Hercules Offshore cold-stacks more rigs
07:51 AM ET · HERO
Hercules Offshore (NASDAQ:HERO) discloses that it has stacked five more Gulf of Mexico jack-ups as the plunge in crude oil prices has worsened the already weak market for rigs.
HERO is removing the rigs from its marketable assets into its non-marketable assets, as it does not reasonably expect to market these rigs in the foreseeable future.
HERO expects to record a related non-cash impairment charge of ~$117M during Q4.