Exhibit 99.1

Hercules Offshore Announces Third Quarter 2011 Results

HOUSTON, October 27, 2011 — Hercules Offshore, Inc. (Nasdaq: HERO) today reported a loss from continuing operations of $17.0 million, or $0.12 per diluted share, on revenue of $163.0 million for the third quarter 2011, compared with a loss from continuing operations of $16.1 million, or $0.14 per diluted share, on revenue of $157.6 million for the third quarter 2010.

John T. Rynd, Chief Executive Officer and President of Hercules Offshore stated, “Activity levels in the U.S. Gulf of Mexico Shelf are on the rise, as operators increasingly focus on liquids rich drilling opportunities. Concurrently, several jackup rigs have departed for international opportunities, resulting in a tight environment for rig availability in the region. Hercules Offshore has been the primary beneficiary of the improving fundamental trends in the shallow water U.S. Gulf of Mexico, which have accelerated during the third quarter. Average dayrates in our Domestic Offshore segment have increased by nearly $10,000 per day over the past year, with leading edge rates suggesting further upside for our domestic jackup fleet.

“Our International Offshore segment was recently successful at securing several contracts, including attractive, long term extensions for the Hercules 261 and Hercules 262 in the Middle East. These contracts are a testament to our strong performance and relationship with the customer, Saudi Aramco. Tempering our international success was the recently announced damage to the Hercules 185, where we are anticipating approximately six months of downtime for repairs.”

Offshore

Domestic Offshore revenue increased to $60.2 million in the third quarter 2011 from $25.1 million in the comparable period in 2010. Approximately 70% of the revenue increase is attributable to the acquisition of the Seahawk rigs, while higher utilization and dayrates on the legacy fleet contributed to the remaining revenue growth. Average revenue per rig per day increased by $9,722 per rig per day to $49,060 in the third quarter 2011 compared to $39,338 in the prior year period. Utilization in the third quarter 2011 increased to 74.2% from 62.9% in the third quarter 2010. However, operating days rose by more than 90%, largely as a result of the acquisition of the Seahawk rigs. Domestic Offshore operating expenses increased to $53.2 million in the third quarter 2011 from $38.7 million in the third quarter 2010, due to costs associated with the acquired Seahawk rigs. Domestic Offshore recorded an operating loss of $12.8 million in the third quarter 2011 compared to an operating loss of $32.1 million for the respective prior year quarter.

International Offshore revenue declined to $49.0 million in the third quarter 2011 from $74.4 million in the third quarter 2010. The decline was primarily driven by new contracts at lower market rates on the Hercules 208, Hercules 258, Hercules 260 and Rig 3, as well as the downtime related to transition between contracts. The reduction in revenue related to these aforementioned rigs was partially offset by the increased utilization on the Hercules 185. Overall, average revenue per rig per day declined to $96,388 in the third quarter 2011 from $138,344 in the third quarter 2010, and operating days declined to 508 days from 538 days, in the respective periods. Third quarter 2011 operating expenses were $29.1 million compared to $31.1 million in the third quarter 2010, as lower costs associated with new contract terms on the Hercules 258 and Hercules 260 were partially offset by higher costs on the Hercules 185. International Offshore general and administrative expenses during the third quarter 2011 include an $8.0 million benefit, compared to a $1.5 million benefit during the third quarter 2010, from the reversal of an allowance for doubtful accounts related to payments received from a customer in Angola. Operating income decreased to $12.9 million in the third quarter 2011 from $26.9 million in the third quarter 2010.

Inland

Inland revenue for the third quarter 2011 increased to $8.1 million from $5.7 million in the third quarter 2010, primarily driven by an increase in average revenue per rig per day to $31,008 in the third quarter 2011 from $21,357 in the third quarter 2010. Utilization of 94.9% during the third

quarter 2011 is comparable to 97.5% for the prior year period. Third quarter 2011 operating expenses were $3.5 million, which includes approximately $2.6 million in gains for asset sales, compared to $8.3 million in the comparable period in 2010. Year ago results include an accrual of approximately $3.0 million related to a multi-year state sales and use tax audit. Inland recorded operating income of $0.9 million in the third quarter 2011 compared to an operating loss of $8.6 million in the third quarter 2010.

Liftboats

Domestic Liftboats generated revenue of $16.7 million in the third quarter 2011 compared to $24.6 million in the third quarter 2010. Year ago results were positively impacted by coastal remediation work related to the BP-Macondo incident. The absence of the BP-Macondo related work led to a decline in utilization to 69.8% during the third quarter 2011 from 91.6% for the prior year period. Average revenue per liftboat per day was down slightly to $7,443 in the third quarter 2011 compared to $7,684 in the third quarter 2010. Operating expenses were essentially flat at $11.4 million in the third quarter 2011. Operating income for Domestic Liftboats was $0.6 million in the third quarter 2011 compared to operating income of $9.4 million in the comparable prior year period.

