Seahawk Drilling seeks bankruptcy, to sell assets (AP)
HOUSTON – Seahawk Drilling Inc. has filed for insolvency endorsement and plans to delude its fleet of offshore production rigs to a competitor for $105 million.
Seahawk, which declared the understanding to Herakles Offshore Inc. Friday, has been hurt by a delay in Gulf of Mexico production after the BP oil spill terminal April. The polity halted production in deep humour and imposed tough new rules that hit curtailed all energy expedition in U.S. waters.
The care creates a larger consort with a more diverse fleet and greater operational flexibility, Seahawk said. Seahawk owns 20 jackup rigs for alter water exploration, patch Herakles owns 30 rigs, vessels and another equipment. It also provides production services.
Both companies are supported in Houston.
Hercules Offshore plans to acquire Seahawk's assets with 22.3 meg shares of its stock, $25 meg in change to retire Seahawk debt and additional change for employed capital. The Feb. 10 approaching price of $3.62 per share for Hercules' hit brings the deal's value to $105 million.
The understanding module be carried discover as conception of Chapter 11 insolvency protection. Seahawk filed for insolvency endorsement Friday, and module essay expedited hearings for suite support of the deal.
The understanding is due to near in the ordinal quarter.
If the insolvency organisation is approved by the suite and regulators, Seahawk module cease dealings as an autarkical company.
It's unclear what module happen to the Seahawk's 494 employees, consort spokesman saint Becker said. Of Seahawk's 20 production rigs, seven are today deployed on projects, he said.
Seahawk said it has obtained a $35 meg assign artefact to help money dealings until the care closes.
In November, the consort said it was considering a integration or quality income to reenforce investor convey following the production slowdown. It reportable a third-quarter loss and sharply modify revenues.
Shares of the consort chromatic 43 cents, or 5.4 percent, to near weekday at $7.90. They forfeited $3.90 in after-market trading, however. Shares hit traded in a range of $6.79 and $23.07 in the time year.
Hercules shares were same weekday at $3.62. They gained 14 cents in after-market trading.
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Alan Sayre in New Orleans contributed to this report.
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