Hercules sells four rigs as Gulf of Mexico drilling work fades

• Hercules Offshore (NASDAQ:HERO) says in its latest fleet status report that it sold four shallow-water drilling rigs it had kept stacked for six years, shedding one-sixth of its Gulf of Mexico fleet amid cheap oil prices.
• HERO says only five of its rigs are currently working in the shallow waters of Gulf, with a few others stacked but ready for deployment, and has cold-stacked 11 of its 20 Gulf of Mexico rigs.
• HERO took a Q1 $117M impairment charge after it cold-staked five rigs in the first three months of the year.