International Liftboat revenue increased modestly to $28.9 million in the third quarter 2011 compared to $27.8 million in the third quarter 2010, largely due to higher utilization, which rose to 64.1% in the third quarter 2011 from 56.6% in the prior year period. This was partially offset by a decline in average revenue per liftboat per day to $21,325 from $23,176 in the same periods, respectively. Operating expenses increased to $14.1 million in the third quarter 2011 versus $13.0 million in the prior year period due to higher labor and maintenance costs. Operating income for International Liftboats was $8.5 million in the third quarter 2011, compared to $9.4 million in the same period of the prior year.

Discovery Offshore S.A. Investment

Since Hercules Offshore’s initial $10 million investment in Discovery Offshore S.A. (Oslo Axess: DISC), which gave the company an 8% ownership stake, the Company has completed several purchases of Discovery common stock, totaling approximately $24.2 million. The most recent purchase on September 13, 2011 increased Hercules’ holding in Discovery to 18.4 million shares, corresponding to 28.0% of Discovery’s share capital.

Conference Call Information

Hercules Offshore will conduct a conference call at 10:00 a.m. CDT (11:00 a.m. EDT) on October 27, 2011 to discuss its third quarter 2011 financial results. To participate in the call, dial 800-920-8624 (domestic) or 617-597-5430 (international) and reference access code 85202920 approximately 10 minutes prior to the start of the call. The conference call will also be broadcast live via the Internet at http://www.herculesoffshore.com.

A replay of the conference call will be available by telephone on October 27, 2011, beginning at 1:00 p.m. CDT (2:00 p.m. EDT), through November 3, 2011. The phone number for the conference call replay is 888-286-8010 (domestic) or 617-801-6888 (international) with access code 25383154. Additionally, the recorded conference call will be accessible through our Web site at http://www.herculesoffshore.com for 7 days after the conference call.

Additional Information

Headquartered in Houston, Hercules Offshore, Inc. operates a fleet of 49 jackup rigs, 17 barge rigs, 65 liftboats, two submersible rigs, and one platform rig. The Company offers a range of services to oil and gas producers to meet their needs during drilling, well service, platform inspection, maintenance, and decommissioning operations in several key shallow water provinces around the world. Hercules Offshore currently holds 28.0% of share capital in Discovery Offshore, a pure play, ultra-high specification jackup rig company. For more information, please visit our website at http://www.herculesoffshore.com.

The news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are subject to a number of risks, uncertainties and assumptions, including the factors described in Hercules Offshore’s most recent periodic reports and other documents filed with the Securities and Exchange Commission, which are available free of charge at the SEC’s website at http://www.sec.gov or the Company’s website at http://www.herculesoffshore.com. Hercules Offshore cautions you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements.

Contact Information:

Son P. Vann, CFA
Director, Investor Relations and Finance
Hercules Offshore, Inc.
713-350-8508

HERCULES OFFSHORE, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)

		September 30,				December 31,
		2011				2010
		(Unaudited)
ASSETS
Current Assets:
Cash and Cash Equivalents		$	127,274			$	136,666
Restricted Cash			13,604				11,128
Accounts Receivable, Net			163,780				143,796
Prepaids			23,651				17,142
Current Deferred Tax Asset			10,572				8,488
Other			16,906				11,794
			355,787				329,014
Property and Equipment, Net			1,631,661				1,634,542
Equity Investment			34,910				—
Other Assets, Net			31,667				31,753
		$	2,054,025			$	1,995,309
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term Debt and Current Portion of Long-term Debt		$	4,768			$	4,924
Insurance Notes Payable			12,987				5,984
Accounts Payable			53,707				52,279
Accrued Liabilities			57,973				59,861
Interest Payable			18,585				6,974
Taxes Payable			6,231				—
Other Current Liabilities			20,942				16,716
			175,193				146,738
Long-term Debt, Net of Current Portion			838,012				853,166
Other Liabilities			21,869				6,716
Deferred Income Taxes			90,301				135,557
Commitments and Contingencies
Stockholders’ Equity			928,650				853,132
		$	2,054,025			$	1,995,309

