Exhibit 99.1

Hercules Offshore Announces Third Quarter 2007 Earnings

HOUSTON, October 30/PRNewswire-FirstCall/ — Hercules Offshore, Inc. (Nasdaq: HERO) today reported net income of $48.4 million, or $0.58 per diluted share, on revenues of $294.4 million for the third quarter 2007, compared to net income of $29.7 million, or $0.91 per diluted share, on revenues of $97.2 million for the third quarter 2006.

The company’s acquisition of TODCO closed on July 11, 2007, and the results from the acquired business are included from the date of the acquisition. Also included in the quarter ended September 30, 2007 are a loss of $1.0 million related to the early retirement of debt, net of a $0.4 million gain on interest rate derivatives, and $2.6 million in severance costs and other costs related to the TODCO acquisition. On an after-tax basis, these items approximated $2.3 million, or $0.03 per diluted share. Excluding the effect of these items, net income for the third quarter 2007 was $50.7 million, or $0.61 per diluted share.

Randy Stilley, Chief Executive Officer and President, stated, “Our third quarter financial results clearly reflect a difficult market environment for shallow water drilling in the U.S. Gulf of Mexico. Despite this slowdown, we generated substantial cash flow during the quarter due to the increased diversity of the company’s asset base and our continued focus on maintaining a low cost operating structure. Two-thirds of our operating income was generated by business segments other than our Domestic Offshore, which are currently experiencing stronger fundamentals. Furthermore, again during this quarter, our operating cost performance was exceptional across the fleet. While it is difficult to predict a recovery in our domestic offshore drilling business, there are some early signs of a moderate increase in demand as we enter the fourth quarter.”

Mr. Stilley continued, “I am pleased with the way our entire team handled the integration of TODCO in a thorough yet expeditious manner. We are moving forward as one company with a focus on delivering exceptional services to our customers and industry leading returns to our shareholders.”

Offshore Highlights

During the third quarter 2007, revenues from Domestic Offshore were $99.6 million, a 115% percent increase over revenues of $46.4 million in the third quarter 2006, which resulted from additional operating days as a result of the TODCO acquisition, somewhat offset by lower utilization and lower average daily revenue per rig. Third quarter 2007 utilization was 69.8% compared to 99.3% during the third quarter 2006, and average daily revenue per rig decreased by $7,576 to $77,200 in the third quarter 2007 as a result of reduced demand due to lower activity. Operating income increased to $36.7 million in the third quarter 2007 from $27.8 million in the prior year period.

International Offshore revenues were $50.5 million, up from $7.9 million in the third quarter 2006. The significant increase largely resulted from additional operating days from the TODCO acquisition as well as the full quarter impact of Hercules 258, which entered service in September 2006. This segment now includes the operating results of ten offshore rigs compared with three at the end of September 2006. Our average revenue per day increased by $6,910 to $85,735 during the third quarter 2007 compared with $78,825 in the prior year period. Operating income increased to $21.7 million in the third quarter 2007 from $2.5 million in the prior year period.

Inland Highlights

With the acquisition of TODCO, we commenced operations in the Inland segment, which consists of 27 barge drilling rigs. During the third quarter 2007, we generated revenues of $53.6 million and operating income of $19.6 million. We generated average revenue per day of $46,682 on utilization of 83.4%.

Liftboat Highlights

Domestic Liftboats revenues were $35.7 million in the third quarter 2007, down from $40.1 million in the third quarter 2006. Operating income decreased to $12.5 million in the third quarter 2007 from $21.0 million in the same period a year ago. The reduced revenue and operating income are partially the result of slightly reduced activity by our customers as we generated utilization of 67.5% during the third quarter of 2007 compared with 77.0% in the prior year period, as well as higher insurance and drydocking amortization expenses.

International Liftboats revenues were $18.1 million in the third quarter 2007, up from $2.8 million in the third quarter 2006. This increase was largely the result of increased operating days stemming from the acquisition of eight liftboats and the bareboat charter of an additional five liftboats in late 2006. As a result, our operating days increased to 1,383 in the third quarter of 2007 from 235 in the prior year period. Operating income increased to $6.7 million in the third quarter 2007 from $0.2 million in the third quarter 2006.

Other Highlights

Our Other segment consists of our wholly owned subsidiary, Delta Towing, and our fleet of nine onshore drilling rigs, both of which were assumed as part of the previously mentioned TODCO acquisition. During the third quarter 2007, this segment generated revenues of $36.9 million and operating income of $9.6 million.

