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Hercules Offshore Inc

  • June 18- Rig provider Hercules Offshore Inc said it had entered into a restructuring agreement with a majority of its debtors, which would lead to a Chapter 11 filing within the next few weeks. About $1.2 billion of Hercules' notes will be converted into new equity, leaving existing shareholders with 3.1 percent of the company's stock, Hercules said in a...

  • May 13- Oilfield giants Schlumberger Ltd and Halliburton Co and many others in the oil and gas industry have announced plans to lay off thousands of people in the past few months as global oil prices have fallen more than 40 percent since June. Houston- based Schlumberger also said last month that it plans to cut another 11,000 jobs, bringing the total job cuts...

  • April 29- Drilling contractor Hercules Offshore Inc forecast a challenging year ahead as demand for its rigs remains weak with producers scaling backing drilling due to a slump in global oil prices. Land rig providers Patterson-UTI Energy Inc and Helmerich& Payne Inc said last week that they expect rig count to drop in the current quarter.

  • April 29- Drilling contractor Hercules Offshore Inc reported a first-quarter loss compared with a profit a year earlier, hurt by soft demand and weak rig prices. The company also recorded a $15.2 million charge related to early debt retirement and issuance costs in the quarter. Hercules reported a net loss of $57.1 million, or 35 cents per share, for the quarter...

  • Corrects Hercules Offshore item to change date of announcement of job cuts to Feb. 12 from Feb. 3) Feb 17 (Reuters)- Oilfield services giants Schlumberger Ltd and Halliburton Co and many others in the oil and gas industry have announced plans to lay off thousands of people in the past few months as global oil prices have nearly halved since June.

  • Feb 27- Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0. State-owned oil company Saudi Aramco terminated its contract for one of Hercules Offshore rigs on Thursday, prompting the brokerage to downgrade the stock to' sell' from' buy'.

  • *Takes asset impairment charge of $438.4 mln. Feb 27- Rowan Cos Plc said state-owned oil company Saudi Aramco was likely to continue employing about a third of the company's 28 contracted rigs, sending the offshore driller's shares up as much as 5.5 percent on Friday. Rival Hercules Offshore Inc said on Thursday that Saudi Aramco had terminated a drilling...

  • *Q4 adjusted loss 23 cents/ share vs est 32 cents. Feb 12- Rig contractor Hercules Offshore Inc said it slashed its workforce by nearly a third and cut salaries, as the company keeps a tight leash on costs to counter a fall in demand due to a slump in crude oil prices. Oil and gas producers, drillers and services providers such as Cenovus Energy Inc, BG Group Plc,...

  • *Q4 adjusted loss of 23 cents/ share vs estimate of 32 cents. *Company had cut 15 pct jobs, shut 4 rigs in Gulf of Mexico. Larger rival Diamond Offshore Drilling Inc and land driller Patterson-UTI Energy Inc have warned of a challenging 2015..

  • Feb 12- Drilling rig contractor Hercules Offshore Inc reported a bigger quarterly loss as the company took an impairment charge and demand fell due to weak crude oil prices. Hercules Offshore's fourth-quarter revenue fell 24 percent to $178.7 million. The net loss attributable to Hercules Offshore widened to $154.1 million, or 96 cents per share, in the...

  • Hercules Offshore loss widens on charges, weak demand Thursday, 12 Feb 2015 | 7:15 AM ET

    Feb 12- Drilling rig contractor Hercules Offshore Inc reported a bigger quarterly loss, hurt mainly by an impairment charge of $117.0 million related to cold stacking of five rigs. The Houston, Texas- based company's fourth-quarter revenue fell 24 percent to $178.7 million as utilization rates for its offshore rigs fell due to a more than 50 percent drop in...

  • Slowdown signs emerge for oil states as crude slides Monday, 15 Dec 2014 | 7:25 AM ET
    Workers prepare pipes used in the drilling of shale gas.

    Some of the nation's top oil states are showing early signs of a slowdown as a result of the plunge in crude prices.

  • ... And these stocks are losing on lower oil Friday, 28 Nov 2014 | 1:30 PM ET
    A Halliburton worker walks through a hydraulic fracturing (fracking) site north of Dacono, Colorado, U.S.

    Oil producer and driller stocks are falling after oil's dip, but other energy companies are also seeing their stocks drop.

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    Traders on the floor of the New York Stock Exchange.

    Of companies announcing earnings this week, subprime lender World Acceptance has the most shorted stock, according to data from Markit.

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  • First Day of the Quarter a 'Sell the Gainers' Event Monday, 1 Apr 2013 | 2:06 PM ET

    Major sector indices start the second quarter with a perfect inverse image of first quarter performance. Dow Transports and small-cap stocks lag.