January 26, 2010 / 11:22 PM / 10 years ago

UPDATE 1-Hercules Offshore sees oper loss for Q4

* Sees Q4 oper loss of $43 mln-$48 mln

* Sees Q4 revenue $173 mln-$178 mln

Jan 26 (Reuters) - Drilling contractor Hercules Offshore Inc (HERO.O) said it expects to post an operating loss for the fourth quarter and incur a non-cash charge of about $7.3 million.

The company also said it was setting up an allowance for doubtful accounts of about $29.8 million related to a customer operating one rig in its international offshore segment.

The rig remains under contract and the amount owed to the company is undisputed by the customer, Hercules Offshore said.

“In addition, the results for the fourth quarter will include a non-cash charge of approximately $7.3 million to fully impair the related deferred mobilization and contract preparation costs,” Hercules Offshore said in a statement.

For the fourth quarter, the company forecast an operating loss of $43 million to $48 million, on revenue of $173 million to $178 million.

Analysts on average were expecting revenue of $170 million, according to Thomson Reuters I/B/E/S.

Shares of the company were down 2 cents in after-market trade. They closed at $4.62 Tuesday on Nasdaq.

For the alerts, please double click [ID:nWNAB8608] (Reporting by Arup Roychoudhury in Bangalore; Editing by Anne Pallivathuckal)

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