NEW YORK (TheStreet) -- Hercules Offshore (HERO) stock is plunging by 29.38% to $1.37 on heavy trading volume late Friday morning, as the rig-fleet operator again files for Chapter 11 bankruptcy protection.
Hercules Offshore emerged from bankruptcy protection just six months ago, after filing for Chapter 11 in August 2015.
"Since this time, the ongoing decline in oil prices, the consolidation of its U.S. customer base and the addition of new capacity have negatively impacted dayrates and demand for Hercules's services," the company said in a statement.
Hercules Offshore plans to sell off assets to benefit its shareholders. The company's international units will not be included in the Chapter 11 filing, but will be part of the sale process.
About 2.9 million shares of Hercules Offshore have been traded so far today, well above its average trading volume of roughly 559,432 shares per day.