Hercules Offshore, Inc. said Tuesday its chairman will step down from the company's board of directors at the end of the year.

John T. Reynolds will be succeeded by Thomas R. Bates Jr., who has been director of Hercules Offshore since 2004.

Hercules, which is headquartered in Houston, provides shallow-water drilling and marine services to the petroleum industry. Company stock gave up 32 cents, or 6.4 percent, to $4.69 a share in Tuesday trading.