On Wednesday, Shares of Hercules Offshore, Inc. (NASDAQ:HERO), gained 12.23% to $0.78.
Hercules Offshore, stated a net loss of $57.1 million, or $0.35 per diluted share, on revenue of $122.6 million for the first quarter 2015, contrast to net income of $19.9 million, or $0.12 per diluted share, on revenue of $256.7 million for the first quarter 2014. As outlined in the Reconciliation of GAAP to Non-GAAP Financial Measures, first quarter 2014 results comprised of an after-tax charge of $15.2 million, or $0.10 per diluted share, related to early debt retirement and issuance costs.
Domestic Offshore
Revenue generated from Domestic Offshore for the first quarter 2015 reduced 63% to $52.9 million from $143.3 million 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, contrast to 1,344 days on 18 marketed rigs at 83.0% utilization during the first quarter 2014. Average revenue per rig per day reduced to $99,203 in the first quarter 2015 from $106,596 in the comparable 2014 period. Operating expense reduced about 51% to $36.0 million in the first quarter 2015 from $72.8 million in the first quarter 2014, largely attributable to the reduced number of marketed rigs in operation. Domestic Offshore generated operating income of $3.8 million in the first quarter 2015, contrast to $51.5 million in the first quarter 2014.
Hercules Offshore, Inc., together with its auxiliaries, provides shallow-water drilling and marine services to the oil and natural gas exploration and production industry worldwide. The company operates through Domestic Offshore, International Offshore, and International Liftboats segments.
At the end of Wednesday’s trade, Shares of Genworth Financial, Inc. (NYSE:GNW), jumped 11.64% to $8.92.
Genworth Financial, declared acceptance by the Toronto Stock Exchange of the Company’s Notice of Intention to Make a Normal Course Issuer Bid. Following the NCIB, Genworth Canada may, if considered advisable, purchase through the facilities of the TSX or through other permitted means (counting through other published markets), from time to time over the next 12 months, up to an aggregate of 4,658,577 of its issued and outstanding common shares, being about 5% of the Common Shares as of April 27, 2015 .
Purchases may commence through the TSX on May 5, 2015 and will conclude on the earlier of the date on which purchases under the bid have been accomplished and May 4, 2016 . Daily purchases under the NCIB will be limited to a maximum of 58,577 Common Shares, other than purchases made in compliance with the provisions of the block purchase exemption of the TSX rules and purchases from Genworth Financial, Inc., the Company’s majority shareholder, and its associates.
Genworth Financial, will be permitted to sell its Common Shares to the Company in accordance with an exemption granted by the TSX following its rules, regulations and policies in connection with the NCIB in order to maintain its proportionate percentage ownership at about 57.3%. Genworth Financial has advised the Company that it intends to take part in the NCIB. The maximum number of Common Shares that may be purchased following the NCIB will also be reduced by the number of Common Shares purchased by the Company from Genworth Financial.
Genworth Financial, Inc. provides insurance, retirement, and homeownership solutions in the United States and internationally. It operates through U.S. Life Insurance, International Mortgage Insurance, U.S. Mortgage Insurance, International Protection, and Runoff segments.
ENVIVA PARTNERS, LP (NYSE:EVA), ended its last trade with 7.50% gain, and closed at $21.50.
ENVIVA PARTNERS, declared the pricing of its initial public offering of 10,000,000 common units representing limited partner interests at $20.00 per common unit. The common units are predictable to start trading on the New York Stock Exchange on April 29, 2015 under the ticker symbol “EVA.” In addition, the Partnership has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 common units at the initial public offering price. The offering is predictable to close on May 4, 2015, subject to customary closing conditions.
Upon the consummation of the offering, the public will own common units representing a 42.0% limited partner interest in the Partnership (or 48.3% if the underwriters exercise in full their option to purchase additional common units). Enviva Holdings, LP (the “Sponsor”) will own common units and subordinated units representing a 58.0% limited partner interest in the Partnership (or 51.7% if the underwriters exercise in full their option to purchase additional common units).
Barclays Capital Inc., Goldman, Sachs & Co., RBC Capital Markets, LLC and Citigroup Global Markets Inc. are acting as joint book-running managers for the offering, and J.P. Morgan Securities LLC, Raymond James & Associates, Inc., Mitsubishi UFJ Securities (USA), Inc. and U.S. Capital Advisors are acting as co-managers for the offering.
Enviva Partners, LP, a growth-oriented limited partnership, is the world’s largest supplier by production capacity of utility-grade wood pellets to major power generators. Enviva Partners owns and operates five wood pellet production plants in the Southeastern U.S. that have a combined wood pellet production capacity of about 1.7 million metric tons per year and a dry-bulk, deep-water marine terminal at the Port of Chesapeake, VA.
Finally, Gastar Exploration Inc. (NYSEMKT:GST), closed at $3.74, with 7.16% gain.
Gastar Exploration, declared that it will release its first quarter 2015 results on Thursday, May 7, 2015 after the market closes. In conjunction with the release, Gastar has planned a conference call for 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on Friday, May 8. Investors may take part in the call either by phone or audio webcast.
Gastar Exploration Inc., an independent energy company, engages in the exploration, development, and production of oil, condensate, natural gas, and natural gas liquids in the United States.
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