Actualizado 03/08/2007 14:02
- Comunicado -

Hercules Offshore Announces Second Quarter 2007 Earnings (2)

Hercules Offshore will conduct a conference call at 10:00 a.m. CDT (11:00 a.m. EDT) on Friday August 3, 2007 to discuss its second quarter 2007 financial results. The conference call will also be broadcast live via the Internet at http://www.herculesoffshore.com. To participate in the conference call by telephone, please call, 10 minutes prior to the scheduled start time, one of the following telephone numbers:

    
    +1-888-679-8034 (Domestic)
    +1-617-213-4847 (International)
    The access or confirmation code is 71779671

A replay of the conference call will be available by telephone on Friday August 3, 2007 beginning at 12:00 p.m. CDT (1:00 p.m. EDT), through Friday August 10, 2007. The phone number for the conference call replay is +1-888-286-8010 or internationally +1-617-801-6888. The access code is 38019424. Additionally, the recorded conference call will be accessible through our website at http://www.herculesoffshore.com for 28 days after the conference call.

Additional Information

Headquartered in Houston, Hercules Offshore, Inc. currently operates a fleet of 33 jackup rigs, 27 barge rigs, 65 liftboats, three submersible rigs, nine land rigs, one platform rig and a fleet of marine support vessels operated through a wholly owned subsidiary, and has operations in ten different countries on five continents. The company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in shallow waters.

For more information, please visit our website at http://www.herculesoffshore.com.

The news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are subject to a number of risks, uncertainties and assumptions, including the factors described in Hercules Offshore's most recent periodic reports and other documents filed with the Securities and Exchange Commission, which are available free of charge at the SEC's website at http://www.sec.gov or the company's website at http://www.herculesoffshore.com. Hercules cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements.

Other risks and uncertainties that may affect actual results after the merger include, among other things, oil and natural gas prices and industry expectations about future prices; demand for offshore and inland water rigs and liftboats; Hercules' ability to enter into and the terms of future contracts; the impact of governmental laws and regulations; increases in operating expenses; uncertainties relating to the level of activity in offshore oil and natural gas exploration, development and production; the availability of skilled personnel; extended delivery time for material and equipment; labor relations and work stoppages; operating hazards such as severe weather and seas, fires, cratering, blowouts, war, terrorism and inadequate insurance coverage; compliance with or breach of environmental laws; the impact of newly built rigs; the effect of litigation and contingencies; international political and economic uncertainties; adverse political, economic and business conditions in Venezuela and West Africa; and the inability of Hercules to achieve its plans or carry out its strategies. Other risks and uncertainties that may affect actual results are described in Hercules' most recent periodic reports and other documents filed with the SEC, which are available free of charge at the SEC's website at http://www.sec.gov.

Risks with respect to the combination of Hercules Offshore and TODCO, as well as other past and potential future acquisitions, include difficulties in the integration of the operations and personnel of the acquired company, diversion of management's attention away from other business concerns, and the assumption of any undisclosed or other liabilities of the acquired company. Expected benefits of the merger may not be achieved in the near term, or at all. Additional risks of integration include: the businesses and information and information systems and controls of Hercules and TODCO may not be integrated successfully or the integration may be more difficult, time-consuming or costly than expected; the combined company may not realize, at the time it expects or at all, revenue synergies or cost savings from the transaction; revenues following the transaction may be lower than expected as a result of losses of customers, changes in business and locations of operations, or other reasons; transaction and integration-related costs, operating costs, customer loss and business may be greater than expected following the transaction; and we could experience difficulties in maintaining relationships with employees.

The TODCO selected financial information has been prepared using the accounting policies, practices and internal controls consistently utilized by TODCO prior to the merger with the company. The company is in the process of reviewing the accounting policies and internal controls of TODCO. For these reasons, TODCO historical actual results reported by the company in the future may differ significantly from the preliminary results of selected TODCO financial information furnished in this press release.

    
                    HERCULES OFFSHORE, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                 (In thousands)
             (All currency expressed in US$ unless otherwise noted)
    
                                                 June 30,        December 31,
                                                    2007              2006
                                                (unaudited)
    ASSETS
      CURRENT ASSETS
        Cash and cash equivalents                  $52,621           $72,772
        Restricted cash                                250               250
        Marketable securities                       23,900               -
        Accounts receivable                         74,976            89,136
        Insurance claims receivable                  5,853               -
        Prepaid expenses and other                  11,626            18,065
          Total current assets                     169,226           180,223
    
      PROPERTY AND EQUIPMENT, net                  438,270           415,864
      OTHER ASSETS, net                             13,424             9,494
    
          Total assets                            $620,920          $605,581
    
    LIABILITIES AND STOCKHOLDERS' EQUITY
      CURRENT LIABILITIES
        Current portion of long-term debt          $55,550            $1,400
        Insurance note payable                          --             6,058
        Accounts payable                            30,826            29,123
        Accrued liabilities                         14,574            16,262
        Taxes payable                                3,080             8,745
        Interest payable                             1,305             2,105
        Other current liabilities                    4,218             5,633
          Total current liabilities                109,553            69,326
    
      LONG-TERM DEBT, net of current portion            --            91,850
      OTHER LIABILITIES                              6,416             6,700
      DEFERRED INCOME TAXES                         47,656            42,854
    
      COMMITMENTS AND CONTINGENCIES
    
      STOCKHOLDERS' EQUITY                         457,295           394,851
    
        Total liabilities and stockholders'
         equity                                   $620,920          $605,581

(CONTINUA)

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