Shallow water driller Hercules Offshore said it will buy almost all of its smaller rival Seahawk Drilling's assets for about $100 million in cash and stock. Hercules Offshore said it will issue 22.3 million shares of its stock and pay $25 million in cash. Seahawk will primarily use proceeds from sale to pay off its debtor-in-possession loan, which it secured in connection with its bankruptcy filing to support the business. Ensco Plc on Monday said it plans to buy Pride International , from which Seahawk was spun off in 2009, for $7.3 billion to create the world's second-largest offshore oil and gas driller.
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