Shallow water driller Seahawk Drilling said it plans to file for bankruptcy protection and sell drilling assets to bigger rival Hercules Offshore for about $100 million. Seahawk said the asset sale will be implemented through a Chapter 11 bankruptcy filing in which it will seek expedited hearings to obtain court approval. Hercules Offshore will issue 22.3 million shares and pay $25 million in cash for 20 jackup rigs and related assets from Seahawk.
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