Hercules Offshore (HERO) Posts Smaller-than-Expected Loss Ex-Items

Before the open, Hercules Offshore (NASDAQ: HERO) reported Q2 EPS of ($0.37), ex-items, $0.13 better than the analyst estimate of ($0.50). Revenue for the quarter came in at $79.25 million versus the consensus estimate of $91.75 million.

John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, "Second quarter results reflect the weak operating conditions across the offshore services sector as well the impact of our resolution with Saudi Aramco for our three rigs in the Middle East. The latest pullback in the price of oil is likely to delay any improvement in worldwide activity levels well into 2016. The limited visibility and challenging market conditions that we expect to persist for some time drove our decision to restructure our capital base. As previously disclosed, we have reached an agreement with the majority of our noteholders, and anticipate obtaining final approval of our restructuring plan in late October. We also continue to aggressively reduce costs without compromising the safety of our employees or the quality of our services. By controlling costs and establishing a stronger balance sheet, we will be better positioned to weather this protracted downturn and possibly capitalize on opportunities that may arise in such industry conditions."

For earnings history and earnings-related data on Hercules Offshore (HERO) click here.

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