Hercules Offshore, Inc to Announce Second Quarter 2008 Earnings

Hercules Offshore, Inc is reported to have reported net income of $20.0 million, or $0.22 per diluted share, before separation related charges, on revenues of $270.8 million for the second quarter 2008, compared to net income of $24.2 million, or $0.74 per diluted share, before charges, on revenues of $99.0 million for the second quarter 2007.

Net income for the quarter ended June 30, 2008, inclusive of $3.6 million, after tax, in separation related costs, was $16.4 million, or $0.18 per diluted share. Net income for the second quarter of 2007 was $23.5 million, or $0.72 per diluted share, which includes $0.7 million, after tax, in severance-related costs and a net loss related to the early retirement of debt and an interest rate swap termination.

John Rynd, Chief Executive Officer and President of Hercules Offshore stated, “Our second quarter results reflect improving market conditions for our Domestic Offshore and Domestic Liftboat segments. The domestic offshore environment is expected to remain positive as current commodity prices are driving attractive well economics and higher capital spending by our customers.”

Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 35 jackup rigs, 27 barge rigs, 65 liftboats, three submersible rigs, one platform rig and a fleet of marine support vessels, and has operations in nine different countries on four continents. The company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in shallow waters.

Source: Hercules Offshore, Inc.