Hercules Offshore to Cut Over 300 Jobs

Hercules Offshore to Cut Over 300 Jobs

Hercules Offshore plans to lay off 324 employees, according to a letter the Houston-based drilling rig contractor sent to the Texas Workforce Commission, Houston Business Journal writes.

The company’s decision has been prompted by the announced shutting down of four rigs in the Gulf of Mexico.

According to the Journal, the affected workers are not represented by a union and do not have bumping rights.

The company said it has already notified employees of the job cuts.

Hercules Offshore reported an USD 88.6 million third quarter loss on October 23.

John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated that the third quarter results reflect “the slowdown in U.S. Gulf of Mexico drilling activity, idle time across various international rigs, and weak operating conditions in West Africa for our international liftboat fleet.”

 “In the U.S. Gulf of Mexico, while we have recently seen some activity improvement with a portion of our customer base, this has been offset by further pullback from some of the larger customers in the region. As a result, we expect the overall environment to remain relatively soft at least through early 2015.  Given these market conditions, we are executing on cost saving measures, including the cold stacking of four domestic rigs. “

World Maritime News Staff

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