Non-GAAP

Certain non-GAAP performance measures and corresponding reconciliations to GAAP financial measures for the company have been provided for meaningful comparisons between current results and prior operating periods. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. In order to fully assess the financial operating results, management believes that the adjusted net income figures included in this release are appropriate measures of the continuing and normal operations of the company. However, these measures should be considered in addition to, and not as a substitute, or superior to, net income, operating income, cash flows from operations, or other measures of financial performance prepared in accordance with GAAP. The non-GAAP measures included in this press release have been reconciled to the nearest GAAP measure in the table that follows the financial statements.

Conference Call Information

Hercules Offshore will conduct a conference call at 10:00 a.m. CDT (11:00 a.m. EDT) on Tuesday October 30, 2007 to discuss its third quarter 2007 financial results. The conference call will also be broadcast live via the Internet at www.herculesoffshore.com. To participate in the conference call by telephone, please call, 10 minutes prior to the scheduled start time, one of the following telephone numbers:

866-383-8108 (Domestic)

617-597-5343 (International)

The access or confirmation code is 72716765

A replay of the conference call will be available by telephone on Tuesday October 30, 2007 beginning at 12:00 p.m. CDT (1:00 p.m. EDT), through Tuesday November 6, 2007. The phone number for the conference call replay is (888) 286-8010 or internationally (617) 801-6888. The access code is 79105164. Additionally, the recorded conference call will be accessible through our website at www.herculesoffshore.com for 28 days after the conference call.

Additional Information

Headquartered in Houston, Hercules Offshore, Inc. currently operates a fleet of 33 jackup rigs, 27 barge rigs, 65 liftboats, three submersible rigs, nine land rigs, one platform rig and a fleet of marine support vessels operated through a wholly owned subsidiary, and has operations in ten different countries on four continents. 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 shallow waters.

For more information, please visit our website at 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 www.sec.gov or the company’s website at www.herculesoffshore.com. Hercules 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:

Stephen M. Butz

Vice President Finance and Treasurer

Hercules Offshore, Inc.

713-979-9832

HERCULES OFFSHORE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)

	September 30, 2007		December 31, 2006
	(unaudited)
ASSETS
Current Assets:
Cash and Cash Equivalents	$	80,052	$	72,772
Restricted Cash		4,592		250
Marketable Securities		19,850		—
Accounts Receivable		265,746		89,136
Insurance Claims Receivable		25,472		—
Supplies		5,917		—
Prepaids		49,710		14,438
Current Deferred Tax Asset		12,395		—
Other		9,935		3,627
		473,669		180,223
Property and Equipment, Net		2,178,443		415,864
Goodwill		929,294		—
Other Assets, Net		55,145		9,494
	$	3,636,551	$	605,581
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Short-term Debt and Current Portion of Long-term Debt	$	12,152	$	1,400
Insurance Note Payable		30,180		6,058
Accounts Payable		101,805		29,123
Accrued Liabilities		64,740		16,262
Taxes Payable		11,352		8,745
Interest Payable		15,388		2,105
Other Current Liabilities		14,187		5,633
		249,804		69,326
Long-term Debt, Net of Current Portion		905,003		91,850
Other Liabilities		19,873		6,700
Deferred Income Taxes		480,930		42,854
Commitments and Contingencies
Stockholders’ Equity		1,980,941		394,851
	$	3,636,551	$	605,581

HERCULES OFFSHORE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2007			2006			2007			2006
Revenues	$	294,365		$	97,212		$	503,873		$	229,642
Costs and Expenses:
Operating Expenses, Excluding Depreciation and Amortization		143,902			33,197			229,825			81,393
Depreciation and Amortization		39,581			9,097			63,520			22,582
General and Administrative, Excluding
Depreciation and Amortization		18,018			7,209			36,516			20,396
		201,501			49,503			329,861			124,371
Operating Income		92,864			47,709			174,012			105,271
Other Income (Expense)
Interest Expense		(15,761	)		(2,575	)		(19,230	)		(6,824	)
Gain on Disposal of Assets		—			1,110			—			30,690
Loss on Early Retirement of Debt		(1,312	)		—			(2,182	)		—
Other, Net		2,507			874			5,028			2,697
Income Before Income Taxes		78,298			47,118			157,628			131,834
Income Tax Provision		(29,927	)		(17,439	)		(52,400	)		(48,310	)
Net Income	$	48,371		$	29,679		$	105,228		$	83,524
Earnings Per Share:
Basic	$	0.59		$	0.93		$	2.15		$	2.68
Diluted	$	0.58		$	0.91		$	2.12		$	2.61
Weighted Average Shares Outstanding:
Basic		82,663			31,786			48,912			31,146
Diluted		83,418			32,545			49,568			31,959