HERCULES OFFSHORE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
						(As Adjusted)								(As Adjusted)
Revenue		$	162,991			$	157,609			$	492,570			$	460,067
Costs and Expenses:
Operating Expenses			111,372				102,310				332,081				307,626
Depreciation and Amortization			43,895				44,982				128,699				140,382
General and Administrative			10,757				14,158				40,403				40,595
			166,024				161,450				501,183				488,603
Operating Loss			(3,033	)			(3,841	)			(8,613	)			(28,536	)
Other Income (Expense):
Interest Expense			(20,389	)			(20,752	)			(59,035	)			(62,437	)
Expense of Credit Agreement Fees			—				—				(455	)			—
Equity in Losses of Equity Investment			(34	)			—				(225	)			—
Other, Net			(1,561	)			(22	)			(2,583	)			3,144
Loss Before Income Taxes			(25,017	)			(24,615	)			(70,911	)			(87,829	)
Income Tax Benefit			7,973				8,478				25,921				38,267
Loss from Continuing Operations			(17,044	)			(16,137	)			(44,990	)			(49,562	)
Income (Loss) from Discontinued Operations, Net of Taxes			52				1,076				(9,651	)			(439	)
Net Loss		$	(16,992	)		$	(15,061	)		$	(54,641	)		$	(50,001	)
Basic Loss Per Share:
Loss from Continuing Operations		$	(0.12	)		$	(0.14	)		$	(0.35	)		$	(0.43	)
Income (Loss) from Discontinued Operations			—				0.01				(0.08	)			(0.01	)
Net Loss		$	(0.12	)		$	(0.13	)		$	(0.43	)		$	(0.44	)
Diluted Loss Per Share:
Loss from Continuing Operations		$	(0.12	)		$	(0.14	)		$	(0.35	)		$	(0.43	)
Income (Loss) from Discontinued Operations			—				0.01				(0.08	)			(0.01	)
Net Loss		$	(0.12	)		$	(0.13	)		$	(0.43	)		$	(0.44	)
Weighted Average Shares Outstanding:
Basic			137,887				114,774				128,000				114,742
Diluted			137,887				114,774				128,000				114,742

HERCULES OFFSHORE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

		Nine Months Ended September 30,
		2011				2010
Cash Flows from Operating Activities:
Net Loss		$	(54,641	)		$	(50,001	)
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities:
Depreciation and Amortization			130,355				144,758
Stock-Based Compensation Expense			3,898				2,799
Deferred Income Taxes			(47,458	)			(38,639	)
Provision (Benefit) for Doubtful Accounts Receivable			(12,240	)			80
Amortization of Deferred Financing Fees			2,877				2,493
Amortization of Original Issue Discount			3,305				3,041
Non-Cash Loss on Derivatives			3,065				1,987
(Gain) Loss on Disposal of Assets and Businesses, Net			5,495				(10,180	)
Other			(197	)			(381	)
Net Change in Operating Assets and Liabilities			23,908				(36,277	)
Net Cash Provided by Operating Activities			58,367				19,680
Cash Flows from Investing Activities:
Acquisition of Seahawk Assets			(25,000	)			—
Additions of Property and Equipment			(33,508	)			(16,353	)
Deferred Drydocking Expenditures			(12,859	)			(10,972	)
Cash Paid for Equity Investment			(34,155	)			—
Proceeds from Sale of Assets and Businesses, Net			58,440				15,764
Increase in Restricted Cash			(2,476	)			(9,466	)
Net Cash Used in Investing Activities			(49,558	)			(21,027	)
Cash Flows from Financing Activities:
Long-term Debt Repayments			(18,615	)			(5,233	)
Payment of Debt Issuance Costs			(2,109	)			—
Other			2,523				396
Net Cash Used in Financing Activities			(18,201	)			(4,837	)
Net Decrease in Cash and Cash Equivalents			(9,392	)			(6,184	)
Cash and Cash Equivalents at Beginning of Period			136,666				140,828
Cash and Cash Equivalents at End of Period		$	127,274			$	134,644

