Hercules Offshore, a provider of drilling and marine services to oil and natural gas companies, has reported a net loss of $1.12 billion for the fourth quarter of 2008, compared to a net income of $31.29 million for the same period of 2007.
For the fourth quarter of 2008, the company has reported revenues of $313.47 million, compared to $244.19 million for the same period of 2007.
According to the company, income from continuing operations for the twelve months ended December 31, 2008, was $95.7 million, or $1.08 per diluted share, on revenues of $1.1 billion, excluding the effects of non-recurring items, compared to income from continuing operations of $139.0 million, or $2.33 per diluted share, on revenues of $726.3 million for the twelve months ended December 31, 2007, excluding the effects of non-recurring items.
The company has reported a net loss of $1.07 billion for 2008, compared to a net income of $136.52 million for the year 2007. For 2008, Hercules Offshore has reported revenues of $1.11 billion, compared to $726.28 million for 2007.
John Rynd, president and CEO of Hercules Offshore, said: “We have continued to experience a decline in demand for our domestic drilling rigs due to the combined effects of the decline in commodity prices, the reduced availability of credit in the wake of the global financial crisis, and the weak outlook for energy consumption over at least the short-term.”
