WorkBoat Composite Index

摘要

The WorkBoat Composite Index had another rough month in August, losing 114 points, or almost 7%. For the month, losers topped winners by a 2-1 ratio. The Index has now lost ground four straight months and is down over 9% for the year. In 2014, the Index lost 4.7%. As expected, Hercules Offshore Inc. filed for Chapter 11 bankruptcy in August. The Houston-based rig operator filed a pre-packaged plan of reorganization. The company said it anticipates that it will receive court authority to pay employee wages and benefits without interruption and continue to pay trade creditors and suppliers in the ordinary course of business. The Chapter 11 reorganization was expected to conclude by mid- October. The company had announced back in June that it planned on filing for bankruptcy. The Hercules filing comes on the heels of other energy-related bankruptcies including Houston offshore service company Cal Dive and oil producers American Eagle and Dune Energy. The drop in oil prices since 2014 that has brought layoffs and cold stacking of rigs is compounded by the industry's levels of high-yield debt, according to analysts.