Hercules Offshore (NASDAQ:HERO) is having a rough 2015. Market conditions have put the offshore service company in a tough spot, and it received word in March that it was at risk of losing its NASDAQ listing. Now Hercules has reported that it has cut 40 percent of its workforce since the beginning of the year.
Chief Executive Officer John Rynd told investors in a conference call this week that Hercules’ workforce went from 1,800 at the start of 2015 to just below 1,100 at present. The company has been forced to tighten its belt, like many others nationwide, due to the extended period of low oil prices.
Hercules’ first quarter revenues reflected the tough times, dropping from $256.7 million to $122.6 million, according to Splash247. In addition, only four of the company’s 13 rigs are currently in operation.
Hercules still has until September 21 to raise its stock value over $1 per share in order to remain a publicly traded company through NASDAQ. However, the first quarter has not put Hercules off to a heroic start.