Hercules Offshore is to file for bankruptcy for a second time, just six months after the rig contractor emerged from bankruptcy protection.
The company said it has entered into a restructuring support agreement with some of its lenders.
The move will eventually allow it to place all its unsold assets into a wind-down vehicle until they can be sold.
Hercules Offshore said its international units would not be included in the filing but would be part of the sale process.
In February, the company said it was considering a number of strategic options including selling itself.
Hercules had previously filed for Chapter 11 bankruptcy in August last year and emerged from bankruptcy in the November.
In a statement, the company said: “Since this time, the ongoing decline in oil prices, the consolidation of its US customer base and the addition of new capacity have negatively impacted dayrates and demand for Hercule’s services”.
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