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3 years ago
Hercules Offshore loss widens on charges, weak demand
February 12, 2015 / 12:16 PM / 3 years ago

Hercules Offshore loss widens on charges, weak demand

Feb 12 (Reuters) - 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 global oil prices.

The net loss attributable to Hercules Offshore widened to $154.1 million, or 96 cents per share, in the quarter ended Dec. 31 from $101.2 million, or 63 cents per share, a year earlier. (Reporting By Shubhankar Chakravorty in Bengaluru; Editing by Sriraj Kalluvila)

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