Seahawk Sale To Hercules Wins Court Approval

Law360, New York (April 6, 2011, 4:22 PM EDT) -- A Texas bankruptcy judge on Tuesday approved the sale of Seahawk Drilling Inc.’s assets, including 20 jack-up rigs in the Gulf of Mexico, to competitor Hercules Offshore Inc. for $105 million in cash and stock.

Judge Richard Schmidt said that the sale was in the best interests of Seahawk’s estates and the company’s creditors in an order filed in the U.S. Bankruptcy Court for the Southern District of Texas.

Seahawk, which entered into Chapter 11 in February, said that it anticipated the sale would satisfy all...
To view the full article, register now.