Seahawk Drilling seeks bankruptcy, to sell assets

February 12, 2011 12:45:10 PM PST
Seahawk Drilling Inc. plans to sell its fleet of offshore oil rigs, boats and other equipment to a competitor for $105 million as part of a bankruptcy filing. Houston-based Seahawk has struggled from a slowdown in drilling in the aftermath of the BP oil spill. Competitor Hercules Offshore Inc. has agreed to acquire its assets in a cash and stock deal.

Seahawk plans to carry out the sale through the Chapter 11 bankruptcy process. Seahawk is requesting fast-track hearings to get the bankruptcy court's approval for the deal, which is expected to close in the second quarter.

Seahawk says it has obtained a $35 million line of credit to help fund operations until the deal closes.

The company expects its operations to continue without interruption.