HERCULES OFFSHORE, INC.

CIK:0001330849|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Successor
Revenue	$ 50,865
Costs and Expenses:
Operating Expenses	46,392
Depreciation and Amortization	7,577
General and Administrative	11,158
Costs and Expenses, Total	65,127
Operating Loss	(14,262)
Other Income (Expense):
Interest Expense	(12,974)
Other, Net	1,711
Loss Before Income Taxes	(25,525)
Income Tax Provision	(1,406)
Net Loss	$ (26,931)
Net Loss Per Share, Basic and Diluted (in dollars per share)	$ (1.35)
Weighted Average Shares Outstanding, Basic and Diluted (in shares)	19,989
Predecessor
Revenue		$ 122,619
Costs and Expenses:
Operating Expenses		99,599
Depreciation and Amortization		37,218
General and Administrative		15,760
Costs and Expenses, Total		152,577
Operating Loss		(29,958)
Other Income (Expense):
Interest Expense		(24,960)
Other, Net		420
Loss Before Income Taxes		(54,498)
Income Tax Provision		(2,617)
Net Loss		$ (57,115)
Net Loss Per Share, Basic and Diluted (in dollars per share)		$ (0.35)
Weighted Average Shares Outstanding, Basic and Diluted (in shares)		161,057

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Financing Activities:
Cash and Cash Equivalents at Beginning of Period	$ 330,780
Cash and Cash Equivalents at End of Period	296,715
Successor
Cash Flows from Operating Activities:
Net Loss	(26,931)
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization	7,577
Non-Cash Gain on Derivative	(1,645)
Other	149
(Increase) Decrease in Operating Assets -
Accounts Receivable	7,280
Prepaid Expenses and Other	4,414
Increase (Decrease) in Operating Liabilities -
Accounts Payable	(13,102)
Other Current Liabilities	(5,944)
Other Liabilities	1,017
Net Cash Provided by (Used in) Operating Activities	(25,992)
Cash Flows from Investing Activities:
Capital Expenditures	(8,353)
Insurance Proceeds Received	0
Proceeds from Sale of Assets, Net	280
Net Cash Used in Investing Activities	(8,073)
Cash Flows from Financing Activities:
Net Cash Used in Financing Activities	0
Net Increase (Decrease) in Cash and Cash Equivalents	(34,065)
Cash and Cash Equivalents at Beginning of Period	330,780
Cash and Cash Equivalents at End of Period	296,715
Predecessor
Cash Flows from Operating Activities:
Net Loss		$ (57,115)
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities:
Depreciation and Amortization		37,218
Non-Cash Gain on Derivative		0
Other		299
(Increase) Decrease in Operating Assets -
Accounts Receivable		58,779
Prepaid Expenses and Other		11,439
Increase (Decrease) in Operating Liabilities -
Accounts Payable		(6,528)
Other Current Liabilities		(7,573)
Other Liabilities		54
Net Cash Provided by (Used in) Operating Activities		36,573
Cash Flows from Investing Activities:
Capital Expenditures		(30,740)
Insurance Proceeds Received		2,418
Proceeds from Sale of Assets, Net		1,984
Net Cash Used in Investing Activities		(26,338)
Cash Flows from Financing Activities:
Net Cash Used in Financing Activities		0
Net Increase (Decrease) in Cash and Cash Equivalents		10,235
Cash and Cash Equivalents at Beginning of Period		207,937
Cash and Cash Equivalents at End of Period		218,172
Senior Secured Credit Facility, due May 2020 \| Successor
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities:
Non-Cash Accreted Interest on Senior Secured Credit Facility	$ 1,193
Senior Secured Credit Facility, due May 2020 \| Predecessor
Adjustments to Reconcile Net Loss to Net Cash Provided by (Used in) Operating Activities:
Non-Cash Accreted Interest on Senior Secured Credit Facility		$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current Assets:
Cash and Cash Equivalents	$ 296,715	$ 330,780
Accounts Receivable, Net	56,322	63,668
Prepaids	7,527	11,740
Other	3,955	4,015
Total Current Assets	364,519	410,203
Property and Equipment, Net	465,752	465,497
Restricted Cash	200,000	200,000
Other Assets, Net	32,536	32,440
Total Assets	1,062,807	1,108,140
Current Liabilities:
Current Portion of Long-term Debt	429,908	0
Accounts Payable	30,514	43,616
Accrued Liabilities	43,624	49,108
Other Current Liabilities	17,333	6,148
Total Current Liabilities	521,379	98,872
Long-term Debt	0	428,715
Other Liabilities	$ 4,299	$ 16,622
Commitments and Contingencies
Stockholders’ Equity:
Common Stock, $0.01 Par Value, 139,650 Shares Authorized, 20,000 Shares Issued and 19,989 Shares Outstanding	$ 200	$ 200
Capital in Excess of Par Value	587,854	587,725
Treasury Stock, at Cost, 11 Shares	(325)	(325)
Retained Deficit	(50,600)	(23,669)
Total Stockholders' Equity	537,129	563,931
Total Liabilities and Stockholders' Equity	$ 1,062,807	$ 1,108,140