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Seahawk Drilling Announces Sale of Assets to Hercules Offshore

HOUSTON, Feb. 11, 2011 /PRNewswire via COMTEX/ --

Seahawk Drilling, Inc. ("Seahawk") (Nasdaq: HAWK) announced today that Hercules Offshore, Inc. ("Hercules") (Nasdaq: HERO) is acquiring substantially all of Seahawk's assets in a transaction valued at approximately $105 million.

Total consideration is comprised of 22.3 million Hercules shares plus sufficient cash to retire indebtedness of approximately $25.0 million, and working capital liabilities subject to closing adjustments. At the February 10, 2011 closing price of $3.62 per share, the value of the transaction is $105 million.

Seahawk's Chief Executive Officer, Randy Stilley, stated, "After a thorough and disciplined process, an independent committee of Seahawk's directors and its full Board of Directors determined that an asset sale to Hercules provides the highest level of value to Seahawk's stakeholders."

Stilley continued, "The transaction with Hercules creates a company with a larger, more diverse fleet, broader customer relationships and greater operational flexibility. In addition to increased economies of scale, combining the fleets will provide for substantial cost savings through the elimination of overhead and duplicative public company expenses."

The asset sale will be implemented through a Chapter 11 bankruptcy filing in which Seahawk will seek expedited hearings to obtain Court approval. Both companies expect to obtain regulatory clearance under the Hart-Scott-Rodino Antitrust Act and close the transaction in the second quarter of 2011. We expect no impact on Seahawk's operations and Seahawk will continue to perform work for its customers without interruption. Seahawk expects that full payment of all funded debt and trade payables will be made. Additionally, Seahawk expects to pay all vendors for goods and services provided after the filing.

Q3-tulostiedotteen mukaan omapääoma on $380.42 miljoonaa ja nyt tuosta maksetaan satakunta miljoonaa. Konkkapesän myynti. Oma näkemys on alusta asti ollut että yhtiö ei ole missään vaiheessa ollut elinkelpoinen ja että tämä oli vain kusetusyritys PDE:n johdon taholta. Olisivat menneet romubisnekseen, kuten ehdotin.