HERCULES OFFSHORE, INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING DATA
(Dollars in thousands, except per day amounts)
(Unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
						(As Adjusted)								(As Adjusted)
Domestic Offshore:
Number of rigs (as of end of period)			43				25				43				25
Revenue		$	60,246			$	25,058			$	142,688			$	88,163
Operating expenses			53,184				38,701				140,390				115,082
Depreciation and amortization expense			17,977				17,277				49,920				50,986
General and administrative expenses			1,909				1,146				7,499				4,807
Operating loss		$	(12,824	)		$	(32,066	)		$	(55,121	)		$	(82,712	)
International Offshore:
Number of rigs (as of end of period)			9				9				9				9
Revenue		$	48,965			$	74,429			$	196,131			$	221,364
Operating expenses			29,098				31,065				99,803				98,394
Depreciation and amortization expense			12,913				14,404				39,469				43,808
General and administrative expenses			(5,992	)			2,067				(6,968	)			5,546
Operating income		$	12,946			$	26,893			$	63,827			$	73,616
Inland:
Number of barges (as of end of period)			17				17				17				17
Revenue		$	8,124			$	5,745			$	21,251			$	15,676
Operating expenses			3,535				8,279				16,693				20,359
Depreciation and amortization expense			3,310				4,991				11,338				18,736
General and administrative expenses			356				1,103				869				(1,756	)
Operating income (loss)		$	923			$	(8,628	)		$	(7,649	)		$	(21,663	)
Domestic Liftboats:
Number of liftboats (as of end of period)			41				41				41				41
Revenue		$	16,718			$	24,612			$	44,209			$	53,950
Operating expenses			11,419				11,314				31,837				31,481
Depreciation and amortization expense			4,136				3,314				11,637				11,182
General and administrative expenses			548				560				1,579				1,436
Operating income (loss)		$	615			$	9,424			$	(844	)		$	9,851
International Liftboats:
Number of liftboats (as of end of period)			24				24				24				24
Revenue		$	28,938			$	27,765			$	88,291			$	80,914
Operating expenses			14,136				12,951				43,358				42,310
Depreciation and amortization expense			4,905				4,199				14,379				13,258
General and administrative expenses			1,374				1,184				4,470				4,119
Operating income		$	8,523			$	9,431			$	26,084			$	21,227
Total Company:
Revenue		$	162,991			$	157,609			$	492,570			$	460,067
Operating expenses			111,372				102,310				332,081				307,626
Depreciation and amortization			43,895				44,982				128,699				140,382
General and administrative			10,757				14,158				40,403				40,595
Operating loss			(3,033	)			(3,841	)			(8,613	)			(28,536	)
Interest expense			(20,389	)			(20,752	)			(59,035	)			(62,437	)
Expense of credit agreement fees			—				—				(455	)			—
Equity in losses of equity investment			(34	)			—				(225	)			—
Other, net			(1,561	)			(22	)			(2,583	)			3,144
Loss before income taxes			(25,017	)			(24,615	)			(70,911	)			(87,829	)
Income tax benefit			7,973				8,478				25,921				38,267
Loss from continuing operations			(17,044	)			(16,137	)			(44,990	)			(49,562	)
Income (Loss) from discontinued operations, net of taxes			52				1,076				(9,651	)			(439	)
Net loss		$	(16,992	)		$	(15,061	)		$	(54,641	)		$	(50,001	)

HERCULES OFFSHORE, INC. AND SUBSIDIARIES
SELECTED FINANCIAL AND OPERATING DATA — (Continued)
(Dollars in thousands, except per day amounts)
(Unaudited)

		Three Months Ended September 30, 2011
																		Average
														Average				Operating
														Revenue per				Expense per
		Operating Days				Available Days				Utilization (1)				Day (2)				Day (3)
Domestic Offshore			1,228				1,656				74.2	%		$	49,060			$	32,116
International Offshore			508				736				69.0	%			96,388				39,535
Inland			262				276				94.9	%			31,008				12,808
Domestic Liftboats			2,246				3,220				69.8	%			7,443				3,546
International Liftboats			1,357				2,116				64.1	%			21,325				6,681

		Three Months Ended September 30, 2010
																		Average
														Average				Operating
														Revenue per				Expense per
		Operating Days				Available Days				Utilization (1)				Day (2)				Day (3)
Domestic Offshore			637				1,012				62.9	%		$	39,338			$	38,242
International Offshore			538				828				65.0	%			138,344				37,518
Inland			269				276				97.5	%			21,357				29,996
Domestic Liftboats			3,203				3,496				91.6	%			7,684				3,236
International Liftboats			1,198				2,116				56.6	%			23,176				6,121

		Nine Months Ended September 30, 2011
																		Average
														Average				Operating
														Revenue per				Expense per
		Operating Days				Available Days				Utilization (1)				Day (2)				Day (3)
Domestic Offshore			3,075				4,099				75.0	%		$	46,403			$	34,250
International Offshore			1,654				2,184				75.7	%			118,580				45,697
Inland			739				819				90.2	%			28,756				20,382
Domestic Liftboats			5,676				9,855				57.6	%			7,789				3,231
International Liftboats			4,022				6,279				64.1	%			21,952				6,905

		Nine Months Ended September 30, 2010
																		Average
														Average				Operating
														Revenue per				Expense per
		Operating Days				Available Days				Utilization (1)				Day (2)				Day (3)
Domestic Offshore			2,426				3,074				78.9	%		$	36,341			$	37,437
International Offshore			1,598				2,516				63.5	%			138,526				39,107
Inland			759				819				92.7	%			20,653				24,858
Domestic Liftboats			7,433				10,374				71.7	%			7,258				3,035
International Liftboats			3,596				6,430				55.9	%			22,501				6,580