Hercules Offshore is no longer trading shares of its stock on the Nasdaq exchange, according to Fuel Fix, citing company filings published on Aug. 27.
Hercules’ current state largely stems from the oil price collapse and a weakening demand for the company’s jackup rigs. In recent months, the company has tried to streamline its operations by reducing its staff by 30% and cold-stacking nine rigs. These measures were not enough to curb Hercules' mounting debt, however, which is currently more than double the company’s assets. Fuel Fix reported that Hercules is working with its creditors toward an agreement that will convert most of the company’s corporate debt into shares.