Wednesday, January 07, 2009

Sinking Feeling at Hercules Offshore: Shelving Rigs

As market conditions continue to soften in the Gulf of Mexico, Hercules Offshore (HERO-$5.75), the world’s largest operator of jackup rigs in the shallow waters (water depth of 350-400 feet) of the region, is taking measures to reduce labor costs and limit its downside exposure. The company is stacking five inland barges and several rigs in the U.S. Gulf of Mexico, according to its December fleet status report. In addition, the company is aggressively pursuing international contracts… Read More….

Editor David J Phillips does not hold a financial interest in any stocks mentioned in this article. The 10Q Detective has a Full Disclosure Policy.

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