Hercules Offshore, Inc. today reported a loss from continuing operations of $15.1 million, or $0.13 per diluted share, on revenues of $168.5 million for the third quarter 2010, compared with a loss from continuing operations of $37.2 million, or $0.38 per diluted share, on revenues of $159.3 million for the third quarter 2009, excluding the effects of non-recurring items.
During the third quarter of 2009, when including the effect of non-recurring items, the Company reported a loss from continuing operations of $47.0 million, or $0.48 per diluted share. These non-recurring items include a $15.1 million charge related to the write-off of previously deferred unamortized debt issuance costs and the payment of certain third-party fees in connection with the amendment of our Credit Agreement. On an after-tax basis, these adjustments approximated $9.8 million, or $0.10 per diluted share.
John T. Rynd, Chief Executive Officer and President of Hercules Offshore, stated, “In spite of the continuing uncertainty surrounding the permit approval process, we credit our customers and marketing group for finding opportunities to keep our Domestic Offshore segment relatively busy during what has been a very challenging regulatory environment for the shallow water drilling industry in the third quarter. While the pace of permit and exploration plan approval remains slow, the pick up in permit issuances for new wells in recent weeks gives us measured confidence that the Bureau of Ocean Energy Management, Regulation, and Enforcement (“BOEMRE”) and the industry are gaining common ground on compliance with the new regulations.”
“Our Domestic Liftboats benefited from spill remediation related work throughout the third quarter. Going forward, the recently issued Notice to Lessees – G05 is expected to provide a solid base of plug and abandonment and decommissioning work for our domestic liftboats over a multi-year cycle.”
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Source: Hercules Offshore, October 27, 2010;