Goldman Sachs Starts Hercules Offshore (HERO) at Neutral

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Goldman Sachs initiates coverage on Hercules Offshore (NASDAQ: HERO) with a Neutral. PT $4.75.

The firm notes Hercules Offshore dominates the low-spec jack-up market in the shallow water GOM. This segment of the market has been improving, with day rates moving up from the low-$30K/day to the low-$50K/day for 200-MC rigs. While further improvement is likely, HERO "runs some of the most disadvantaged
assets in the offshore business and faces long-term issues with asset retirements as a result." The company also has a balance sheet that has a heavy debt load, with a net-debt-to-capital ratio of around 40%.

For an analyst ratings summary and ratings history on Hercules Offshore click here. For more ratings news on Hercules Offshore click here.

Shares of Hercules Offshore closed at $4.13 yesterday, with a 52 week range of $2.25-$6.99.

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