Hercules Offshore Gets a Boost

Services and drilling company Hercules Offshore Inc. (NASDAQ: HERO) recently received some positive comments from two analysts, including an upgrade to Outperform today from Stephens. The company, mostly a shallow-water driller, also published its fleet status report today, showing a jump in average contract days for domestic U.S. from 174 in October to 232 in November.

Although much smaller than competitors like Seadrill Ltd. (NYSE: SDRL), Transocean Ltd. (NYSE: RIG), Ensco PLC (NYSE: ESV), Diamond Offshore Drilling Inc. (NYSE: DO) and Noble Corp. (NYSE: NE), Hercules is in a solid position to take advantage of new opportunities in the U.S. Gulf of Mexico. The company has the added advantage of not having any Gulf contracts with BP PLC (NYSE: BP), which may be unable to bid for new leases as a result of yesterday's suspension of the company from entering into new federal contracts.

Shares are up about 43% in the past 12 months and are trading up more than 6% today, at $4.98 in a 52-week range of $2.91 to $5.57.

Paul Ausick


Filed under: 24/7 Wall St. Wire, Commodities, Oil & Gas Tagged: BP, DO, ESV, HERO, NE, RIG, SDRL
Read Full Story

Markets

DJIA 21,456.89 146.23 0.69%
NASDAQ 6,232.93 86.30 1.40%
S&P 500 2,441.73 22.35 0.92%
NIKKEI 225 20,130.41 -94.68 -0.47%
HANG SENG 25,683.50 -156.49 -0.61%
DAX 12,647.27 -23.75 -0.19%
USD (per EUR) 1.14 0.00 0.38%
USD (per CHF) 0.96 0.00 -0.10%
JPY (per USD) 112.25 0.07 0.06%
GBP (per USD) 1.29 0.01 0.90%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.