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Hercules Offshore Inc

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  • 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...

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  • *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...

  • The retrenchment at Civeo Corp, which provides temporary housing for oilfield workers and miners, is the most-severe symptom of pain inflicted on the oil service industry by the slide in crude prices, and may presage similar steps by peers. Analysts and investors say Civeo's problem is that it has spread itself geographically too thin, with not enough cash to...

  • Investors in beat-up oil bonds lean on banks for rescue Wednesday, 17 Dec 2014 | 1:00 AM ET

    BOSTON, Dec 17- Independent oil exploration and production companies are leaning heavily on bank credit lines to survive plunging crude prices, making it a nervous time for U.S. funds holding their junk-rated debt. 'said Francis Bradley III, a Greenberg Traurig attorney in Houston who specializes in energy company financing deals. " U.S. mutual funds hold an...

  • 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.

  • That will widen Alaska's budget gap to almost $3.4 billiuon, Fitch said in a Dec. 11 report. States such as Texas, North Dakota, Alaska, Oklahoma and New Mexico are all likely to feel strains next year, Wells Fargo Securities municipal analyst Roy Eappen said in a recent report. Meanwhile, household sentiment in Texas, Louisiana, Oklahoma and Arkansas where memories...

  • Dec 8- Precision Drilling Corp said it expected 2015 capital spending to be 44 percent lower than this year's already lowered budget as a steep fall in oil prices threaten to render exploration and development project uneconomic. Precision Drilling, Canada's largest oil and gas drilling contractor, said it expected to spend C $493 million next year.

  • Oil price collapse roils US junk bond funds Tuesday, 2 Dec 2014 | 1:00 AM ET

    BOSTON, Dec 2- Collapsing energy prices have hit hard U.S. corporate junk bond funds, putting them on track for their worst performance in six years by squeezing the exploration and drilling companies that have been among most active issuers of high-yield debt. Last week's decision by the Organization of the Petroleum Exporting Countries to refrain from...

  • Oct 23- Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 4.5 percent rise in third-quarter revenue, helped by higher demand and improved rates for its ultra-deepwater rigs. Diamond Offshore said Petrobras has extended contracts on three ultra-deepwater rigs, which are expected to generate revenue of up to $1.4...

  • WASHINGTON, Oct 16- Oil and gas interests are pouring money into a tight U.S. Senate race in Louisiana, giving twice as much to the Senate campaign of incumbent Democrat Mary Landrieu than her Republican challenger even though the industry backs the Republican push to regain control of the Senate. Landrieu, chairwoman of the Senate Energy Committee, is...

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

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