HERCULES OFFSHORE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Nine Months Ended September 30,
	2007			2006
Cash Flows from Operating Activities:
Net Income	$	105,228		$	83,524
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities:
Depreciation and Amortization		63,520			22,582
Stock-based Compensation Expense		6,157			2,277
Deferred Income Taxes		25,986			27,652
Amortization of Deferred Financing Fees		1,046			506
Excess Tax Benefit from Stock-based Arrangements		(1,612	)		—
Loss on Early Retirement of Debt		2,182			—
Gain on Disposal of Assets		(1,641	)		(30,779	)
(Increase) Decrease in Operating Assets -
Accounts Receivable		15,169			(28,392	)
Insurance Claims Receivable		(9,026	)		(7,913	)
Tax Sharing Agreement Payment		(118,247	)		—
Prepaid Expenses and Other		2,869			(23,673	)
Increase (Decrease) in Operating Liabilities -
Accounts Payable		(11,253	)		16,420
Insurance Note Payable		(12,052	)		9,629
Other Current Liabilities		5,492			12,335
Other Liabilities		834			526
Net Cash Provided by Operating Activities		74,652			84,694
Cash Flows from Investing Activities:
Acquisition of Business, Net of Cash Acquired		(733,763	)		—
Investment in Marketable Securities		(128,525	)		—
Proceeds from Sale of Marketable Securities		108,675			—
Additions of Property and Equipment		(97,521	)		(143,282	)
Deferred Drydocking Expenditures		(14,680	)		(8,967	)
Insurance Proceeds Received		3,850			50,090
Proceeds from Sale of Assets, Net		2,211			5,989
(Increase) Decrease in Restricted Cash		229			(250	)
Net Cash Used in Investing Activities		(859,524	)		(96,420	)
Cash Flows from Financing Activities:
Long-term Debt Borrowings		900,000			—
Payment of Debt		(93,715	)		(1,050	)
Proceeds from Issuance of Common Stock		—			54,198
Proceeds from Exercise of Stock Options		2,054			340
Excess Tax Benefit from Stock-based Arrangements		1,612			—
Payment of Debt Issuance Costs		(17,753	)		(639	)
Distributions to Members		—			(3,732	)
Other		(46	)		—
Net Cash Provided by Financing Activities		792,152			49,117
Net Increase in Cash and Cash Equivalents		7,280			37,391
Cash and Cash Equivalents at Beginning of Period		72,772			47,575
Cash and Cash Equivalents at End of Period	$	80,052		$	84,966

HERCULES OFFSHORE, INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING DATA

(Dollars in thousands, except per day amounts)

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2007		2006		2007		2006
Domestic Offshore:
Number of rigs (as of end of period)		27		6		27		6
Revenues	$	99,588	$	46,415	$	170,744	$	111,703
Operating expenses, excluding depreciation and amortization		47,292		14,280		74,754		37,606
Depreciation and amortization expense		13,962		2,538		19,214		6,279
General and administrative expenses, excluding depreciation and amortization		1,663		1,846		5,216		5,219
Operating income	$	36,671	$	27,751	$	71,560	$	62,599
International Offshore:
Number of rigs (as of end of period)		10		3		10		3
Revenues	$	50,498	$	7,883	$	91,014	$	12,159
Operating expenses, excluding depreciation and amortization		22,888		4,047		37,606		5,650
Depreciation and amortization expense		5,800		935		8,531		1,186
General and administrative expenses, excluding depreciation and amortization		122		442		1,667		949
Operating income	$	21,688	$	2,459	$	43,210	$	4,374
Inland:
Number of barges (as of end of period)		27		—		27		—
Revenues	$	53,638	$	—	$	53,638	$	—
Operating expenses, excluding depreciation and amortization		26,546		—		26,546		—
Depreciation and amortization expense		6,950		—		6,950		—
General and administrative expenses, excluding depreciation and amortization		533		—		533		—
Operating income	$	19,609	$	—	$	19,609	$	—
Domestic Liftboats:
Number of liftboats (as of end of period)		47		47		47		47
Revenues	$	35,677	$	40,082	$	105,575	$	95,842
Operating expenses, excluding depreciation and amortization		16,321		13,339		45,600		33,389
Depreciation and amortization expense		6,354		5,171		18,616		14,059
General and administrative expenses, excluding depreciation and amortization		545		618		1,622		1,780
Operating income	$	12,457	$	20,954	$	39,737	$	46,614

HERCULES OFFSHORE, INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING DATA—(Continued)

