Seahawk Drilling Inc.

Transaction Type
Sellers
Marketers
Field
Gulf of Mexico
Post Date
Estimated Price
MM
Description

Seahawk Drilling Inc., Houston, (Nasdaq: HAWK) has retained Simmons & Co. International to assist in seeking strategic alternatives for the company, which include possible asset sales or the sale of the company.

Seahawk Drilling provides jackup rig services in the U.S., Gulf of Mexico and offshore Mexico. As of Feb. 23, the company had a fleet of 20 jackup rigs.

Seahawk reports it liquidity and revenue generation have been adversely affected by the dramatic slow-down in the issuing of shallow water drilling permits in the U.S. Gulf of Mexico following the Macondo well blowout, the continued low prices for gas, the general economic slowdown.

Seahawk president and chief executive Randall D. Stilley says, "We have engaged Simmons to explore strategic alternatives… (concerning) the difference between Seahawk's internal valuation of its assets and equity value and the current market value of Seahawk as indicated by our stock price, as well as our short-term and long-term liquidity needs."

Seahawk has not set a definitive timetable for completion of its evaluation and does not intend to disclose developments regarding this process unless and until its board approves a specific transaction or otherwise concludes its review of strategic alternatives.