Seahawk Drilling Enters Bankruptcy, Plans Asset Sale

Law360, New York (February 14, 2011, 2:49 PM EST) -- Seahawk Drilling Inc., squeezed by the slow pace of drilling permits being issued in the Gulf of Mexico, has filed for bankruptcy and announced a plan to sell all its assets to Hercules Offshore Inc. for $105 million.

The Houston-based shallow-water drilling company listed both assets and liabilities between $500 million and $1 billion in its Chapter 11 petition, filed Friday in the U.S. Bankruptcy Court For the Southern District of Texas.

Sen. Mary L. Landrieu, D-La., blamed the Obama administration's "excruciatingly slow" release of oil...
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