(Dollars in thousands, except per day amounts)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2007			2006			2007			2006
International Liftboats:
Number of liftboats (as of end of period)		18			4			18			4
Revenues	$	18,090		$	2,832		$	46,028		$	9,938
Operating expenses, excluding depreciation and amortization		8,581			1,531			23,045			4,748
Depreciation and amortization expense		1,843			426			5,485			979
General and administrative expenses, excluding depreciation and amortization		1,011			721			2,843			2,075
Operating income	$	6,655		$	154		$	14,655		$	2,136
Other:
Revenues	$	36,874		$	—		$	36,874		$	—
Operating expenses, excluding depreciation and amortization		22,274			—			22,274			—
Depreciation and amortization expense		4,400			—			4,400			—
General and administrative expenses, excluding depreciation and amortization		577			—			577			—
Operating income	$	9,623		$	—		$	9,623		$	—
Total Company:
Revenues	$	294,365		$	97,212		$	503,873		$	229,642
Operating expenses, excluding depreciation and amortization		143,902			33,197			229,825			81,393
Depreciation and amortization expense		39,581			9,097			63,520			22,582
General and administrative expenses, excluding depreciation and amortization		18,018			7,209			36,516			20,396
Operating income		92,864			47,709			174,012			105,271
Interest expense		(15,761	)		(2,575	)		(19,230	)		(6,824	)
Gain on disposal of asset		—			1,110			—			30,690
Loss on early retirement of debt		(1,312	)		—			(2,182	)		—
Other income		2,507			874			5,028			2,697
Income before income taxes		78,298			47,118			157,628			131,834
Income tax provision		(29,927	)		(17,439	)		(52,400	)		(48,310	)
Net income	$	48,371		$	29,679		$	105,228		$	83,524

HERCULES OFFSHORE, INC. AND SUBSIDIARIES

SELECTED FINANCIAL AND OPERATING DATA—(Continued)

(Dollars in thousands, except per day amounts)

(Unaudited)

	Three Months Ended September 30, 2007
	Operating Days	Available Days	Utilization (1)		Average Revenue per Day (2)		Average Operating Expense per Day (3)
Domestic Offshore	1,290	1,848	69.8	%	$	77,200	$	25,591
International Offshore	589	589	100.0	%		85,735		38,859
Inland	1,149	1,377	83.4	%		46,682		19,278
Domestic Liftboats	2,858	4,232	67.5	%		12,483		3,857
International Liftboats	1,383	1,564	88.4	%		13,080		5,487
Other	n/a	n/a	n/a			n/a		n/a
	Three Months Ended September 30, 2006
	Operating Days	Available Days	Utilization (1)		Average Revenue per Day (2)		Average Operating Expense per Day (3)
Domestic Offshore	548	552	99.3	%		84,776	$	25,871
International Offshore	100	100	100.0	%		78,825		40,466
Inland	—	—	—			—		—
Domestic Liftboats	3,171	4,119	77.0	%		12,641		3,238
International Liftboats	235	368	63.9	%		12,050		4,158
Other	n/a	n/a	n/a			n/a		n/a
	Nine Months Ended September 30, 2007
	Operating Days	Available Days	Utilization (1)		Average Revenue per Day (2)		Average Operating Expense per Day (3)
Domestic Offshore	2,139	2,934	72.9	%	$	79,824	$	25,479
International Offshore	948	951	99.7	%		96,006		39,544
Inland	1,149	1,377	83.4	%		46,682		19,278
Domestic Liftboats	8,505	12,517	67.9	%		12,413		3,643
International Liftboats	3,797	4,585	82.8	%		12,122		5,026
Other	n/a	n/a	n/a			n/a		n/a
	Nine Months Ended September 30, 2006
	Operating Days	Available Days	Utilization (1)		Average Revenue per Day (2)		Average Operating Expense per Day (3)
Domestic Offshore	1,424	1,526	93.3	%	$	78,449	$	24,644
International Offshore	133	137	97.1	%		91,486		41,147
Inland	—	—	—			—		—
Domestic Liftboats	8,823	11,276	78.2	%		10,863		2,961
International Liftboats	947	1,092	86.7	%		10,494		4,348
Other	n/a	n/a	n/a			n/a		n/a

(1) Utilization is defined as the total number of days our rigs or liftboats, as applicable, were under contract, known as operating days, in the period as a percentage of the total number of available days in the period. Days during which our rigs and liftboats were undergoing major refurbishments, upgrades or construction, and days during which our rigs and liftboats are cold-stacked, are not counted as available days. Days during which our liftboats are in the shipyard undergoing drydocking or inspection are considered available days for the purposes of calculating utilization.

