Hercules Offshore said it will be taking five drilling rigs off the market in the Gulf of Mexico.
The company also expects to write off $117million in asset value in the second quarter of the year.
The company said the rigs will be considered “non-marketable assets as the company does not reasonably expect to market these rigs in the foreseeable future.”
Last year the company said it had laid down four rigs as well as making 324 job redundancies.
In 2013, the company received $50million compensation following a gas leak in the Gulf of Mexico.
The Hercules 265 jackup rig had partially collapsed after it caught fire from a gas leak at the South Timbalier well off Louisiana.
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