Summary Box: Seahawk Drilling seeks bankruptcy (AP)
BANKRUPTCY DEAL: Seahawk Drilling Inc. said it has filed for bankruptcy protection and plans to delude its fast of offshore production rigs to competitor Herakles Offshore Inc. for $105 million in a have and change deal.
THE REASON: Houston-based Seahawk said it's been perceive by a slowdown in Gulf of Mexico production mass the BP oil spill last April. The polity has imposed thickened newborn rules and standards that have sharply slowed offshore drilling.
WHAT IT MEANS: If the bankruptcy plan is approved by the court and regulators, Seahawk Drilling module cease dealings as an autarkical company. It wasn't directly clear what module hap to the company's 494 employees.
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