High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
Houston-based jackup rig and liftboat contractor Hercules Offshore Inc. will cut 324 jobs related to the shut down of four rigs in the U.S. Gulf of Mexico, the company said in a letter sent to the Texas Workforce Commission and obtained by the Houston Business Journal.
The job cuts, which are expected to come on or around December 31, represent approximately 15% of Hercules’ 2,200 employees worldwide, the Houston Business Journal reports. The report added that all 324 of the workers cut currently work on offshore rigs in the Gulf.
According to the Houston Chronicle, the job cuts come as oil companies scale back on offshore drilling amid falling crude prices.
Hercules Offshore has already informed its employees of the cuts.
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