Hercules Offshore posted a wider second-quarter loss as revenue slid outside the United States.
The company’s domestic offshore revenue soared 85 percent as rigs were busier and brought in more money per day. Hercules said that based on discussions with customers, it expects solid demand for shallow-water rigs in the Gulf of Mexico into next year. However, revenue slumped 58 percent due to rig damage, maintenance and the expiration of a contract.
The second-quarter loss was $55.1 million, or 35 cents per share, compared with a loss of $14.3 million, or 11 cents per share, a year earlier.
The company said that excluding charges such as the write-down of a damaged rig and debt-refinancing expenses, it would have lost 12 cents per share.
Revenue rose 5 percent to $179 million from $170.2 million a year ago.
Analysts, who usually exclude items from their calculations, expected a loss of 10 cents per share on revenue of $175.1 million, according to a survey by FactSet.
Hercules Offshore Inc., based in Houston, had 45 rigs on June 30, with 35 of them deployed in U.S. waters.
Shares rose 14 cents, or 4.1 percent, to $3.58 in midday trading.