Sunday, February 13, 2011
Seahawk Files for Bankruptcy, Acquired by Hercules
Seahawk Drilling, a leading ‘jackup driller’ in the Gulf of Mexico for natural gas and oil, has filed for bankruptcy according to a Bloomberg article. The company will sell its assets to Hercules Offshore Inc., its long-time rival in the offshore drilling industry. Seahawk has listed assets valued at $500 million to $1 billion, as well as $500 million to $1 billion in debt in its bankruptcy papers. According to the agreement, Seahawk will receive $25 million as well as 22.3 million
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