moratorium lifted, deepwater moratorium extended 6 months
May 31: BOEM confirmed approval of two shallow water drilling permits, both of which were revoked shortly thereafter
June 8: NTL-05 issued by the BOEM outlining the first round of new safety regulations including CEO certification of equipment and 3rd party verification and reviews
June 18: NTL-06 issued by the BOEM requiring operators to include blowout scenarios in all new drilling permit applications
September 15: NTL 2010-05 issued by the BOEM updates rules for decommissioning offshore wells and platforms
October 14: U.S. DOI releases Interim Drilling Safety Rule
October 12: Deepwater drilling moratorium lifted
-
World Class23
Summary of Regulatory Changes
Notice to Lessees (NTL) No.2010 - 06 Issued on June 18, 2010Plans require additional information on blowout scenario description including:
Estimated flow rate Total volume and maximum
duration of the potential blowout Assumptions and calculations of
the worst case discharge
Notice to Lessees (NTL) No. 2010 - 05Issued on June 8, 2010Independent third-party verification of BOP operating effectivenessNew inspection and reporting requirements for BOP and well control system configurationDocumentation that the BOP has been maintained according to regulationsCertification from a Professional Engineer of all well casing and cement designCertification by the operators CEO indicating compliance with operating, safety and environmental regulations
Hercules Offshore proactively working with E&P operators to understand and comply with new regulations mandated under NTL-05 and NTL-06
-
World Class24
Shallow Water Permitting Activity
Only 16 permits to drill new wells have been approved since the issuance of new safety and environmental rules (NTL-05 and NTL-06)
15 of 19 new well permits have been approved since mid-September
U.S. GOM Shallow Water Total Permits Approved Year-to-Date
(1) As of November 30, 2010(2) Source: Bureau of Ocean Energy Management, Regulation and Enforcement and ODS-Petrodata
7 (new wells)
99
70
Jan - May Jun - Nov
19 (New Wells)
(1)
43 (New Wells)
-
World Class25
Summary of Regulatory Changes (continued)
Notice to Lessees (NTL) No. 2010 G05: Idle Iron NTLEstablishes well abandonment/structure removal requirements that are no longer tied to the one-year anniversary of lease expiration
Effective October 15, 2010
Operators to submit a plan of activity to BOEM within 120 days of effective date
Key requirements: Operators have 30 days after identifying a hazard from/with a well to P&A Wells that have not been productive in the past 5 years are required to be P&A
within 3 years (1)
Platforms/structures no longer useful for exploration, development or support operations in the past 5 years are required to be removed within 5 years
Prioritize decommissioning activity based on risk factors
(1) Idle wells may undergo zonal isolation within the 3-year requirement. Thereafter, zonal isolated wells are required to be P&A within 2 years
-
World Class26
P&A and Decommissioning Market Opportunity
BOEM identified 3,500 wells and 650 platforms that would require action under NTL-G05
Domestic Liftboat related opportunities:Plugging of wells Structural prep workDecommissioning of structures Site clearance
Jackups could see incremental demand, although too early to determine magnitude
Source: Bureau of Ocean Energy Management, Regulation and Enforcement
U.S. GOM Platform Removal U.S. GOM Well Abandonment
0
50
100
150
200
2000 2001 2002 2003 2004 2005 2006 2007 2008 20090
200
400
600
800
1,000
1,200
1,400
1,600
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Permanent Plug Temporary Plug
-
World Class
Conclusion
-
World Class28
Closing Thoughts
Hercules Offshore has successfully maintained utilization rates at Domestic Offshore despite challenging regulatory and drilling environment
NTL-G05 could result in incremental demand for Domestic Liftboat and Domestic Offshore related to P&A and decommissioning activities over the next several years
International Offshore and International Liftboats continue to provide stable base of cash flow
Proactive management team with experience navigating through multiple cycles
Strong liquidity with no significant near-term maturities
-
World Class29
APPENDIX
-
World Class30
96
555 3.50
250
500
750
1,000
2010 2011 2012 2013 2014 2015 2016 2017 2018+
468175300
468
No Significant Near-Term Maturities; Strong Liquidity
Liquidity as of September 30, 2010 was ~$300 million (2)
Revolver Capacity Term Loan Convertible (1) Senior Secured Notes Other
(1) First put date is 6/1/2013. Convertible notes due in 2038. Amount shown is outstanding face value.(2) Liquidity includes unrestricted cash and equivalents of $135 million plus unused borrowing capacity under our revolving line of credit of $164 million.
$ in
Milli
ons
-
World Class31
Maximum Total Leverage Ratio Table
Period Total Leverage Ratio
Closing Date - September 30, 2009 3.75 to 1.00October 1, 2009 - June 30, 2010 N/A
July 1, 2010 - September 30, 2010 8.00 to 1.00October 1, 2010 - December 31, 2010 7.50 to 1.00
January 1, 2011 - March 31, 2011 7.00 to 1.00April 1, 2011 - June 30, 2011 6.75 to 1.00
July 1, 2011 - September 30, 2011 6.00 to 1.00October 1, 2011 - December 31, 2011 5.50 to 1.00
January 1, 2012 - March 31, 2012 5.25 to 1.00April 1, 2012 - June 30, 2012 5.00 to 1.00
July 1, 2012 - September 30, 2012 4.75 to 1.00October 1, 2012 - December 31, 2012 4.50 to 1.00
January 1, 2013 - March 31, 2013 4.25 to 1.00April 1, 2013 and thereafter 4.00 to 1.00
-
World Class32
Minimum Fixed Charge Coverage Ratio Table
PeriodConsolidated Fixed
Charge Coverage Ratio
Closing Date - June 30, 2009 1.15 to 1.00July 1, 2009 - December 31, 2011 1.00 to 1.00January 1, 2012 - March 31, 2012 1.05 to 1.00
April 1, 2012 - June 30, 2012 1.10 to 1.00July 1, 2012 and thereafter 1.15 to 1.00
-
World Class33
Domestic Offshore Marketed Rig Data
(1) Contract dayrates shown in the table above are full contract operating dayrates, although the average dayrate over the term of the contract will be lower and could be substantially lower. Lower dayrates typically apply when the rig is under contract but not fully operating, including periods when the rig is moving, waiting on weather, on standby, down for repairs or maintenance or during other operational delays or events of force majeure. In certain cases under our Inland Barge contracts dayrates include revenue for other vessels and services provided by Delta Towing. The dayrates do not include lump sum amounts reimbursable from the client, bonuses that are considered revenue under generally accepted accounting principles, or revenue already included in other Hercules business segments.
