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Friday, February 11, 2011

Seahawk to seek bankruptcy protection, sell assets

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.