Gulf of Mexico driller Seahawk Drilling Inc (HAWK.O) said it would file for bankruptcy protection and sell its 20 shallow-water rigs to bigger rival Hercules Offshore (HERO.O) for about $100 million. Seahawk's shares fell 32 percent to $5.40 in after-hours trading on Nasdaq on Friday, while Hercules was up 4 cents at $3.66. Seahawk, which had the Gulf of Mexico's second-largest fleet after Hercules, has been struggling with heavy losses due to the slow issuance of U.S. drilling permits following the massive BP Plc (BP.L) oil spill last April. [ID:nN07221472]
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