Contract Est. Duration
Rig Name Rig Type Location Customer / Status Dayrate ($000s)(1) Days DateHercules 120 120' - MC, TD GOM Chevron 32-34 43 12/31/10
Phoenix 33-35 21 12/09/10Apache 33-35 21 12/30/10LLOG 33-35 7 01/06/11Hillcorp 31-33 21 01/27/11
Hercules 173 173' - MC, TD GOM Chevron 32-34 43 12/31/10Hercules 200 200' - MC, TD GOM Apache 33-35 18 12/06/10Hercules 201 200' - MC, TD GOM Hall Houston 31-33 6 11/24/10Hercules 202 200' - MC, TD GOM W&T Offshore 31-33 6 11/24/10Hercules 204 200' - MC, TD GOM Energy XXI 36-38 13 12/01/10
Shipyard 11/20/10Tana 34-36 21 12/11/10
Hercules 251 250' - MS, TD GOM ADTI/Phoenix 32-34 15 12/03/10Hercules 253 250' - MS, TD GOM ADTI/Hall Houston 32-34 14 12/02/10
Hercules 350 350' - ILC, TD GOM Chevron 69-71 43 12/31/10Average 27
Domestic Offshore Fleet Status as of 11/18/10
GOM
GOM
Hercules 150
Hercules 205
150' - ILC, TD
200' - MC, TD
-
World Class34
International Offshore Marketed Rig Data
(1) Contract dayrates shown in the table above are full contract operating dayrates, although the average dayrate over the term of the contract will be lower and could be substantially lower. Lower dayrates typically apply when the rig is under contract but not fully operating, including periods when the rig is moving, waiting on weather, on standby, down for repairs or maintenance or during other operational delays or events of force majeure. In certain cases under our Inland Barge contracts dayrates include revenue for other vessels and services provided by Delta Towing. The dayrates do not include lump sum amounts reimbursable from the client, bonuses that are considered revenue under generally accepted accounting principles, or revenue already included in other Hercules business segments.
(2) Remains on standby dayrate in the $145-150K range. Contract with ADC currently does not meet our revenue recognition criteria due to uncertainty surrounding collectability. LOI signed with Cabinda Gulf Oil Company LTD. (CABGOC), a wholly-owned subsidiary of Chevron, in Angola at dayrate of $59-61K expected to commence by January 1, 2011.
(2)
Contract Est. Duration
Rig Name Rig Type Location Customer / Status Dayrate ($000s) (1) Days DateHercules 170 170' - ILC, TD Bahrain Warm StackedHercules 156 150' - ILC, TD Gabon En Route
Hercules 185 150' - ILC, TD Gabon Angola Drilling Company Ltd 149-151 n/a 01/07/11Platform 3 Platform, TD Mexico PEMEX 54-56 157 04/24/11Hercules 258 250' - MS, TD India ONGC 109-111 198 06/04/11Hercules 260 250' - ILC, TD India ONGC 142-144 132 03/30/11Hercules 208 200' - MC, TD Malaysia Murphy 109-111 281 08/26/11
Hercules 261 250' - ILC, TD Saudi Arabia Saudi Aramco 136-138 316 09/30/11 Hercules 262 250' - ILC, TD Saudi Arabia Saudi Aramco 127-129 316 09/30/11
Average 156 days
International Offshore Fleet Status as of 11/18/10
-
World Class35
GOM Shallow Water Operator Data
Source: ODS-Petrodata
(1) Pro forma to include Apaches announced acquisition of Mariner Energy
Top 20 Shallow Water (0-350ft) GOM Lease Holders
0 20 40 60 80 100 120 140 160
Merit Energy Partners
Nippon Oil
Helis O&G
ExxonMobil
Maritech Resources
Energy Partners
El Paso E&P
BP
Arena Energy
Tana Exploration
LLOG Exploration
Eni Petroleum
Energy Resource Tech
W&T Offshore
McMoran O&G
Stone Energy
Chevron
Apache Corp
Number of Active Leases
(1)
Apache Corp (1) 7 21%Chevron 7 21%Stone Energy 0 0%McMoran O&G 4 12%W&T Offshore 1 3%Energy Resource Tech 0 0%Eni Petroleum 0 0%Tana Exploration 0 0%LLOG Exploration 0 0%BP 0 0%Arena Energy 0 0%El Paso E&P 0 0%Energy Partners 0 0%Maritech Resources 0 0%ExxonMobil 0 0%Helis O&G 0 0%Nippon Oil 1 3%Merit Energy Partners 0 0%Total 20 61%
Current Jackup Count
% of Total Current Contracted Rig
CountOperator
-
World Class