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Hercules Offshore stacks another two jackup rigs

Photo of Grant Rowles Grant RowlesNovember 25, 2015
1 7 Less than a minute

Hercules Offshore, which has only just emerged from chapter 11 bankruptcy, has had to stack another two jackup rigs after they came out of contract and have yet to find work.

On November 3, 1982-built jackup rig Hercules 350 came out of contract in the Gulf of Mexico and was ready stacked. The 1971-built jackup Hercules 173 also came out of contract in the Gulf of Mexico on November 7, and has been warm stacked.

Hercules now has 15 of its 18 rigs in the US domestic market stacked, and earlier in the month posted a third quarter net loss of $95.4m.

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Photo of Grant Rowles Grant RowlesNovember 25, 2015
1 7 Less than a minute
Photo of Grant Rowles

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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