BANKRUPTCY DEAL: Seahawk Drilling Inc. said it has filed for bankruptcy protection and plans to sell its fleet of offshore drilling rigs to competitor Hercules Offshore Inc. for $105 million in a stock and cash deal.
THE REASON: Houston-based Seahawk said it's been hurt by a slowdown in Gulf of Mexico drilling following the BP oil spill last April. The government has imposed tough new rules and standards that have sharply slowed offshore drilling.
WHAT IT MEANS: If the bankruptcy plan is approved by the court and regulators, Seahawk Drilling will cease operations as an independent company. It wasn't immediately clear what will happen to the company's 494 employees.
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