(2) Average revenue per rig or liftboat per day is defined as revenue earned by our rigs or liftboats, as applicable, in the period divided by the total number of operating days for our rigs or liftboats, as applicable, in the period. Included in Domestic Offshore revenue is a total of $0.2 million and $0.3 million related to amortization of contract specific capital expenditures reimbursed by the customer for the three and nine months ended September 30, 2007, respectively. There was no such revenue in the three and nine months ended September 30, 2006. Included in International Offshore revenue is a total of $0.3 million and $2.9 million related to amortization of deferred mobilization revenue and contract specific capital expenditures reimbursed by the customer for the three and nine months ended September 30, 2007, respectively, and $0.7 million and $0.8 million for the three and nine months ended September 30, 2006, respectively.

(3) Average operating expense per rig or liftboat per day is defined as operating expenses, excluding depreciation and amortization, incurred by our rigs or liftboats, as applicable, in the period divided by the total number of available days in the period. We use available days to calculate average operating expense per rig or liftboat per day rather than operating days, which are used to calculate average revenue per rig or liftboat per day, because we incur operating expenses on our rigs and liftboats even when they are not under contract and earning a dayrate. In addition, the operating expenses we incur on our rigs and liftboats per day when they are not under contract are typically lower than the per-day expenses we incur when they are under contract. Included in International Offshore operating expense is a total of $0.6 million and $2.2 million related to amortization of deferred mobilization expenses for the three and nine months ended September 30, 2007, respectively, and $0.6 million for each of the three and nine months ended September 30, 2006.

Hercules Offshore, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

(In thousands, except per share data)

We report our financial results in accordance with generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP performance measures and ratios may provide users of this financial information additional meaningful comparisons between current results and results in prior operating periods. One such non-GAAP financial measure we may present from time to time is operating income or net income excluding certain charges or amounts. This adjusted income amount is not a measure of financial performance under GAAP. Accordingly, it should not be considered as a substitute for operating income, net income or other income data prepared in accordance with GAAP. See the table below for supplemental financial data and corresponding reconciliations to GAAP financial measures for the three months ended September 30, 2007 and the nine months ended September 30, 2007 and 2006. We did not report non-GAAP financial measures for the three months ended September 30, 2006. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. The non-GAAP measures included in this press release have been reconciled to the nearest GAAP measure in the following table:

	Three Months Ended September 30, 2007			Nine Months Ended
				September 30, 2007			September 30, 2006
Operating Income:
GAAP Operating Income	$	92,864		$	174,012		$	105,271
Adjustment		2,585	(a)		3,090	(b)		—
Non-GAAP Operating Income	$	95,449		$	177,102		$	105,271
Other Income (Expense):
GAAP Other Income (Expense)	$	(14,566	)	$	(16,384	)	$	26,563
Adjustment		960	(a)		1,524	(b)		(29,580	)(c)
Non-GAAP Other Income (Expense)	$	(13,606	)	$	(14,860	)	$	(3,017	)
Provision for Income Taxes:
GAAP Provision for Income Taxes	$	(29,927	)	$	(52,400	)	$	(48,310	)
Tax Impact of Adjustment		(1,241	)(a)		(1,615	)(b)		10,945	(c)
Non-GAAP Provision for Income Taxes	$	(31,168	)	$	(54,015	)	$	(37,365	)
Net Income:
GAAP Net Income	$	48,371		$	105,228		$	83,524
Total Adjustment, Net of Tax		2,304	(a)		2,999	(b)		(18,635	)(c)
Non-GAAP Net Income	$	50,675		$	108,227		$	64,889
Diluted Earnings per Share:
GAAP Diluted Earnings per Share	$	0.58		$	2.12		$	2.61
Adjustment per Share		0.03	(a)		0.06	(b)		(0.58	)(c)
Non-GAAP Diluted Earnings per Share	$	0.61		$	2.18		$	2.03

(a) Adjustment represents $2.6 million in severance and other acquisition related costs and a loss of $1.0 million related to the early retirement of debt, net of a $0.4 million derivative gain. On an after-tax basis, these adjustments approximated $2.3 million, or three cents per diluted share.

(b) Adjustment represents $3.1 million in severance and other acquisition related costs and a loss of $1.5 million related to the early retirement of debt, net of a $0.7 million derivative gain. On an after-tax basis, these adjustments approximated $3.0 million, or 6 cents per diluted share.

(c) Adjustment represents a gain on an after-tax basis of $18.6 million related to an insurance claim settlement on the loss of Rig 25.